Crossmark Global Holdings Inc. Grows Stock Holdings in State Street Corporation $STT

Crossmark Global Holdings Inc. grew its position in shares of State Street Corporation (NYSE:STT) by 139.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 36,715 shares of the asset manager’s stock after purchasing an additional 21,383 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in State Street were worth $4,259,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of STT. KCM Investment Advisors LLC bought a new stake in State Street in the 3rd quarter worth approximately $209,000. Cresset Asset Management LLC lifted its holdings in shares of State Street by 115.1% in the 3rd quarter. Cresset Asset Management LLC now owns 10,821 shares of the asset manager’s stock worth $1,255,000 after acquiring an additional 5,790 shares during the last quarter. CI Investments Inc. increased its stake in State Street by 29.0% in the 3rd quarter. CI Investments Inc. now owns 2,184 shares of the asset manager’s stock worth $253,000 after purchasing an additional 491 shares during the period. Mathes Company Inc. increased its stake in State Street by 0.7% in the 3rd quarter. Mathes Company Inc. now owns 21,265 shares of the asset manager’s stock worth $2,467,000 after purchasing an additional 150 shares during the period. Finally, Focus Partners Advisor Solutions LLC lifted its position in State Street by 62.5% in the third quarter. Focus Partners Advisor Solutions LLC now owns 4,640 shares of the asset manager’s stock valued at $549,000 after purchasing an additional 1,785 shares during the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. TD Cowen reaffirmed a “buy” rating on shares of State Street in a research note on Wednesday, January 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a research report on Wednesday, January 21st. Wall Street Zen raised State Street from a “sell” rating to a “hold” rating in a research report on Saturday, January 17th. Citigroup initiated coverage on shares of State Street in a research note on Monday, February 23rd. They set a “buy” rating and a $150.00 target price for the company. Finally, Truist Financial set a $136.00 price target on State Street in a research note on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, State Street has a consensus rating of “Moderate Buy” and a consensus target price of $135.83.

State Street Price Performance

STT stock opened at $120.85 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.61 and a current ratio of 0.61. The company has a market capitalization of $33.68 billion, a PE ratio of 12.84, a price-to-earnings-growth ratio of 1.10 and a beta of 1.43. State Street Corporation has a one year low of $72.81 and a one year high of $137.05. The company’s fifty day moving average price is $129.61 and its 200-day moving average price is $121.66.

State Street (NYSE:STT) last announced its quarterly earnings results 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 return on equity of 13.46% and a net margin of 13.02%.The company had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.57 billion. During the same period in the prior year, the company earned $2.60 earnings per share. The firm’s revenue was up 7.5% on a year-over-year basis. On average, equities analysts anticipate 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 will be paid on Monday, April 13th. Investors of record on Wednesday, April 1st will be issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.8%. The ex-dividend date is Wednesday, April 1st. State Street’s dividend payout ratio is presently 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.