Forsta AP Fonden decreased its stake in State Street Corporation (NYSE:STT – Free Report) by 4.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 65,900 shares of the asset manager’s stock after selling 3,300 shares during the period. Forsta AP Fonden’s holdings in State Street were worth $8,502,000 as of its most recent filing with the SEC.
Other hedge funds have also added to or reduced their stakes in the company. JPL Wealth Management LLC bought a new stake in State Street in the third quarter worth about $29,000. Measured Wealth Private Client Group LLC bought a new stake in State Street in the third quarter worth about $35,000. Ameriflex Group Inc. raised its position in State Street by 102.5% in the third quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager’s stock worth $37,000 after acquiring an additional 161 shares during the period. Annis Gardner Whiting Capital Advisors LLC raised its position in State Street by 38.2% in the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager’s stock worth $39,000 after acquiring an additional 94 shares during the period. Finally, Board of the Pension Protection Fund bought a new stake in State Street in the fourth quarter worth about $39,000. Institutional investors own 87.44% of the company’s stock.
Trending Headlines about State Street
Here are the key news stories impacting State Street this week:
- Positive Sentiment: State Street was highlighted as one of the better-positioned names in the regional banks/financials group, with analysts citing favorable industry trends such as restructuring, acquisitions, digitization, loan demand, and lower rates as potential tailwinds for growth. Article Title
- Positive Sentiment: State Street Investment Management announced it will close and liquidate the EMTL ETF, which can be read as disciplined product management and a focus on pruning weaker offerings to improve capital efficiency. Article Title
- Neutral Sentiment: State Street announced that CFO John Woods will present at the Morgan Stanley U.S. Financials Conference on June 10. The event may provide updates on strategy and outlook, but it is not a direct business catalyst by itself. Article Title
- Neutral Sentiment: State Street’s entities ceased to be substantial holders in several Australian companies, reflecting portfolio ownership changes that do not appear material to State Street’s own earnings power. Article Title
- Negative Sentiment: CEO Ronald P. Hanley and EVP W. Bradford Hu both sold shares under pre-arranged 10b5-1 plans. While routine, insider selling can still pressure sentiment when the stock is trading close to recent highs. Article Title
State Street Stock Performance
State Street (NYSE:STT – Get Free Report) last posted its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The company had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the previous year, the firm posted $2.04 earnings per share. The company’s quarterly revenue was up 15.6% compared to the same quarter last year. Sell-side analysts predict that State Street Corporation will post 12.35 earnings per share for the current year.
State Street Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be given a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $3.36 annualized dividend and a dividend yield of 2.2%. State Street’s payout ratio is 34.08%.
Wall Street Analysts Forecast Growth
STT has been the topic of several research reports. Keefe, Bruyette & Woods lifted their price objective on shares of State Street from $157.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, April 20th. Argus lifted their price objective on shares of State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a research report on Tuesday, April 21st. The Goldman Sachs Group lifted their price objective on shares of State Street from $152.00 to $168.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Barclays set a $165.00 price objective on shares of State Street in a research report on Monday, April 20th. Finally, Morgan Stanley lifted their price objective on shares of State Street from $155.00 to $166.00 and gave the stock an “overweight” rating in a research report on Monday, April 20th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, State Street presently has a consensus rating of “Moderate Buy” and an average target price of $158.57.
Read Our Latest Research Report on STT
Insider Buying and Selling at State Street
In related news, EVP John Plansky sold 16,100 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the sale, the executive vice president owned 56,162 shares of the company’s stock, valued at approximately $6,982,059.84. This represents a 22.28% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Mostapha Tahiri sold 9,611 shares of the company’s stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the sale, the chief operating officer directly owned 64,642 shares in the company, valued at $9,885,701.06. This trade represents a 12.94% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 52,476 shares of company stock worth $7,624,925 in the last ninety days. Insiders own 0.27% 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.
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