NewEdge Wealth LLC Acquires Shares of 3,386 State Street Corporation $STT

NewEdge Wealth LLC acquired a new stake in State Street Corporation (NYSE:STT) in the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 3,386 shares of the asset manager’s stock, valued at approximately $437,000.

Several other large investors also recently bought and sold shares of the company. Franklin Resources Inc. grew its position in State Street by 3.7% in the third quarter. Franklin Resources Inc. now owns 3,859,012 shares of the asset manager’s stock valued at $447,684,000 after acquiring an additional 137,049 shares in the last quarter. Nordea Investment Management AB boosted its stake in shares of State Street by 15.4% during the 4th quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager’s stock valued at $367,041,000 after buying an additional 377,568 shares during the last quarter. Regents of The University of California purchased a new position in shares of State Street during the 3rd quarter valued at approximately $324,576,000. First Trust Advisors LP boosted its stake in shares of State Street by 36.8% during the 3rd quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager’s stock valued at $318,754,000 after buying an additional 738,456 shares during the last quarter. Finally, Barclays PLC boosted its stake in shares of State Street by 27.7% during the 3rd quarter. Barclays PLC now owns 1,576,332 shares of the asset manager’s stock valued at $182,870,000 after buying an additional 342,344 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Performance

Shares of STT opened at $152.89 on Friday. The business’s fifty day moving average price is $136.77 and its 200 day moving average price is $129.56. State Street Corporation has a 12-month low of $94.19 and a 12-month high of $156.18. The stock has a market capitalization of $42.32 billion, a PE ratio of 15.51, a price-to-earnings-growth ratio of 0.84 and a beta of 1.45. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57.

State Street (NYSE:STT) last announced its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The firm had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same period last year, the business posted $2.04 earnings per share. The firm’s revenue for the quarter was up 15.6% on a year-over-year basis. Equities research analysts forecast that State Street Corporation will post 12.35 EPS for the current year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 13th. Investors of record on Wednesday, April 1st were paid a dividend of $0.84 per share. The ex-dividend date was Wednesday, April 1st. This represents a $3.36 annualized dividend and a yield of 2.2%. State Street’s dividend payout ratio (DPR) is 34.08%.

Wall Street Analysts Forecast Growth

STT has been the subject of several research analyst reports. Evercore set a $158.00 target price on State Street and gave the company an “outperform” rating in a research note on Monday, April 20th. Keefe, Bruyette & Woods increased their target price on State Street from $157.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. Citigroup increased their target price on State Street from $150.00 to $172.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Royal Bank Of Canada increased their target price on State Street from $135.00 to $155.00 and gave the company a “sector perform” rating in a research note on Monday, April 20th. Finally, The Goldman Sachs Group increased their target price on State Street from $152.00 to $168.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, State Street presently has a consensus rating of “Moderate Buy” and an average price target of $155.77.

Insider Buying and Selling

In related news, EVP John Plansky sold 16,100 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the transaction, the executive vice president directly owned 56,162 shares in the company, valued at $6,982,059.84. This trade represents a 22.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Michael L. Richards sold 3,000 shares of the firm’s stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total value of $461,670.00. Following the transaction, the executive vice president owned 43,522 shares in the company, valued at $6,697,600.58. This trade represents a 6.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 28,711 shares of company stock worth $3,933,032 over the last ninety days. 0.27% of the stock is owned by insiders.

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.