Vise Technologies Inc. Acquires New Holdings in State Street Corporation $STT

Vise Technologies Inc. bought a new stake in State Street Corporation (NYSE:STT) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 29,520 shares of the asset manager’s stock, valued at approximately $5,007,000.

Several other large investors have also recently bought and sold shares of STT. Bell Investment Advisors Inc bought a new stake in shares of State Street during the 2nd quarter worth about $28,000. Elevation Wealth Partners LLC lifted its stake in shares of State Street by 153.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after acquiring an additional 106 shares during the period. Kelleher Financial Advisors bought a new position in shares of State Street in the second quarter valued at approximately $33,000. Wilkerson Advisory Group LLC bought a new position in shares of State Street in the fourth quarter valued at approximately $29,000. Finally, Phillip James Consulting Co. acquired a new position in shares of State Street during the fourth quarter valued at approximately $30,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Down 1.3%

NYSE STT opened at $183.36 on Friday. 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 company’s 50 day simple moving average is $179.71 and its 200 day simple moving average is $153.55. State Street Corporation has a 12 month low of $104.64 and a 12 month high of $195.18. The company has a market capitalization of $50.37 billion, a P/E ratio of 16.17, a PEG ratio of 0.76 and a beta of 1.41.

State Street (NYSE:STT) last issued its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping analysts’ consensus estimates of $3.34 by $0.31. The firm had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The firm’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same period last year, the firm posted $2.04 earnings per share. Equities research analysts expect that State Street Corporation will post 13.75 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be given a dividend of $0.92 per share. This is a boost from State Street’s previous quarterly dividend of $0.84. The ex-dividend date is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.0%. State Street’s payout ratio is currently 29.63%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on STT shares. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. The Goldman Sachs Group increased their price target 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 reiterated a “hold” rating and set a $191.00 price target (up from $176.00) on shares of State Street in a research report on Friday, July 17th. UBS Group set a $176.00 price objective on State Street in a research note on Friday, June 26th. Finally, JPMorgan Chase & Co. upped their price objective on State Street from $176.50 to $187.00 and gave the company a “neutral” rating in a report on Tuesday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $185.38.

Insider Activity

In other news, EVP W. Bradford Hu sold 9,758 shares of the firm’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the completion of the sale, the executive vice president directly owned 49,794 shares of the company’s stock, valued at $9,187,988.88. This trade represents a 16.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction on Monday, June 8th. The stock was sold at an average price of $162.14, for a total value of $243,210.00. Following the completion of the transaction, the executive vice president owned 41,827 shares in the company, valued at $6,781,829.78. The trade was a 3.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 49,576 shares of company stock worth $8,415,875. Insiders own 0.27% of the company’s stock.

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.