Cresset Asset Management LLC Purchases 5,790 Shares of State Street Corporation $STT

Cresset Asset Management LLC grew its position in shares of State Street Corporation (NYSE:STT) by 115.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,821 shares of the asset manager’s stock after purchasing an additional 5,790 shares during the quarter. Cresset Asset Management LLC’s holdings in State Street were worth $1,255,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in STT. Brighton Jones LLC bought a new stake in State Street during the 4th quarter worth approximately $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of State Street by 2.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock valued at $2,885,000 after acquiring an additional 918 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in shares of State Street by 105.2% during the first quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock worth $913,000 after purchasing an additional 5,226 shares during the period. Empowered Funds LLC lifted its holdings in shares of State Street by 220.1% during the first quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock worth $2,065,000 after purchasing an additional 15,996 shares during the period. Finally, Woodline Partners LP grew its stake in shares of State Street by 38.4% in the first quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock worth $2,182,000 after purchasing an additional 6,767 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

State Street Trading Up 0.5%

Shares of State Street stock opened at $121.67 on Tuesday. The stock has a market capitalization of $33.91 billion, a PE ratio of 12.93, a price-to-earnings-growth ratio of 1.06 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 stock has a 50 day moving average price of $129.41 and a two-hundred day moving average price of $121.87. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.61 and a current ratio of 0.61.

State Street (NYSE:STT) last issued its earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $3.57 billion. During the same period in the prior year, the firm earned $2.60 earnings per share. State Street’s revenue for the quarter was up 7.5% on a year-over-year basis. As a group, equities analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st will be paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Wednesday, April 1st. State Street’s dividend payout ratio (DPR) is 35.71%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on STT. Wall Street Zen raised State Street from a “sell” rating to a “hold” rating in a research report on Saturday, January 17th. Citigroup began coverage on State Street in a research report on Monday, February 23rd. They issued a “buy” rating and a $150.00 price target on the stock. The Goldman Sachs Group reissued a “buy” rating on shares of State Street in a research note on Tuesday, January 6th. Zacks Research lowered State Street from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 1st. Finally, TD Cowen reiterated a “buy” rating on shares of State Street in a report on Wednesday, January 7th. 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 company’s stock. According to data from MarketBeat, State Street currently has an average rating of “Moderate Buy” and a consensus price target of $135.83.

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.