Synovus Financial Corp Buys 22,934 Shares of State Street Corporation $STT

Synovus Financial Corp increased its stake in shares of State Street Corporation (NYSE:STT) by 177.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,884 shares of the asset manager’s stock after buying an additional 22,934 shares during the quarter. Synovus Financial Corp’s holdings in State Street were worth $4,163,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in STT. Brighton Jones LLC bought a new position in shares of State Street in the fourth quarter worth $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in 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 worth $2,885,000 after buying an additional 918 shares in the last quarter. NewEdge Advisors LLC increased its holdings in State Street by 105.2% in the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock valued at $913,000 after buying an additional 5,226 shares during the period. Empowered Funds LLC raised its position in shares of State Street by 220.1% in the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock valued at $2,065,000 after buying an additional 15,996 shares in the last quarter. Finally, Woodline Partners LP lifted its holdings in shares of State Street by 38.4% during the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock worth $2,182,000 after acquiring an additional 6,767 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Stock Performance

State Street stock opened at $125.93 on Friday. The business has a 50 day moving average of $130.08 and a 200-day moving average of $120.41. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.59. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $137.05. The company has a market capitalization of $35.17 billion, a P/E ratio of 13.52, a P/E/G ratio of 1.14 and a beta of 1.43.

State Street (NYSE:STT) last posted 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. The firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.57 billion. State Street had a net margin of 13.02% and a return on equity of 13.46%. The company’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.60 EPS. On average, equities research analysts predict that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st will be issued a dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $3.36 annualized dividend and a yield of 2.7%. State Street’s payout ratio is presently 35.71%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on STT. The Goldman Sachs Group restated a “buy” rating on shares of State Street in a research note on Tuesday, January 6th. Loop Capital set a $144.00 price objective on 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. Truist Financial set a $136.00 target price on shares of State Street in a report on Tuesday, January 20th. Finally, Citigroup lifted their price target on shares of State Street from $136.00 to $150.00 and gave the company a “buy” rating in a report on Tuesday, December 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $135.83.

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.