B. Riley Wealth Advisors Inc. Makes New Investment in State Street Co. (NYSE:STT)

B. Riley Wealth Advisors Inc. acquired a new stake in State Street Co. (NYSE:STT) during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 2,376 shares of the asset manager’s stock, valued at approximately $209,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of STT. Ashton Thomas Private Wealth LLC bought a new position in State Street during the 2nd quarter valued at about $27,000. Coastline Trust Co purchased a new position in shares of State Street during the third quarter valued at approximately $44,000. Capital Performance Advisors LLP purchased a new stake in State Street in the third quarter worth approximately $54,000. LRI Investments LLC grew its position in State Street by 202.7% in the 2nd quarter. LRI Investments LLC now owns 993 shares of the asset manager’s stock worth $73,000 after purchasing an additional 665 shares during the period. Finally, Tobam purchased a new stake in State Street during the 3rd quarter valued at $77,000. 87.44% of the stock is owned by institutional investors.

State Street Stock Performance

NYSE STT opened at $98.20 on Friday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.91. State Street Co. has a twelve month low of $70.20 and a twelve month high of $101.91. The business has a 50-day moving average price of $95.56 and a 200-day moving average price of $86.13. The firm has a market cap of $28.79 billion, a price-to-earnings ratio of 15.51, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44.

State Street (NYSE:STT) last posted its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.14. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.19 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. The firm’s revenue for the quarter was up 21.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.93 EPS. As a group, equities research analysts predict that State Street Co. will post 8.42 EPS for the current fiscal year.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd will be paid a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend is Thursday, January 2nd. State Street’s payout ratio is currently 48.03%.

Insiders Place Their Bets

In other State Street news, EVP Kathryn M. Horgan sold 12,500 shares of State Street stock in a transaction on Monday, November 25th. The shares were sold at an average price of $97.97, for a total value of $1,224,625.00. Following the completion of the transaction, the executive vice president now directly owns 111,042 shares of the company’s stock, valued at $10,878,784.74. This trade represents a 10.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP John Plansky sold 13,859 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the sale, the executive vice president now owns 55,108 shares in the company, valued at $5,032,462.56. This represents a 20.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,460 shares of company stock worth $2,499,860 in the last 90 days. 0.31% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on STT. Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $105.00 to $120.00 in a research note on Tuesday, December 3rd. Barclays boosted their price target on State Street from $103.00 to $108.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. StockNews.com upgraded shares of State Street from a “hold” rating to a “buy” rating in a research note on Thursday. The Goldman Sachs Group upped their target price on shares of State Street from $98.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Finally, Wells Fargo & Company lifted their price target on shares of State Street from $106.00 to $108.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, State Street currently has a consensus rating of “Hold” and an average price target of $98.36.

About State Street

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.