State Street Corporation $STT Shares Acquired by Sanctuary Advisors LLC

Sanctuary Advisors LLC grew its holdings in State Street Corporation (NYSE:STT) by 23.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,851 shares of the asset manager’s stock after acquiring an additional 4,379 shares during the period. Sanctuary Advisors LLC’s holdings in State Street were worth $2,892,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Checchi Capital Advisers LLC increased its holdings in shares of State Street by 14.3% during the 1st quarter. Checchi Capital Advisers LLC now owns 4,718 shares of the asset manager’s stock valued at $597,000 after purchasing an additional 589 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its position in State Street by 7.7% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 27,516 shares of the asset manager’s stock valued at $3,482,000 after buying an additional 1,961 shares during the period. Principal Financial Group Inc. increased its holdings in State Street by 4.9% in the first quarter. Principal Financial Group Inc. now owns 336,917 shares of the asset manager’s stock valued at $42,640,000 after buying an additional 15,819 shares in the last quarter. Chicago Partners Investment Group LLC increased its holdings in State Street by 25.0% in the first quarter. Chicago Partners Investment Group LLC now owns 6,688 shares of the asset manager’s stock valued at $846,000 after buying an additional 1,337 shares in the last quarter. Finally, Arbejdsmarkedets Tillaegspension raised its position in shares of State Street by 8.8% in the first quarter. Arbejdsmarkedets Tillaegspension now owns 200,638 shares of the asset manager’s stock worth $25,393,000 after acquiring an additional 16,277 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Trading Down 0.1%

Shares of STT stock opened at $182.31 on Tuesday. The company’s 50-day moving average price is $166.47 and its 200-day moving average price is $144.55. The company has a current ratio of 0.59, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. The stock has a market cap of $50.46 billion, a price-to-earnings ratio of 16.08, a PEG ratio of 0.90 and a beta of 1.42. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $192.51.

State Street (NYSE:STT) last released its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The firm had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same period last year, the business earned $2.04 earnings per share. State Street’s revenue was up 23.3% compared to the same quarter last year. As a group, equities analysts predict that State Street Corporation will post 13.35 earnings per share for the current year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be paid a $0.92 dividend. This is a positive change from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 annualized dividend and a dividend yield of 2.0%. State Street’s dividend payout ratio is currently 29.63%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Keefe, Bruyette & Woods raised their target price on State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a research report on Friday. Truist Financial reaffirmed a “hold” rating and issued a $191.00 price target (up from $176.00) on shares of State Street in a report on Friday. UBS Group set a $176.00 price target on State Street in a research report on Friday, June 26th. Wells Fargo & Company boosted their price objective on State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Argus boosted their price objective on State Street from $140.00 to $168.00 and gave the company a “buy” rating in a research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $184.72.

Insider Activity

In other news, EVP W. Bradford Hu sold 9,212 shares of State Street stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $1,431,084.20. Following the sale, the executive vice president owned 59,552 shares of the company’s stock, valued at approximately $9,251,403.20. The trade was a 13.40% decrease in their position. The transaction 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, COO Mostapha Tahiri sold 9,611 shares of the company’s stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total value of $1,469,810.23. Following the completion of the transaction, the chief operating officer owned 64,642 shares in the company, valued at $9,885,701.06. This represents a 12.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 37,876 shares of company stock worth $5,866,583 over the last quarter. 0.27% of the stock is currently owned by corporate insiders.

About State Street

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.