67,540 Shares in State Street Corporation $STT Purchased by Eurizon Capital SGR S.p.A.

Key Points

• Eurizon Capital SGR S.p.A. opened a new position in State Street, buying 67,540 shares valued at about $8.72 million in the fourth quarter.
• State Street recently reported better-than-expected quarterly results, with EPS of $2.84 versus $2.64 expected and revenue of $3.80 billion, up 15.6% year over year.
• The company also announced a quarterly dividend of $0.84 per share, payable July 13, representing a 2.2% annualized yield; analysts currently rate the stock Moderate Buy with a consensus target of $158.57.

Eurizon Capital SGR S.p.A. bought a new position in shares of State Street Corporation (NYSE:STT - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 67,540 shares of the asset manager's stock, valued at approximately $8,720,000.

Several other hedge funds have also recently bought and sold shares of the company. Regents of The University of California acquired a new stake in State Street in the 3rd quarter valued at about $324,576,000. Jones Financial Companies Lllp raised its position in State Street by 11.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 208,600 shares of the asset manager's stock valued at $24,139,000 after purchasing an additional 21,810 shares in the last quarter. Machina Capital S.A.S. acquired a new stake in State Street in the 3rd quarter valued at about $2,622,000. Impax Asset Management Group plc raised its position in State Street by 49.2% in the 3rd quarter. Impax Asset Management Group plc now owns 127,984 shares of the asset manager's stock valued at $14,847,000 after purchasing an additional 42,198 shares in the last quarter. Finally, Nordea Investment Management AB raised its position in State Street by 15.4% in the 4th quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager's stock valued at $367,041,000 after purchasing an additional 377,568 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

Key Headlines Impacting 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

Insider Buying and Selling

In other State Street news, COO Mostapha Tahiri sold 9,611 shares of State Street stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total value of $1,469,810.23. Following the transaction, the chief operating officer directly owned 64,642 shares in the company, valued at approximately $9,885,701.06. This trade represents a 12.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Michael L. Richards sold 3,000 shares of State Street stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total value of $461,670.00. Following the completion of the transaction, the executive vice president owned 43,522 shares in the company, valued at $6,697,600.58. This trade represents a 6.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 52,476 shares of company stock worth $7,624,925. 0.27% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on STT shares. Bank of America raised State Street from an "underperform" rating to a "neutral" rating and set a $143.00 price target on the stock in a research report on Monday, April 6th. Seaport Research Partners reissued a "buy" rating and set a $170.00 target price on shares of State Street in a research report on Monday, April 20th. JPMorgan Chase & Co. raised their target price on State Street from $137.50 to $158.50 and gave the stock a "neutral" rating in a research report on Monday, May 11th. Weiss Ratings upgraded State Street from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday. Finally, Royal Bank Of Canada raised their price target on State Street from $135.00 to $155.00 and gave the stock a "sector perform" rating in a research note 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. According to MarketBeat.com, State Street presently has a consensus rating of "Moderate Buy" and a consensus price target of $158.57.

State Street Trading Down 0.0%

NYSE:STT opened at $155.63 on Monday. The stock's 50 day moving average price is $143.30 and its 200 day moving average price is $132.31. The company has a market capitalization of $43.07 billion, a PE ratio of 15.78, a P/E/G ratio of 0.85 and a beta of 1.43. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. State Street Corporation has a 52-week low of $94.72 and a 52-week high of $159.31.

State Street (NYSE:STT - Get Free Report) last announced its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The company had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same period last year, the business posted $2.04 EPS. The company's revenue was up 15.6% on a year-over-year basis. On average, research analysts anticipate that State Street Corporation will post 12.35 EPS for the current year.

State Street Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Wednesday, July 1st. State Street's dividend payout ratio (DPR) is 34.08%.

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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