CIBC Private Wealth Group LLC Trims Stake in State Street Co. (NYSE:STT) (2024)

Posted by Defense World Staff on Jun 11th, 2024

CIBC Private Wealth Group LLC reduced its position in State Street Co. (NYSE:STT – Free Report) by 1.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,994 shares of the asset manager’s stock after selling 151 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in State Street were worth $697,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in STT. CVA Family Office LLC purchased a new stake in State Street in the 4th quarter worth about $27,000. Venturi Wealth Management LLC raised its position in State Street by 92.5% in the 4th quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock worth $30,000 after purchasing an additional 184 shares during the period. Turtle Creek Wealth Advisors LLC purchased a new stake in State Street in the 4th quarter worth about $35,000. Bruce G. Allen Investments LLC purchased a new stake in State Street in the 4th quarter worth about $51,000. Finally, GAMMA Investing LLC bought a new position in State Street in the 4th quarter worth about $75,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on STT shares. JPMorgan Chase & Co. upped their target price on shares of State Street from $79.50 to $80.50 in a research note on Friday, April 12th. Morgan Stanley upped their target price on shares of State Street from $89.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. Argus upped their target price on shares of State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. Evercore ISI upped their target price on shares of State Street from $85.00 to $88.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Finally, UBS Group upped their target price on shares of State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a research note on Friday, April 12th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $84.04.

View Our Latest Stock Report on State Street

State Street Price Performance

Shares of STT opened at $74.35 on Tuesday. The company has a market cap of $22.40 billion, a price-to-earnings ratio of 13.92, a price-to-earnings-growth ratio of 1.28 and a beta of 1.47. State Street Co. has a twelve month low of $62.78 and a twelve month high of $79.90. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 0.90. The company has a 50 day moving average of $75.08 and a two-hundred day moving average of $74.72.

State Street (NYSE:STT – Get Free Report) last announced its earnings results on Friday, April 12th. The asset manager reported $1.69 earnings per share for the quarter, beating the consensus estimate of $1.48 by $0.21. The company had revenue of $3.14 billion during the quarter, compared to the consensus estimate of $3.06 billion. State Street had a net margin of 9.62% and a return on equity of 12.03%. As a group, analysts predict that State Street Co. will post 7.95 earnings per share for the current fiscal year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Monday, July 1st will be paid a $0.69 dividend. The ex-dividend date of this dividend is Monday, July 1st. This represents a $2.76 annualized dividend and a yield of 3.71%. State Street’s dividend payout ratio (DPR) is 51.69%.

About State Street

(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; 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.