Vest Financial LLC Grows Position in State Street Corporation $STT

Vest Financial LLC boosted its position in State Street Corporation (NYSE:STT) by 112.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 206,785 shares of the asset manager’s stock after purchasing an additional 109,443 shares during the quarter. Vest Financial LLC’s holdings in State Street were worth $21,990,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. First Pacific Financial acquired a new stake in shares of State Street in the 1st quarter worth $25,000. Capital Analysts LLC increased its stake in shares of State Street by 3,914.3% in the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock worth $25,000 after acquiring an additional 274 shares during the last quarter. Larson Financial Group LLC increased its stake in shares of State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock worth $36,000 after acquiring an additional 118 shares during the last quarter. Golden State Wealth Management LLC increased its stake in shares of State Street by 186.7% in the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock worth $43,000 after acquiring an additional 310 shares during the last quarter. Finally, Zions Bancorporation National Association UT acquired a new stake in shares of State Street in the 1st quarter worth $46,000. 87.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

STT has been the subject of a number of research analyst reports. Zacks Research upgraded State Street from a “hold” rating to a “strong-buy” rating in a report on Friday, October 3rd. Citigroup upgraded State Street from a “neutral” rating to a “buy” rating and raised their target price for the company from $115.00 to $130.00 in a report on Friday, September 5th. Bank of America raised their target price on State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a report on Wednesday, July 16th. Morgan Stanley restated an “overweight” rating and set a $162.00 target price on shares of State Street in a report on Monday, September 29th. Finally, Truist Financial raised their target price on State Street from $125.00 to $133.00 and gave the company a “buy” rating in a report on Thursday, October 2nd. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, State Street currently has a consensus rating of “Moderate Buy” and a consensus target price of $122.83.

State Street Price Performance

Shares of NYSE STT opened at $111.03 on Monday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $118.24. The firm has a market capitalization of $31.50 billion, a PE ratio of 12.43, a price-to-earnings-growth ratio of 1.14 and a beta of 1.46. The stock’s 50-day simple moving average is $113.23 and its 200-day simple moving average is $102.36.

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

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 3.0%. 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. State Street’s dividend payout ratio is presently 37.63%.

Insider Buying and Selling

In other State Street news, EVP Michael L. Richards sold 990 shares of State Street 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 transaction, the executive vice president owned 41,332 shares of the company’s stock, valued at $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.29% of the stock is currently owned by company insiders.

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.