1620 Investment Advisors Inc. Purchases Shares of 34,531 State Street Co. (NYSE:STT)

1620 Investment Advisors Inc. bought a new position in shares of State Street Co. (NYSE:STTFree Report) during the 3rd quarter, HoldingsChannel reports. The firm bought 34,531 shares of the asset manager’s stock, valued at approximately $2,312,000. State Street comprises approximately 2.5% of 1620 Investment Advisors Inc.’s holdings, making the stock its 5th largest position.

Other institutional investors have also added to or reduced their stakes in the company. Massmutual Trust Co. FSB ADV boosted its stake in State Street by 11.3% during the second quarter. Massmutual Trust Co. FSB ADV now owns 1,413 shares of the asset manager’s stock worth $103,000 after buying an additional 143 shares during the period. IFP Advisors Inc boosted its position in shares of State Street by 24.9% during the 2nd quarter. IFP Advisors Inc now owns 733 shares of the asset manager’s stock worth $72,000 after purchasing an additional 146 shares during the period. Bleakley Financial Group LLC increased its holdings in State Street by 1.8% in the 2nd quarter. Bleakley Financial Group LLC now owns 8,147 shares of the asset manager’s stock valued at $596,000 after purchasing an additional 147 shares during the last quarter. First Manhattan Co. raised its position in State Street by 7.5% in the fourth quarter. First Manhattan Co. now owns 2,119 shares of the asset manager’s stock valued at $164,000 after purchasing an additional 148 shares during the period. Finally, Apollon Wealth Management LLC lifted its stake in State Street by 1.8% during the fourth quarter. Apollon Wealth Management LLC now owns 8,337 shares of the asset manager’s stock worth $647,000 after purchasing an additional 149 shares in the last quarter. Hedge funds and other institutional investors own 89.62% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on STT. Royal Bank of Canada lifted their price objective on State Street from $75.00 to $85.00 and gave the company a “sector perform” rating in a research note on Monday, January 22nd. Barclays boosted their price target on shares of State Street from $87.00 to $102.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Bank of America reissued an “underperform” rating and issued a $81.00 price objective on shares of State Street in a research note on Thursday, January 4th. UBS Group upped their target price on shares of State Street from $70.00 to $82.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 9th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of State Street from $89.00 to $86.00 and set a “market perform” rating on the stock in a report on Monday, January 22nd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $81.83.

Get Our Latest Report on STT

State Street Trading Up 0.6 %

Shares of NYSE STT traded up $0.45 on Friday, reaching $72.84. 1,312,369 shares of the company traded hands, compared to its average volume of 2,286,581. The stock has a market capitalization of $22.48 billion, a PE ratio of 13.27, a P/E/G ratio of 1.47 and a beta of 1.53. State Street Co. has a fifty-two week low of $62.78 and a fifty-two week high of $94.74. The company has a current ratio of 0.55, a quick ratio of 0.51 and a debt-to-equity ratio of 0.86. The company has a 50 day moving average of $75.58 and a 200 day moving average of $71.00.

State Street (NYSE:STTGet Free Report) last posted its quarterly earnings results on Friday, January 19th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.83 by $0.21. The firm had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $2.95 billion. State Street had a return on equity of 11.86% and a net margin of 10.59%. The firm’s quarterly revenue was down 3.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.07 earnings per share. On average, equities research analysts forecast that State Street Co. will post 7.79 earnings per share for the current fiscal year.

State Street Dividend Announcement

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

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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