Vanguard Group Inc. Has $4.29 Billion Stock Position in State Street Corporation $STT

Vanguard Group Inc. cut its holdings in shares of State Street Corporation (NYSE:STT) by 0.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 36,959,946 shares of the asset manager’s stock after selling 252,802 shares during the period. Vanguard Group Inc. owned 13.23% of State Street worth $4,287,723,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of STT. True Wealth Design LLC lifted its holdings in State Street by 166.3% in the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock valued at $29,000 after buying an additional 158 shares during the period. Flagship Wealth Advisors LLC bought a new stake in shares of State Street during the 3rd quarter valued at $35,000. SJS Investment Consulting Inc. lifted its stake in shares of State Street by 2,142.9% in the 3rd quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 300 shares during the period. Annis Gardner Whiting Capital Advisors LLC boosted its position in shares of State Street by 38.2% in the 3rd quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager’s stock worth $39,000 after purchasing an additional 94 shares during the last quarter. Finally, City Holding Co. acquired a new stake in shares of State Street during the third quarter worth $47,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on STT shares. Zacks Research lowered State Street from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 1st. Weiss Ratings reiterated a “buy (b)” rating on shares of State Street in a research report on Wednesday, January 21st. TD Cowen restated a “buy” rating on shares of State Street in a report on Wednesday, January 7th. Morgan Stanley lowered their target price on shares of State Street from $168.00 to $164.00 and set an “overweight” rating for the company in a research note on Tuesday, January 20th. Finally, Loop Capital set a $144.00 price target on shares of State Street in a research report on Tuesday, January 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $135.83.

State Street Stock Performance

STT opened at $127.97 on Wednesday. The stock has a market capitalization of $35.74 billion, a P/E ratio of 13.60, a P/E/G ratio of 1.12 and a beta of 1.43. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $137.05. The firm’s fifty day simple moving average is $130.09 and its 200 day simple moving average is $120.29. The company has a current ratio of 0.61, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.15. The firm had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.57 billion. State Street had a return on equity of 13.46% and a net margin of 13.02%.The company’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter last year, the business posted $2.60 EPS. As a group, research analysts anticipate that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, January 12th. Shareholders of record on Friday, January 2nd were paid a $0.84 dividend. The ex-dividend date was Friday, January 2nd. This represents a $3.36 annualized dividend and a yield of 2.6%. State Street’s payout ratio is presently 35.71%.

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.