Columbus Macro LLC Increases Stock Position in State Street Corporation $STT

Columbus Macro LLC raised its position in shares of State Street Corporation (NYSE:STT) by 0.8% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 23,811 shares of the asset manager’s stock after purchasing an additional 192 shares during the period. Columbus Macro LLC’s holdings in State Street were worth $2,532,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in STT. McAdam LLC increased its position in shares of State Street by 1.7% during the 2nd quarter. McAdam LLC now owns 6,650 shares of the asset manager’s stock valued at $707,000 after purchasing an additional 111 shares during the last quarter. Meeder Advisory Services Inc. grew its stake in shares of State Street by 2.0% during the 1st quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager’s stock valued at $515,000 after acquiring an additional 114 shares during the period. Sequoia Financial Advisors LLC grew its stake in shares of State Street by 2.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager’s stock valued at $395,000 after acquiring an additional 118 shares during the period. Larson Financial Group LLC grew its stake in shares of State Street by 40.8% during the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock valued at $36,000 after acquiring an additional 118 shares during the period. Finally, Smartleaf Asset Management LLC grew its stake in shares of State Street by 5.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,257 shares of the asset manager’s stock valued at $201,000 after acquiring an additional 126 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

STT has been the subject of a number of recent research reports. TD Cowen initiated coverage on State Street in a research note on Thursday, September 25th. They set a “buy” rating for the company. Citigroup upgraded State Street from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $115.00 to $130.00 in a research note on Friday, September 5th. Evercore ISI boosted their price objective on State Street from $117.00 to $128.00 and gave the company an “outperform” rating in a research note on Tuesday, September 30th. Morgan Stanley reiterated an “overweight” rating and set a $162.00 price objective on shares of State Street in a research note on Monday, September 29th. Finally, Truist Financial upped their price target on State Street from $125.00 to $133.00 and gave the stock a “buy” rating in a research note on Thursday, October 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $122.83.

Insider Activity

In other news, EVP Michael L. Richards sold 990 shares of the company’s stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the sale, the executive vice president directly owned 41,332 shares of the company’s stock, valued at $4,517,174.28. This represents a 2.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is owned by company insiders.

State Street Trading Down 0.2%

STT stock opened at $116.68 on Thursday. The company has a market capitalization of $33.10 billion, a price-to-earnings ratio of 13.07, a PEG ratio of 1.20 and a beta of 1.46. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $118.24. The business has a 50 day simple moving average of $113.07 and a two-hundred day simple moving average of $101.93. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57.

State Street (NYSE:STT) last issued its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.17. The business had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%.The company’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.15 EPS. Research analysts anticipate that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be issued a dividend of $0.84 per share. This is a positive change from State Street’s previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 annualized dividend and a dividend yield of 2.9%. State Street’s payout ratio is currently 37.63%.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.