Wealthfront Advisers LLC Makes New $11.92 Million Investment in State Street Corporation $STT

Wealthfront Advisers LLC acquired a new position in shares of State Street Corporation (NYSE:STT) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 70,275 shares of the asset manager’s stock, valued at approximately $11,919,000.

Several other hedge funds have also modified their holdings of the stock. Bell Investment Advisors Inc purchased a new position in State Street in the second quarter valued at $28,000. Elevation Wealth Partners LLC increased its holdings in State Street by 153.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after purchasing an additional 106 shares during the period. Kelleher Financial Advisors purchased a new stake in State Street during the 2nd quarter worth about $33,000. Wilkerson Advisory Group LLC acquired a new stake in State Street in the 4th quarter valued at about $29,000. Finally, Phillip James Consulting Co. acquired a new stake in State Street in the 4th quarter valued at about $30,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on STT. Keefe, Bruyette & Woods lifted their price objective on State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a research note on Friday, July 17th. Weiss Ratings upgraded shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, May 28th. The Goldman Sachs Group raised their target price on shares of State Street from $168.00 to $194.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. Truist Financial reiterated a “hold” rating and issued a $191.00 price target (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Finally, Morgan Stanley boosted their price target on shares of State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, State Street currently has an average rating of “Moderate Buy” and a consensus target price of $185.38.

State Street Stock Down 0.5%

Shares of NYSE STT opened at $192.03 on Wednesday. The company has a market capitalization of $52.75 billion, a price-to-earnings ratio of 16.93, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59. The business has a 50-day moving average of $178.87 and a two-hundred day moving average of $152.80. State Street Corporation has a 1 year low of $104.64 and a 1 year high of $195.18.

State Street (NYSE:STT) last released its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. State Street had a return on equity of 15.26% and a net margin of 15.02%.The business had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the prior year, the business posted $2.04 EPS. The business’s revenue for the quarter was up 23.3% on a year-over-year basis. On average, analysts forecast that State Street Corporation will post 13.75 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be paid a $0.92 dividend. This is an increase from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a yield of 1.9%. The ex-dividend date is Thursday, October 1st. State Street’s payout ratio is currently 29.63%.

Insiders Place Their Bets

In other news, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the completion of the sale, the chief executive officer owned 240,959 shares in the company, valued at approximately $44,377,419.03. The trade was a 5.70% decrease in their position. The sale was disclosed in a filing 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. Bradford Hu sold 9,758 shares of the stock in a transaction on Friday, July 24th. The shares were sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the completion of the transaction, the executive vice president directly 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. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 49,576 shares of company stock valued at $8,415,875. 0.27% of the stock is owned by corporate insiders.

State Street 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.