MQS Management LLC Makes New Investment in State Street Corporation $STT

MQS Management LLC bought a new stake in State Street Corporation (NYSE:STT) during the third quarter, Holdings Channel.com reports. The firm bought 7,056 shares of the asset manager’s stock, valued at approximately $819,000. State Street makes up about 0.5% of MQS Management LLC’s holdings, making the stock its 28th biggest holding.

Several other institutional investors have also modified their holdings of the company. True Wealth Design LLC increased its holdings in shares of State Street by 166.3% in the 3rd quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock worth $29,000 after acquiring an additional 158 shares during the period. Flagship Wealth Advisors LLC acquired a new position in State Street during the 3rd quarter valued at about $35,000. SJS Investment Consulting Inc. grew 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 worth $36,000 after purchasing an additional 300 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its stake in shares of State Street by 38.2% in the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager’s stock valued at $39,000 after purchasing an additional 94 shares during the period. Finally, City Holding Co. acquired a new stake in shares of State Street in the third quarter valued at approximately $47,000. Institutional investors own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on STT shares. Wall Street Zen upgraded State Street from a “sell” rating to a “hold” rating in a research report on Saturday, January 17th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of State Street in a research note on Tuesday, January 6th. TD Cowen reissued a “buy” rating on shares of State Street in a research note on Wednesday, January 7th. Loop Capital set a $144.00 price target on State Street in a report on Tuesday, January 6th. Finally, Citigroup upped their price objective on shares of State Street from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday, December 30th. One research 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. Based on data from MarketBeat.com, State Street presently has a consensus rating of “Moderate Buy” and an average price target of $135.83.

State Street Stock Down 1.5%

Shares of STT stock opened at $132.29 on Wednesday. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $137.05. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.61. The business’s fifty day moving average is $129.59 and its 200-day moving average is $119.71. The stock has a market cap of $36.95 billion, a PE ratio of 14.06, a price-to-earnings-growth ratio of 1.18 and a beta of 1.43.

State Street (NYSE:STT) last announced its earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, beating the consensus estimate of $2.82 by $0.15. The business had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.57 billion. State Street had a return on equity of 13.46% and a net margin of 13.02%.The company’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the business posted $2.60 earnings per share. Equities analysts expect that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 12th. Stockholders of record on Friday, January 2nd were paid a $0.84 dividend. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $3.36 annualized dividend and a dividend yield of 2.5%. State Street’s payout ratio is currently 35.71%.

State Street Company 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.