Avantax Advisory Services Inc. Acquires 5,897 Shares of State Street Co. (NYSE:STT)

Avantax Advisory Services Inc. grew its holdings in shares of State Street Co. (NYSE:STT - Free Report) by 109.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,308 shares of the asset manager's stock after purchasing an additional 5,897 shares during the period. Avantax Advisory Services Inc.'s holdings in State Street were worth $1,110,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Albion Financial Group UT acquired a new stake in shares of State Street during the 4th quarter worth approximately $25,000. Y.D. More Investments Ltd boosted its position in shares of State Street by 116.6% during the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager's stock worth $36,000 after acquiring an additional 197 shares in the last quarter. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of State Street during the 4th quarter worth approximately $42,000. Friedenthal Financial acquired a new stake in shares of State Street during the 4th quarter worth approximately $49,000. Finally, Hager Investment Management Services LLC acquired a new stake in shares of State Street during the 4th quarter worth approximately $56,000. Institutional investors and hedge funds own 87.44% of the company's stock.

State Street Trading Up 0.1 %

Shares of STT traded up $0.11 during trading hours on Friday, hitting $90.63. 4,709,592 shares of the stock were exchanged, compared to its average volume of 2,062,008. State Street Co. has a fifty-two week low of $70.20 and a fifty-two week high of $103.00. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. The business has a 50-day moving average of $95.93 and a 200-day moving average of $94.22. The firm has a market capitalization of $26.14 billion, a P/E ratio of 11.00, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44.

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

State Street Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be issued a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date is Tuesday, April 1st. State Street's payout ratio is 36.89%.

Wall Street Analyst Weigh In

Several brokerages recently commented on STT. Morgan Stanley dropped their price objective on shares of State Street from $142.00 to $139.00 and set an "overweight" rating for the company in a research note on Thursday, March 6th. JPMorgan Chase & Co. raised shares of State Street from an "underweight" rating to a "neutral" rating and set a $95.00 price objective for the company in a research note on Friday, December 20th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $103.00 price objective (down previously from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Barclays increased their price objective on shares of State Street from $108.00 to $127.00 and gave the company an "overweight" rating in a research note on Monday, January 6th. Finally, Truist Financial dropped their price objective 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 equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $101.20.

Insiders Place Their Bets

In other State Street news, Director Gregory L. Summe sold 10,815 shares of the firm's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total value of $1,081,500.00. Following the completion of the sale, the director now directly owns 100,023 shares in the company, valued at approximately $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction dated 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 owns 50,816 shares of the company's stock, valued at $5,054,667.52. This represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate 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.