Concurrent Investment Advisors LLC Invests $1.96 Million in State Street Corporation $STT

Concurrent Investment Advisors LLC acquired a new position in State Street Corporation (NYSE:STT) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 15,187 shares of the asset manager’s stock, valued at approximately $1,959,000.

A number of other hedge funds have also recently made changes to their positions in STT. Chicago Partners Investment Group LLC lifted its position in shares of State Street by 1.6% in the fourth quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager’s stock worth $675,000 after buying an additional 83 shares in the last quarter. Quent Long Short Global Small Cap Fund LP purchased a new stake in shares of State Street in the fourth quarter worth about $268,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of State Street in the fourth quarter worth about $219,000. Davis Capital Management lifted its position in shares of State Street by 42,766.7% in the fourth quarter. Davis Capital Management now owns 1,286 shares of the asset manager’s stock worth $166,000 after buying an additional 1,283 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. AG lifted its position in shares of State Street by 34.7% in the fourth quarter. B. Metzler seel. Sohn & Co. AG now owns 31,018 shares of the asset manager’s stock worth $4,002,000 after buying an additional 7,989 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

Insider Transactions at State Street

In other news, EVP Michael L. Richards sold 3,000 shares of the firm’s stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total value of $461,670.00. Following the completion of the sale, the executive vice president owned 43,522 shares of the company’s stock, valued at $6,697,600.58. This trade represents a 6.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Mostapha Tahiri sold 9,611 shares of State Street stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total value of $1,469,810.23. Following the sale, the chief operating officer directly owned 64,642 shares of the company’s stock, valued at approximately $9,885,701.06. This represents a 12.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 28,711 shares of company stock valued at $3,933,032 in the last quarter. 0.27% of the stock is currently owned by corporate insiders.

State Street Trading Down 1.0%

Shares of STT stock opened at $152.52 on Wednesday. State Street Corporation has a 1 year low of $85.68 and a 1 year high of $156.18. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.61. The stock’s 50 day simple moving average is $131.82 and its two-hundred day simple moving average is $126.84. The company has a market cap of $42.25 billion, a PE ratio of 15.47, a price-to-earnings-growth ratio of 0.85 and a beta of 1.37.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The business had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the prior year, the business posted $2.04 earnings per share. The company’s quarterly revenue was up 15.6% compared to the same quarter last year. Research analysts predict that State Street Corporation will post 12.26 earnings per share for the current year.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st were given a $0.84 dividend. The ex-dividend date of this dividend was Wednesday, April 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.2%. State Street’s dividend payout ratio (DPR) is presently 34.08%.

Wall Street Analysts Forecast Growth

STT has been the topic of a number of research analyst reports. TD Cowen reiterated a “buy” rating on shares of State Street in a research report on Wednesday, January 7th. Barclays set a $165.00 target price on State Street in a research report on Monday, April 20th. Bank of America upgraded State Street from an “underperform” rating to a “neutral” rating and set a $143.00 target price on the stock in a research report on Monday, April 6th. The Goldman Sachs Group upped their price objective on State Street from $152.00 to $168.00 and gave the company a “buy” rating in a research report on Monday, April 20th. Finally, Truist Financial upped their price objective on State Street from $136.00 to $150.00 and gave the company a “hold” rating in a research report on Monday, April 20th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $154.00.

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.