EP Wealth Advisors LLC Makes New $1.13 Million Investment in State Street Corporation $STT

by · The Markets Daily

EP Wealth Advisors LLC acquired a new position in State Street Corporation (NYSE:STT – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 6,660 shares of the asset manager’s stock, valued at approximately $1,130,000.

A number of other large investors also recently modified their holdings of the stock. Bell Investment Advisors Inc purchased a new stake in State Street in the 2nd quarter valued at $28,000. Wilkerson Advisory Group LLC bought a new position in State Street during the 4th quarter valued at $29,000. JPL Wealth Management LLC purchased a new position in State Street during the 3rd quarter worth $29,000. Phillip James Consulting Co. purchased a new position in State Street during the 4th quarter worth $30,000. Finally, Elevation Wealth Partners LLC grew its stake in shares of State Street by 153.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after acquiring an additional 106 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $162.14, for a total transaction of $243,210.00. Following the sale, the executive vice president owned 41,827 shares in the company, valued at $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP W. Bradford Hu sold 9,758 shares of the firm’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the transaction, the executive vice president directly owned 49,794 shares of the company’s stock, valued at $9,187,988.88. The trade was a 16.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 49,576 shares of company stock worth $8,415,875 over the last 90 days. Corporate insiders own 0.27% of the company’s stock.

Wall Street Analysts Forecast Growth

STT has been the subject of several analyst reports. Truist Financial reiterated a “hold” rating and issued a $191.00 target price (up from $176.00) on shares of State Street in a report on Friday, July 17th. Morgan Stanley boosted their price target on shares of State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Keefe, Bruyette & Woods upped their price objective on shares of State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a research report on Friday, July 17th. Barclays increased their price objective on shares of State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a research note on Friday, July 17th. Finally, UBS Group set a $176.00 target price on shares of State Street in a research report on Friday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $185.38.

Check Out Our Latest Analysis on STT

State Street Price Performance

STT opened at $187.22 on Monday. The firm has a 50-day moving average price of $180.11 and a 200-day moving average price of $153.94. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $195.18. 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 company has a market capitalization of $51.43 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 0.77 and a beta of 1.41.

State Street (NYSE:STT – Get Free Report) last announced its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. The company had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. State Street’s revenue was up 23.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.04 EPS. Equities analysts expect that State Street Corporation will post 13.75 EPS for the current year.

State Street Increases Dividend

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

State Street Profile

(Free Report)

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.

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