Pacer Advisors Inc. Raises Position in State Street Corporation $STT

Pacer Advisors Inc. lifted its position in State Street Corporation (NYSE:STT) by 34.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 34,588 shares of the asset manager’s stock after buying an additional 8,941 shares during the period. Pacer Advisors Inc.’s holdings in State Street were worth $4,013,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. AlphaCore Capital LLC lifted its position in State Street by 103.5% in the 2nd quarter. AlphaCore Capital LLC now owns 468 shares of the asset manager’s stock valued at $50,000 after acquiring an additional 238 shares in the last quarter. Elevation Point Wealth Partners LLC purchased a new position in shares of State Street in the second quarter worth $52,000. CVA Family Office LLC lifted its holdings in shares of State Street by 45.8% during the second quarter. CVA Family Office LLC now owns 560 shares of the asset manager’s stock valued at $60,000 after purchasing an additional 176 shares in the last quarter. Soundwatch Capital LLC purchased a new stake in shares of State Street during the second quarter valued at $76,000. Finally, Sarver Vrooman Wealth Advisors bought a new stake in State Street in the 2nd quarter worth about $77,000. Institutional investors own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on STT shares. BMO Capital Markets assumed coverage on shares of State Street in a report on Friday, October 3rd. They set an “outperform” rating and a $130.00 price target on the stock. Keefe, Bruyette & Woods raised their target price on shares of State Street from $132.00 to $135.00 and gave the stock an “outperform” rating in a report on Monday, October 20th. Cowen reiterated a “buy” rating on shares of State Street in a research note on Tuesday, October 21st. Wells Fargo & Company increased their price target on State Street from $121.00 to $129.00 and gave the company an “overweight” rating in a report on Monday, October 20th. Finally, The Goldman Sachs Group upped their price objective on State Street from $109.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $129.00.

State Street Price Performance

NYSE STT opened at $131.67 on Tuesday. The company has a market capitalization of $36.78 billion, a PE ratio of 13.93, a price-to-earnings-growth ratio of 1.22 and a beta of 1.44. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.59 and a current ratio of 0.59. The business’s fifty day moving average is $120.87 and its 200 day moving average is $114.33. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $133.00.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.21. State Street had a return on equity of 13.37% and a net margin of 13.14%.The business had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.43 billion. During the same quarter in the prior year, the business posted $2.26 earnings per share. The business’s quarterly revenue was up 8.8% on a year-over-year basis. Sell-side analysts predict that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, January 12th. Shareholders of record on Friday, January 2nd will be paid a dividend of $0.84 per share. The ex-dividend date is Friday, January 2nd. This represents a $3.36 dividend on an annualized basis and a yield of 2.6%. State Street’s dividend payout ratio (DPR) is presently 35.56%.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $117.24, for a total value of $175,860.00. Following the completion of the transaction, the executive vice president directly owned 38,626 shares in the company, valued at $4,528,512.24. This represents a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.29% of the stock is owned by corporate insiders.

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.