AlphaQuest LLC Acquires 14,497 Shares of State Street Corporation $STT

Key Points

• AlphaQuest LLC increased its State Street stake by 293.2% in the fourth quarter, buying 14,497 additional shares and bringing its total holdings to 19,441 shares worth about $2.51 million.
• Analysts remain broadly positive on State Street, with a consensus rating of “Moderate Buy” and an average price target of $158.57. Several firms recently raised targets, including Wells Fargo to $171 and Seaport Research Partners to $170.
• State Street posted strong quarterly results, beating EPS and revenue estimates with $2.84 EPS and $3.80 billion in revenue, while also announcing a $0.84 quarterly dividend payable July 13.

AlphaQuest LLC lifted its holdings in State Street Corporation (NYSE:STT - Free Report) by 293.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 19,441 shares of the asset manager's stock after buying an additional 14,497 shares during the period. AlphaQuest LLC's holdings in State Street were worth $2,508,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC bought a new stake in State Street during the fourth quarter worth approximately $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of State Street by 2.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager's stock worth $2,885,000 after buying an additional 918 shares during the period. NewEdge Advisors LLC raised its holdings in shares of State Street by 105.2% in the first quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager's stock worth $913,000 after buying an additional 5,226 shares during the period. Empowered Funds LLC raised its holdings in shares of State Street by 220.1% in the first quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager's stock worth $2,065,000 after buying an additional 15,996 shares during the period. Finally, Woodline Partners LP raised its holdings in shares of State Street by 38.4% in the first quarter. Woodline Partners LP now owns 24,372 shares of the asset manager's stock worth $2,182,000 after buying an additional 6,767 shares during the period. Institutional investors own 87.44% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Seaport Research Partners reiterated a "buy" rating and issued a $170.00 price target on shares of State Street in a report on Monday, April 20th. Wells Fargo & Company increased their price target on State Street from $162.00 to $171.00 and gave the stock an "overweight" rating in a report on Tuesday. JPMorgan Chase & Co. raised their price objective on State Street from $137.50 to $158.50 and gave the stock a "neutral" rating in a report on Monday, May 11th. Zacks Research upgraded State Street from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 21st. Finally, Barclays set a $165.00 price objective on State Street in a report on Monday, April 20th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $158.57.

State Street Stock Up 2.9%

Shares of NYSE STT opened at $158.49 on Wednesday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $43.87 billion, a PE ratio of 16.07, a price-to-earnings-growth ratio of 0.84 and a beta of 1.45. The stock's fifty day simple moving average is $141.12 and its two-hundred day simple moving average is $131.49. State Street Corporation has a 12-month low of $94.72 and a 12-month high of $158.86.

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 (EPS) for the quarter, beating the consensus estimate of $2.64 by $0.20. The business had revenue of $3.80 billion for the quarter, compared to analysts' expectations of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The business's revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter last year, the firm earned $2.04 EPS. As a group, analysts expect that State Street Corporation will post 12.35 EPS for the current fiscal year.

State Street Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.1%. State Street's dividend payout ratio (DPR) is presently 34.08%.

Insider Transactions at State Street

In related news, COO Mostapha Tahiri sold 9,611 shares of the firm's stock in a transaction 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 completion of the transaction, the chief operating officer owned 64,642 shares in the company, valued at $9,885,701.06. This trade represents a 12.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Michael L. Richards sold 3,000 shares of the firm's stock in a transaction on Wednesday, April 22nd. The stock was 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 of the company's stock, valued at $6,697,600.58. This trade represents a 6.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 28,711 shares of company stock valued at $3,933,032 in the last quarter. 0.27% of the stock is currently owned by corporate insiders.

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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