Sequoia Financial Advisors LLC Boosts Holdings in State Street Co. (NYSE:STT)

Sequoia Financial Advisors LLC raised its holdings in shares of State Street Co. (NYSE:STT) by 21.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,296 shares of the asset manager’s stock after buying an additional 751 shares during the period. Sequoia Financial Advisors LLC’s holdings in State Street were worth $422,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Flagship Harbor Advisors LLC bought a new position in State Street in the 4th quarter worth $272,000. Charles Schwab Investment Management Inc. raised its holdings in State Street by 0.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager’s stock valued at $184,025,000 after acquiring an additional 10,404 shares during the period. Janney Montgomery Scott LLC lifted its position in shares of State Street by 11.1% in the fourth quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager’s stock valued at $7,289,000 after acquiring an additional 7,446 shares in the last quarter. Merit Financial Group LLC purchased a new position in shares of State Street in the fourth quarter valued at about $395,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of State Street during the fourth quarter worth about $44,070,000. 87.44% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other State Street news, Director Gregory L. Summe sold 10,815 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total value of $1,081,500.00. Following the completion of the sale, the director now directly owns 100,023 shares in the company, valued at $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value of $368,536.35. Following the transaction, the executive vice president now directly owns 50,816 shares in the company, valued at approximately $5,054,667.52. The trade was a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Morgan Stanley dropped their price target on State Street from $142.00 to $139.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Truist Financial cut their target price on shares of State Street from $106.00 to $104.00 and set a “hold” rating for the company in a research note on Tuesday, January 21st. StockNews.com cut shares of State Street from a “buy” rating to a “hold” rating in a research note on Friday, March 7th. Barclays raised their price objective on State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $103.00 price target (down from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, State Street has a consensus rating of “Hold” and a consensus target price of $101.20.

State Street Price Performance

Shares of STT stock opened at $88.04 on Wednesday. The company has a market capitalization of $25.40 billion, a P/E ratio of 10.68, a P/E/G ratio of 1.11 and a beta of 1.44. The company’s 50-day simple moving average is $96.29 and its two-hundred day simple moving average is $94.19. State Street Co. has a one year low of $70.20 and a one year high of $103.00. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping the consensus estimate of $2.29 by $0.31. The company had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. State Street’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period last year, the business posted $2.04 EPS. As a group, equities analysts anticipate that State Street Co. will post 9.68 EPS for the current year.

State Street Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be paid a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street’s dividend payout ratio (DPR) is presently 36.89%.

State Street Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.