Synovus Financial Corp Has $4.16 Million Holdings in State Street Corporation $STT

Synovus Financial Corp grew its position in shares of State Street Corporation (NYSE:STT) by 177.1% in the 3rd quarter, Holdings Channel reports. The firm owned 35,884 shares of the asset manager’s stock after acquiring 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 quarter.

A number of other institutional investors also recently modified their holdings of STT. Invesco Ltd. raised its stake in State Street by 4.7% during the second quarter. Invesco Ltd. now owns 8,566,237 shares of the asset manager’s stock worth $910,934,000 after buying an additional 381,547 shares during the last quarter. Dodge & Cox grew its holdings in State Street by 1.1% during the 2nd quarter. Dodge & Cox now owns 7,412,414 shares of the asset manager’s stock worth $788,236,000 after acquiring an additional 80,855 shares during the period. Geode Capital Management LLC raised its position in shares of State Street by 0.4% in the 2nd quarter. Geode Capital Management LLC now owns 7,412,130 shares of the asset manager’s stock worth $784,930,000 after acquiring an additional 27,098 shares in the last quarter. Regents of The University of California acquired a new position in shares of State Street in the 3rd quarter valued at about $324,576,000. Finally, Nordea Investment Management AB lifted its stake in shares of State Street by 7.8% in the 3rd quarter. Nordea Investment Management AB now owns 2,451,703 shares of the asset manager’s stock valued at $283,343,000 after purchasing an additional 178,136 shares during the period. 87.44% of the stock is owned by institutional investors.

State Street Price Performance

Shares of STT opened at $125.93 on Friday. The business’s fifty day moving average is $130.08 and its 200 day moving average is $120.41. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $137.05. The company has a quick ratio of 0.59, a current ratio of 0.61 and a debt-to-equity ratio of 1.04. The stock has a market cap 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 announced its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 EPS for the quarter, beating analysts’ consensus estimates of $2.82 by $0.15. State Street had a net margin of 13.02% and a return on equity of 13.46%. The business had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.57 billion. During the same quarter in the previous year, the business posted $2.60 EPS. State Street’s quarterly revenue was up 7.5% on a year-over-year basis. Sell-side analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 13th. Investors of record on Wednesday, April 1st will be given a $0.84 dividend. 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 dividend payout ratio (DPR) is presently 35.71%.

Wall Street Analysts Forecast Growth

STT has been the subject of several recent analyst reports. Zacks Research cut State Street from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 1st. Wall Street Zen upgraded State Street from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. The Goldman Sachs Group reiterated a “buy” rating on shares of State Street in a research note on Tuesday, January 6th. Weiss Ratings reiterated a “buy (b)” rating on shares of State Street in a research report on Wednesday, January 21st. Finally, TD Cowen reissued a “buy” rating on shares of State Street in a research note on Wednesday, January 7th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $135.83.

About State Street

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.