Bingham Private Wealth LLC Buys Shares of 1,968 State Street Corporation $STT

Bingham Private Wealth LLC acquired a new position in State Street Corporation (NYSE:STT) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,968 shares of the asset manager’s stock, valued at approximately $209,000.

Other large investors have also recently made changes to their positions in the company. First Pacific Financial acquired a new position in shares of State Street in the 1st quarter worth approximately $25,000. Capital Analysts LLC lifted its holdings in shares of State Street by 3,914.3% in the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock worth $25,000 after acquiring an additional 274 shares during the last quarter. Larson Financial Group LLC lifted its holdings in shares of State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock worth $36,000 after acquiring an additional 118 shares during the last quarter. Golden State Wealth Management LLC lifted its holdings in shares of State Street by 186.7% in the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock worth $43,000 after acquiring an additional 310 shares during the last quarter. Finally, MV Capital Management Inc. lifted its holdings in shares of State Street by 98.4% in the 1st quarter. MV Capital Management Inc. now owns 506 shares of the asset manager’s stock worth $45,000 after acquiring an additional 251 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at State Street

In other State Street news, EVP Michael L. Richards sold 990 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the sale, the executive vice president directly owned 41,332 shares of the company’s stock, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.29% of the company’s stock.

State Street Trading Up 0.5%

Shares of NYSE:STT opened at $117.00 on Tuesday. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $118.06. The company’s 50 day moving average is $112.92 and its two-hundred day moving average is $101.72. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The company has a market cap of $33.19 billion, a PE ratio of 13.10, a P/E/G ratio of 1.13 and a beta of 1.46.

State Street (NYSE:STT) last announced its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The company had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.33 billion. During the same period in the prior year, the firm posted $2.15 EPS. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. Equities analysts predict that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be given a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.9%. This is a boost from State Street’s previous quarterly dividend of $0.76. State Street’s payout ratio is currently 37.63%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Wells Fargo & Company upped their price objective on shares of State Street from $113.00 to $121.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. Citigroup upgraded shares of State Street from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $115.00 to $130.00 in a report on Friday, September 5th. Truist Financial upped their price objective on shares of State Street from $125.00 to $133.00 and gave the stock a “buy” rating in a report on Thursday. TD Cowen began coverage on shares of State Street in a research note on Thursday, September 25th. They set a “buy” rating on the stock. Finally, Bank of America upped their target price on shares of State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $122.83.

About State Street

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.