Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Boosts Holdings in State Street Corporation $STT

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its stake in State Street Corporation (NYSE:STT) by 25.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 26,918 shares of the asset manager’s stock after acquiring an additional 5,440 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in State Street were worth $3,085,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank bought a new stake in shares of State Street in the 2nd quarter worth approximately $256,367,000. First Trust Advisors LP lifted its stake in shares of State Street by 39.0% during the 2nd quarter. First Trust Advisors LP now owns 2,009,190 shares of the asset manager’s stock valued at $213,657,000 after buying an additional 564,202 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in State Street in the 2nd quarter worth approximately $42,281,000. Invesco Ltd. boosted its holdings in State Street by 4.7% in the 2nd quarter. Invesco Ltd. now owns 8,566,237 shares of the asset manager’s stock valued at $910,934,000 after purchasing an additional 381,547 shares during the period. Finally, Corient Private Wealth LLC grew its position in shares of State Street by 96.6% during the 2nd quarter. Corient Private Wealth LLC now owns 335,970 shares of the asset manager’s stock valued at $36,261,000 after purchasing an additional 165,040 shares in the last quarter. 87.44% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Citigroup lifted their price objective on State Street from $136.00 to $150.00 and gave the company a “buy” rating in a research note on Tuesday, December 30th. Loop Capital set a $144.00 price target on shares of State Street in a research note on Tuesday, January 6th. TD Cowen increased their target price on State Street from $135.00 to $155.00 and gave the company a “buy” rating in a report on Wednesday, January 7th. Zacks Research cut State Street from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 1st. Finally, The Goldman Sachs Group restated a “buy” rating on shares of State Street in a report on Tuesday, January 6th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $133.77.

State Street Stock Down 0.3%

Shares of NYSE STT opened at $132.45 on Monday. The firm has a fifty day simple moving average of $123.68 and a two-hundred day simple moving average of $116.34. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $134.67. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.03. The firm has a market capitalization of $36.99 billion, a PE ratio of 14.02, a price-to-earnings-growth ratio of 0.89 and a beta of 1.43.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, October 17th. The asset manager reported $2.78 EPS for the quarter, topping the consensus estimate of $2.57 by $0.21. State Street had a net margin of 13.14% and a return on equity of 13.37%. The business had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.43 billion. During the same period last year, the business posted $2.26 earnings per share. State Street’s quarterly revenue was up 8.8% compared to the same quarter last year. Equities analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 12th. Investors of record on Friday, January 2nd will be paid a dividend of $0.84 per share. The ex-dividend date of this dividend is Friday, January 2nd. This represents a $3.36 annualized dividend and a yield of 2.5%. State Street’s payout ratio is presently 35.56%.

Insider Buying and Selling at State Street

In other State Street news, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction on Monday, October 27th. The stock was 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 owned 38,626 shares in the company, valued at approximately $4,528,512.24. The trade was a 3.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.29% of the stock is owned by 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.