Security National Bank of Sioux City Iowa IA Purchases 5,313 Shares of State Street Corporation $STT

Security National Bank of Sioux City Iowa IA increased its position in State Street Corporation (NYSE:STT) by 27.0% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 24,958 shares of the asset manager’s stock after acquiring an additional 5,313 shares during the quarter. State Street comprises 1.7% of Security National Bank of Sioux City Iowa IA’s investment portfolio, making the stock its 15th largest holding. Security National Bank of Sioux City Iowa IA’s holdings in State Street were worth $4,233,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Core Capital Management & Research inc. bought a new position in State Street during the second quarter worth about $749,000. Sequoia Financial Advisors LLC lifted its stake in shares of State Street by 6.3% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 20,639 shares of the asset manager’s stock valued at $3,500,000 after buying an additional 1,219 shares in the last quarter. IPG Investment Advisors LLC purchased a new stake in shares of State Street during the 2nd quarter valued at approximately $2,027,000. Engineers Gate Manager LP boosted its holdings in State Street by 1,213.4% in the 2nd quarter. Engineers Gate Manager LP now owns 135,388 shares of the asset manager’s stock worth $22,962,000 after buying an additional 125,080 shares during the period. Finally, Pinnacle Wealth Management Advisory Group LLC boosted its holdings in State Street by 12.3% in the 2nd quarter. Pinnacle Wealth Management Advisory Group LLC now owns 2,427 shares of the asset manager’s stock worth $412,000 after buying an additional 266 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on STT shares. Barclays boosted their target price on shares of State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a report on Friday, July 17th. Morgan Stanley lifted their price target on State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. The Goldman Sachs Group boosted their price objective on State Street from $168.00 to $194.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Truist Financial reissued a “hold” rating and set a $191.00 price objective (up from $176.00) on shares of State Street in a report on Friday, July 17th. Finally, Weiss Ratings upgraded State Street from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $185.38.

State Street Price Performance

Shares of STT stock traded down $0.51 during trading on Friday, hitting $182.56. The company had a trading volume of 5,572,756 shares, compared to its average volume of 2,102,091. The stock’s 50-day moving average is $187.32 and its two-hundred day moving average is $162.13. The stock has a market capitalization of $50.15 billion, a price-to-earnings ratio of 16.10, a price-to-earnings-growth ratio of 0.87 and a beta of 1.41. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a 52 week low of $104.64 and a 52 week high of $195.93.

State Street (NYSE:STT) last announced its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.34 by $0.31. The business had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. State Street’s revenue for the quarter was up 23.3% on a year-over-year basis. During the same period in the previous year, the business posted $2.04 earnings per share. As a group, analysts predict that State Street Corporation will post 13.76 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be paid a $0.92 dividend. This is a boost from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s payout ratio is currently 32.45%.

Insider Transactions at State Street

In other news, CEO Hanley Ronald P. O sold 14,553 shares of the company’s stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total value of $2,680,226.01. Following the completion of the transaction, the chief executive officer directly owned 240,959 shares in the company, valued at approximately $44,377,419.03. This represents a 5.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 9,758 shares of the stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the transaction, the executive vice president owned 49,794 shares in the company, valued at $9,187,988.88. This trade represents a 16.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.27% of the company’s stock.

State Street Company Profile

State Street Corporation is a financial services company headquartered in Boston, Massachusetts. Founded in 1792, it serves institutional investors, asset managers, asset owners, insurance companies, official institutions and other financial organizations worldwide.

Through its investment servicing business, State Street provides custody and fund administration, accounting, transfer agency, middle-office outsourcing, collateral management, performance measurement and regulatory reporting services.