Bessemer Group Inc. Has $1.85 Million Holdings in State Street Corporation $STT

Bessemer Group Inc. increased its stake in shares of State Street Corporation (NYSE:STT) by 100.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,991 shares of the asset manager’s stock after acquiring an additional 8,005 shares during the quarter. Bessemer Group Inc.’s holdings in State Street were worth $1,854,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in STT. True Wealth Design LLC raised its holdings 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 in the last quarter. Flagship Wealth Advisors LLC acquired a new stake in shares of State Street during the 3rd quarter valued at about $35,000. SJS Investment Consulting Inc. increased its stake in 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 acquiring an additional 300 shares during the period. Annis Gardner Whiting Capital Advisors LLC increased its stake in 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 acquiring an additional 94 shares during the period. Finally, Root Financial Partners LLC acquired a new stake in State Street during the third quarter valued at approximately $47,000. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Stock Up 2.8%

Shares of STT opened at $132.34 on Monday. The business’s fifty day moving average price is $129.00 and its two-hundred day moving average price is $119.41. The firm has a market capitalization of $36.96 billion, a price-to-earnings ratio of 14.06, a PEG ratio of 1.16 and a beta of 1.43. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $137.05. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.61.

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

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, January 12th. Investors of record on Friday, January 2nd were paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, January 2nd. State Street’s payout ratio is 35.71%.

Analyst Ratings Changes

Several research firms recently commented on STT. TD Cowen restated a “buy” rating on shares of State Street in a research report on Wednesday, January 7th. Zacks Research downgraded shares of State Street from a “strong-buy” rating to a “hold” rating in a report on Monday, December 1st. Truist Financial set a $136.00 price objective on shares of State Street in a research note on Tuesday, January 20th. Loop Capital set a $144.00 target price on shares of State Street in a research note on Tuesday, January 6th. Finally, Wells Fargo & Company increased their price target on State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a research report on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $135.83.

State Street Company 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.