DAVENPORT & Co LLC Has $2.43 Million Stock Holdings in State Street Corporation $STT

DAVENPORT & Co LLC boosted its stake in shares of State Street Corporation (NYSE:STT) by 134.5% in the fourth quarter, HoldingsChannel reports. The firm owned 18,803 shares of the asset manager’s stock after purchasing an additional 10,783 shares during the quarter. DAVENPORT & Co LLC’s holdings in State Street were worth $2,426,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Heritage Family Offices LLP bought a new stake in shares of State Street during the 4th quarter worth about $1,220,000. SG Americas Securities LLC grew its stake in State Street by 938.5% in the 4th quarter. SG Americas Securities LLC now owns 265,386 shares of the asset manager’s stock valued at $34,237,000 after buying an additional 239,831 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in State Street by 3.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 38,505 shares of the asset manager’s stock valued at $4,968,000 after acquiring an additional 1,176 shares during the period. Diversified Trust Co. lifted its position in State Street by 34.3% during the fourth quarter. Diversified Trust Co. now owns 2,389 shares of the asset manager’s stock worth $308,000 after acquiring an additional 610 shares during the last quarter. Finally, Baker Tilly Wealth Management LLC acquired a new stake in State Street during the fourth quarter worth approximately $222,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. TD Cowen reaffirmed a “buy” rating on shares of State Street in a research report on Wednesday, January 7th. Loop Capital set a $144.00 price target on State Street in a report on Tuesday, January 6th. Morgan Stanley reduced their price target on State Street from $168.00 to $164.00 and set an “overweight” rating for the company in a research note on Tuesday, January 20th. The Goldman Sachs Group reiterated a “buy” rating on shares of State Street in a research report on Tuesday, January 6th. Finally, Truist Financial set a $136.00 target price on State Street in a report on Tuesday, January 20th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $135.83.

State Street Stock Down 2.6%

Shares of STT opened at $122.33 on Friday. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 1.04. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $137.05. The firm’s 50 day moving average is $126.92 and its 200-day moving average is $122.69. The stock has a market capitalization of $34.10 billion, a PE ratio of 13.00, a P/E/G ratio of 1.07 and a beta of 1.43.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.15. State Street had a return on equity of 13.46% and a net margin of 13.02%.The business had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.57 billion. During the same period in the previous year, the company posted $2.60 earnings per share. The firm’s revenue for the quarter was up 7.5% compared to the same quarter last year. Equities research analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Wednesday, April 1st. State Street’s dividend payout ratio is presently 35.71%.

Insider Activity

In related news, EVP John Plansky sold 16,100 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total value of $2,001,552.00. Following the transaction, the executive vice president owned 56,162 shares in the company, valued at approximately $6,982,059.84. This trade represents a 22.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.29% of the company’s stock.

About State Street

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.