IPG Investment Advisors LLC Takes Position in State Street Corporation $STT

IPG Investment Advisors LLC acquired a new stake in shares of State Street Corporation (NYSE:STT) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 11,952 shares of the asset manager’s stock, valued at approximately $2,027,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in STT. Philadelphia Investment Partners LLC purchased a new position in State Street in the 2nd quarter valued at about $26,000. Bell Investment Advisors Inc purchased a new stake in shares of State Street during the second quarter worth about $28,000. Elevation Wealth Partners LLC raised its position in shares of State Street by 153.6% in the second quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock valued at $30,000 after buying an additional 106 shares during the last quarter. Continuum Advisory LLC purchased a new position in shares of State Street during the second quarter valued at approximately $30,000. Finally, Keating Financial Advisory Services Inc. acquired a new position in State Street in the 2nd quarter valued at $33,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Transactions at State Street

In related news, CEO Ronald O’Hanley sold 14,553 shares of the business’s stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the completion of the sale, the chief executive officer owned 240,959 shares of the company’s stock, valued at $44,377,419.03. This represents a 5.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 9,758 shares of the firm’s stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the completion of the transaction, the executive vice president directly owned 49,794 shares in the company, valued at $9,187,988.88. This represents a 16.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Truist Financial reaffirmed a “hold” rating and issued a $191.00 price objective (up from $176.00) on shares of State Street in a research report on Friday, July 17th. Wells Fargo & Company lifted their target price on State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Weiss Ratings reiterated a “buy (b+)” rating on shares of State Street in a research note on Tuesday, August 25th. Evercore set a $200.00 price target on State Street in a report on Monday, July 20th. Finally, The Goldman Sachs Group lifted their price objective on State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Two equities research 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. According to MarketBeat, State Street currently has an average rating of “Moderate Buy” and a consensus target price of $185.38.

State Street Trading Up 0.1%

Shares of NYSE STT opened at $192.03 on Thursday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The stock’s 50 day moving average price is $185.90 and its two-hundred day moving average price is $159.65. State Street Corporation has a 52-week low of $104.64 and a 52-week high of $195.93. The stock has a market capitalization of $52.75 billion, a P/E ratio of 16.93, a PEG ratio of 0.91 and a beta of 1.41.

State Street (NYSE:STT) last announced 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 return on equity of 15.26% and a net margin of 15.02%.The firm had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same period last year, the business posted $2.04 earnings per share. The firm’s revenue for the quarter was up 23.3% on a year-over-year basis. On average, analysts anticipate that State Street Corporation will post 13.76 earnings per share for the current fiscal year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be issued a $0.92 dividend. This is a boost 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 1.9%. State Street’s dividend payout ratio (DPR) is presently 29.63%.

State Street Profile

State Street Corporation is a financial services company headquartered in Boston, Massachusetts. Founded in 1792, it serves institutional investors, asset managers, asset owners, insurance companies, official institutions and other financial organizations worldwide.

Through its investment servicing business, State Street provides custody and fund administration, accounting, transfer agency, middle-office outsourcing, collateral management, performance measurement and regulatory reporting services.