Congress Wealth Management LLC DE Acquires New Shares in State Street Co. (NYSE:STT)

Congress Wealth Management LLC DE bought a new position in shares of State Street Co. (NYSE:STT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,132 shares of the asset manager’s stock, valued at approximately $307,000.

A number of other large investors have also recently made changes to their positions in STT. Crowley Wealth Management Inc. purchased a new stake in State Street during the 4th quarter worth about $69,000. Stevens Capital Management LP bought a new position in shares of State Street in the fourth quarter valued at approximately $290,000. LPL Financial LLC grew its stake in State Street by 27.0% during the fourth quarter. LPL Financial LLC now owns 115,751 shares of the asset manager’s stock valued at $11,361,000 after acquiring an additional 24,585 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in State Street during the 4th quarter worth approximately $17,245,000. Finally, Knights of Columbus Asset Advisors LLC lifted its stake in State Street by 11.3% in the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 7,396 shares of the asset manager’s stock worth $726,000 after purchasing an additional 750 shares in the last quarter. 87.44% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

STT has been the topic of several research analyst reports. Barclays upped their price target on shares of State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $103.00 target price (down from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price target for the company in a research report on Friday, December 20th. Citigroup decreased their price objective on shares of State Street from $105.00 to $100.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. Finally, Truist Financial cut their price target on shares of State Street from $106.00 to $104.00 and set a “hold” rating for the company in a research note on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $101.53.

State Street Stock Down 3.1 %

STT opened at $88.95 on Friday. The company has a market cap of $25.66 billion, a P/E ratio of 10.80, a P/E/G ratio of 1.11 and a beta of 1.44. State Street Co. has a 12 month low of $70.20 and a 12 month high of $103.00. The business’s 50-day moving average price is $95.35 and its 200-day moving average price is $94.48. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT) last announced its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.31. State Street had a return on equity of 12.60% and a net margin of 12.14%. The firm had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.27 billion. During the same quarter in the previous year, the company posted $2.04 earnings per share. The business’s revenue was up 12.1% on a year-over-year basis. On average, equities analysts expect that State Street Co. will post 9.68 EPS for the current year.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be given a dividend of $0.76 per share. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.04 annualized dividend and a yield of 3.42%. State Street’s payout ratio is currently 36.89%.

Insiders Place Their Bets

In related news, Director Gregory L. Summe sold 10,815 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the completion of the transaction, the director now owns 100,023 shares in the company, valued at $10,002,300. This represents a 9.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ann Fogarty sold 3,705 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total transaction of $368,536.35. Following the transaction, the executive vice president now directly owns 50,816 shares in the company, valued at approximately $5,054,667.52. The trade was a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

State Street Company Profile

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.