Spire Wealth Management Acquires 1,211 Shares of State Street Co. (NYSE:STT)

Spire Wealth Management boosted its stake in shares of State Street Co. (NYSE:STTFree Report) by 244.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,706 shares of the asset manager’s stock after purchasing an additional 1,211 shares during the quarter. Spire Wealth Management’s holdings in State Street were worth $114,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in STT. Fosun International Ltd grew its holdings in State Street by 44.0% during the third quarter. Fosun International Ltd now owns 7,560 shares of the asset manager’s stock worth $506,000 after acquiring an additional 2,310 shares during the period. Banque Cantonale Vaudoise grew its stake in shares of State Street by 54.9% during the 3rd quarter. Banque Cantonale Vaudoise now owns 10,839 shares of the asset manager’s stock worth $726,000 after purchasing an additional 3,841 shares during the period. Amalgamated Bank increased its holdings in shares of State Street by 0.4% during the 3rd quarter. Amalgamated Bank now owns 90,782 shares of the asset manager’s stock valued at $6,079,000 after purchasing an additional 352 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC purchased a new stake in State Street during the third quarter worth $3,914,000. Finally, Moors & Cabot Inc. grew its position in State Street by 1.0% during the third quarter. Moors & Cabot Inc. now owns 18,420 shares of the asset manager’s stock valued at $1,233,000 after buying an additional 185 shares during the period. 89.62% of the stock is currently owned by institutional investors and hedge funds.

State Street Stock Performance

NYSE:STT opened at $72.84 on Friday. The company has a market cap of $22.48 billion, a P/E ratio of 13.27, a P/E/G ratio of 1.47 and a beta of 1.53. State Street Co. has a twelve month low of $62.78 and a twelve month high of $94.74. The company’s 50-day moving average price is $75.56 and its 200-day moving average price is $71.01. The company has a current ratio of 0.55, a quick ratio of 0.51 and a debt-to-equity ratio of 0.86.

State Street (NYSE:STTGet Free Report) last released its quarterly earnings data on Friday, January 19th. The asset manager reported $2.04 EPS for the quarter, beating analysts’ consensus estimates of $1.83 by $0.21. The company had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $2.95 billion. State Street had a net margin of 10.59% and a return on equity of 11.86%. State Street’s quarterly revenue was down 3.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.07 EPS. On average, sell-side analysts forecast that State Street Co. will post 7.84 earnings per share for the current fiscal year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 12th. Investors of record on Tuesday, January 2nd were given a dividend of $0.69 per share. The ex-dividend date of this dividend was Friday, December 29th. This represents a $2.76 dividend on an annualized basis and a yield of 3.79%. State Street’s payout ratio is 50.27%.

Wall Street Analyst Weigh In

STT has been the subject of a number of analyst reports. Morgan Stanley upped their price objective on shares of State Street from $83.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 30th. UBS Group increased their price target on State Street from $70.00 to $82.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 9th. Royal Bank of Canada boosted their price objective on State Street from $75.00 to $85.00 and gave the company a “sector perform” rating in a research report on Monday, January 22nd. Wells Fargo & Company reiterated an “overweight” rating and set a $83.00 target price on shares of State Street in a research report on Wednesday, December 6th. Finally, Barclays lifted their price target on shares of State Street from $87.00 to $102.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $81.83.

Check Out Our Latest Research Report on STT

State Street Profile

(Free Report)

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; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

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Institutional Ownership by Quarter for State Street (NYSE:STT)

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