Allstate Corp Makes New $1.16 Million Investment in State Street Corporation $STT

Allstate Corp purchased a new position in State Street Corporation (NYSE:STT) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 10,027 shares of the asset manager’s stock, valued at approximately $1,163,000.

A number of other large investors have also modified their holdings of STT. True Wealth Design LLC boosted its holdings in State Street by 166.3% in the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock valued at $29,000 after purchasing an additional 158 shares during the period. SJS Investment Consulting Inc. raised its position in State Street by 2,142.9% in the 3rd 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 in the last quarter. City Holding Co. acquired a new stake in State Street in the 3rd quarter valued at about $47,000. AlphaCore Capital LLC boosted its stake in shares of State Street by 103.5% in the 2nd quarter. AlphaCore Capital LLC now owns 468 shares of the asset manager’s stock valued at $50,000 after buying an additional 238 shares during the period. Finally, Elevation Point Wealth Partners LLC acquired a new position in shares of State Street during the second quarter worth about $52,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on STT shares. BMO Capital Markets assumed coverage on shares of State Street in a research note on Friday, October 3rd. They set an “outperform” rating and a $130.00 target price on the stock. Citigroup raised their price target on State Street from $136.00 to $150.00 and gave the company a “buy” rating in a research note on Tuesday, December 30th. Wells Fargo & Company lifted their price target on State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a report on Monday, October 20th. Zacks Research cut State Street from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 1st. Finally, Loop Capital set a $144.00 target price on State Street in a research report on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, State Street currently has an average rating of “Moderate Buy” and a consensus target price of $135.83.

State Street Stock Up 1.3%

State Street stock opened at $126.92 on Thursday. The stock’s 50 day moving average price is $125.67 and its 200 day moving average price is $117.55. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $137.05. The company has a market cap of $35.45 billion, a PE ratio of 13.49, a price-to-earnings-growth ratio of 1.11 and a beta of 1.43. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.59.

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

State Street Announces Dividend

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

Insider Activity at State Street

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $117.24, for a total transaction of $175,860.00. Following the transaction, the executive vice president directly owned 38,626 shares in the company, valued at approximately $4,528,512.24. This represents a 3.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.29% of the stock is owned by company insiders.

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.