Keebeck Wealth Management Has $2.91 Million Stock Position in State Street Corporation $STT

Keebeck Wealth Management grew its stake in shares of State Street Corporation (NYSE:STT) by 29.1% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 22,992 shares of the asset manager’s stock after buying an additional 5,177 shares during the quarter. Keebeck Wealth Management’s holdings in State Street were worth $2,910,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of STT. Wilkerson Advisory Group LLC bought a new position in shares of State Street in the 4th quarter valued at $29,000. JPL Wealth Management LLC bought a new stake in State Street during the 3rd quarter worth $29,000. Phillip James Consulting Co. bought a new stake in State Street during the 4th quarter worth $30,000. Whipplewood Advisors LLC bought a new stake in State Street during the 1st quarter worth $34,000. Finally, Reflection Asset Management acquired a new position in State Street in the 4th quarter worth about $35,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Trading Down 0.6%

NYSE STT opened at $184.10 on Friday. The firm has a market capitalization of $50.95 billion, a PE ratio of 16.23, a price-to-earnings-growth ratio of 0.77 and a beta of 1.42. The business’s 50-day moving average price is $168.41 and its two-hundred day moving average price is $145.71. The company has a current ratio of 0.59, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. State Street Corporation has a 12 month low of $104.64 and a 12 month high of $192.51.

State Street (NYSE:STT) last issued its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.34 by $0.31. The company had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The firm’s revenue was up 23.3% compared to the same quarter last year. During the same period last year, the company earned $2.04 earnings per share. On average, analysts expect that State Street Corporation will post 13.68 EPS for the current year.

State Street Increases Dividend

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

Analyst Ratings Changes

Several equities analysts have commented on the company. Truist Financial reiterated a “hold” rating and issued a $191.00 target price (up from $176.00) on shares of State Street in a research report on Friday, July 17th. Keefe, Bruyette & Woods boosted their price target on State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a report on Friday, July 17th. Citigroup upped their price objective on State Street from $193.00 to $210.00 and gave the company a “buy” rating in a research note on Friday, July 17th. Barclays raised their price objective on shares of State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a report on Friday, July 17th. Finally, Seaport Research Partners reissued a “buy” rating and set a $170.00 target price on shares of State Street in a report on Monday, April 20th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $184.72.

Insiders Place Their Bets

In other news, CEO Hanley Ronald P. O sold 14,553 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $2,260,808.55. Following the sale, the chief executive officer directly owned 255,512 shares of the company’s stock, valued at approximately $39,693,789.20. This represents a 5.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Bradford Hu sold 9,212 shares of the stock in a transaction on Tuesday, May 26th. The stock was 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. This trade represents a 13.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 25,265 shares of company stock worth $3,935,103. 0.27% of the stock is currently owned by insiders.

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.