Sequoia Financial Advisors LLC Raises Stock Holdings in State Street Corporation $STT

Sequoia Financial Advisors LLC raised its holdings in shares of State Street Corporation (NYSE:STT) by 22.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 19,420 shares of the asset manager’s stock after purchasing an additional 3,544 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in State Street were worth $2,458,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Wilkerson Advisory Group LLC acquired a new stake in shares of State Street during the fourth quarter worth approximately $29,000. JPL Wealth Management LLC acquired a new stake in State Street in the third quarter valued at $29,000. Phillip James Consulting Co. acquired a new stake in State Street in the fourth quarter valued at $30,000. Whipplewood Advisors LLC bought a new position in State Street during the 1st quarter valued at $34,000. Finally, Reflection Asset Management bought a new position in State Street during the 4th quarter valued at $35,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at State Street

In other State Street news, COO Mostapha Tahiri sold 9,611 shares of the business’s stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the sale, the chief operating officer directly owned 64,642 shares in the company, valued at approximately $9,885,701.06. The trade was a 12.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael L. Richards sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total value of $461,670.00. Following the completion of the sale, the executive vice president owned 43,522 shares of the company’s stock, valued at $6,697,600.58. This trade represents a 6.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 37,876 shares of company stock worth $5,866,583 in the last 90 days. Corporate insiders own 0.27% of the company’s stock.

Key Stories Impacting State Street

Here are the key news stories impacting State Street this week:

• Positive Sentiment: State Street declared a quarterly common-stock dividend of $0.92 per share, along with dividends on several preferred stock series. The announcement reinforces its capital-return profile and may help support investor sentiment. State Street Declares Dividends
• Positive Sentiment: Bank of America said major U.S. banks, including State Street, could beat earnings expectations thanks to strong capital markets activity, resilient economic conditions, and improving wealth-management flows. That raises hopes for a solid Q2 report. US bank earnings could surprise to the upside
• Positive Sentiment: Analyst previews from Zacks highlighted expected strength in net interest income and fee income growth for State Street’s upcoming Q2 results, suggesting earnings could improve despite expense pressure. NII strength and fee income growth
• Neutral Sentiment: State Street also filed notices that it is no longer a substantial holder in several non-U.S. companies, including Qube Holdings, Viva Energy, Develop Global, and Pinnacle Investment Management. These appear to be routine portfolio changes and are unlikely to be a major direct driver of STT shares. State Street ceases to be substantial holder in Qube Holdings
• Negative Sentiment: A MarketWatch note said State Street stock underperformed peers on Monday, suggesting relative weakness versus other financial names even as broader sector optimism builds. State Street stock underperforms peers

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on STT shares. Evercore set a $186.00 target price on shares of State Street and gave the stock an “outperform” rating in a research report on Monday, July 6th. Royal Bank Of Canada increased their price target on shares of State Street from $135.00 to $155.00 and gave the stock a “sector perform” rating in a research report on Monday, April 20th. Barclays set a $165.00 price target on State Street in a research note on Monday, April 20th. UBS Group set a $176.00 price objective on State Street in a research note on Friday, June 26th. Finally, Citigroup increased their target price on State Street from $172.00 to $193.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, State Street presently has a consensus rating of “Moderate Buy” and a consensus price target of $173.91.

State Street Price Performance

Shares of STT opened at $183.78 on Wednesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57. State Street Corporation has a 12 month low of $101.98 and a 12 month high of $184.59. The stock has a fifty day moving average price of $163.73 and a 200 day moving average price of $143.07. The company has a market cap of $50.87 billion, a P/E ratio of 18.64, a PEG ratio of 0.92 and a beta of 1.42.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.64 by $0.20. The firm had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. State Street’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same period last year, the firm posted $2.04 EPS. On average, research analysts forecast that State Street Corporation will post 12.75 earnings per share for the current year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st were issued a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Wednesday, July 1st. State Street’s dividend payout ratio (DPR) is 34.08%.

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.