Wealth Enhancement Advisory Services LLC Grows Holdings in State Street Corporation $STT

Wealth Enhancement Advisory Services LLC raised its position in State Street Corporation (NYSE:STT) by 10.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 68,555 shares of the asset manager’s stock after buying an additional 6,671 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in State Street were worth $8,013,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of STT. True Wealth Design LLC boosted its holdings in State Street by 166.3% in the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock valued at $29,000 after purchasing an additional 158 shares during the last quarter. SJS Investment Consulting Inc. raised its position in shares of State Street by 2,142.9% in the 3rd quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 300 shares in the last quarter. City Holding Co. purchased a new position in shares of State Street during the 3rd quarter valued at approximately $47,000. AlphaCore Capital LLC grew its position in shares of State Street by 103.5% during the second quarter. AlphaCore Capital LLC now owns 468 shares of the asset manager’s stock worth $50,000 after buying an additional 238 shares in the last quarter. Finally, Elevation Point Wealth Partners LLC bought a new stake in shares of State Street in the second quarter worth $52,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Stock Down 1.8%

NYSE:STT opened at $126.10 on Friday. The firm has a market capitalization of $35.22 billion, a PE ratio of 13.40, a price-to-earnings-growth ratio of 1.11 and a beta of 1.43. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $137.05. The company has a current ratio of 0.61, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. The stock has a 50 day moving average of $126.05 and a 200-day moving average of $117.80.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, January 16th. The asset manager reported $2.97 EPS for the quarter, topping analysts’ consensus estimates of $2.82 by $0.15. State Street had a return on equity of 13.46% and a net margin of 13.02%.The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same period in the prior year, the business earned $2.60 EPS. The firm’s revenue was up 7.5% on a year-over-year basis. Analysts predict that State Street Corporation will post 9.68 EPS for the current year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 12th. Investors of record on Friday, January 2nd were issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Friday, January 2nd. State Street’s dividend payout ratio (DPR) is 35.71%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on STT. The Goldman Sachs Group restated a “buy” rating on shares of State Street in a research note on Tuesday, January 6th. Wall Street Zen upgraded State Street from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. Zacks Research downgraded State Street from a “strong-buy” rating to a “hold” rating in a report on Monday, December 1st. BMO Capital Markets began coverage on State Street in a research report on Friday, October 3rd. They issued an “outperform” rating and a $130.00 target price for the company. Finally, Morgan Stanley dropped their price target on State Street from $168.00 to $164.00 and set an “overweight” rating on the stock in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $135.83.

Insiders Place Their Bets

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