Atlantic Union Bankshares Corp Boosts Position in State Street Corporation $STT

Atlantic Union Bankshares Corp raised its position in State Street Corporation (NYSE:STT) by 1,748.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 26,430 shares of the asset manager’s stock after purchasing an additional 25,000 shares during the period. Atlantic Union Bankshares Corp’s holdings in State Street were worth $3,066,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in STT. True Wealth Design LLC grew its stake in State Street by 166.3% in the 3rd quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock valued at $29,000 after acquiring an additional 158 shares during the last quarter. Flagship Wealth Advisors LLC purchased a new stake in shares of State Street in the third quarter valued at about $35,000. SJS Investment Consulting Inc. grew its position in shares of State Street by 2,142.9% in the third quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 300 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC grew its position in shares of State Street by 38.2% in the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager’s stock valued at $39,000 after purchasing an additional 94 shares during the last quarter. Finally, City Holding Co. purchased a new position in shares of State Street during the 3rd quarter worth approximately $47,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Zacks Research lowered State Street from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 1st. Keefe, Bruyette & Woods boosted their price target on State Street from $132.00 to $135.00 and gave the stock an “outperform” rating in a report on Monday, October 20th. Morgan Stanley reduced their price objective on State Street from $168.00 to $164.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 20th. The Goldman Sachs Group reiterated a “buy” rating on shares of State Street in a research report on Tuesday, January 6th. Finally, Truist Financial set a $136.00 target price on shares of State Street in a research note on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $135.83.

State Street Stock Performance

NYSE STT opened at $130.17 on Wednesday. The company has a current ratio of 0.61, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $36.36 billion, a PE ratio of 13.83, a price-to-earnings-growth ratio of 1.17 and a beta of 1.43. The business’s 50-day moving average price is $128.23 and its 200 day moving average price is $118.95. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $137.05.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, January 16th. The asset manager reported $2.97 EPS for the quarter, beating analysts’ consensus estimates of $2.82 by $0.15. State Street had a net margin of 13.02% and a return on equity of 13.46%. The company had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same quarter in the prior year, the company posted $2.60 EPS. The company’s quarterly revenue was up 7.5% compared to the same quarter last year. On average, research analysts predict that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, January 12th. Shareholders of record on Friday, January 2nd were paid a dividend of $0.84 per share. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $3.36 dividend on an annualized basis and a yield of 2.6%. State Street’s dividend payout ratio (DPR) is currently 35.71%.

State Street Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.