Arrowstreet Capital Limited Partnership Has $183.88 Million Holdings in State Street Corporation $STT

Key Points

• Arrowstreet Capital cut its State Street stake by 17.3% in the fourth quarter, but still held 1.43 million shares worth about $183.9 million as of its latest filing.
• State Street insiders sold shares recently, including COO Mostapha Tahiri and CEO Ronald P. O. Hanley, with total insider sales over the past three months reaching $5.87 million.
• The company beat quarterly expectations with EPS of $2.84 and revenue of $3.80 billion, while also announcing a $0.84 quarterly dividend and receiving mostly bullish analyst coverage.

Arrowstreet Capital Limited Partnership lessened its stake in State Street Corporation (NYSE:STT - Free Report) by 17.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,425,285 shares of the asset manager's stock after selling 298,227 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.51% of State Street worth $183,876,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in STT. Brighton Jones LLC acquired a new stake in State Street in the 4th quarter valued at about $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of State Street by 2.9% during the 1st 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 grew its position in shares of State Street by 105.2% during the 1st 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 grew its position in shares of State Street by 220.1% during the 1st 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 grew its position in shares of State Street by 38.4% during the 1st 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 and hedge funds own 87.44% of the company's stock.

Insider Activity at State Street

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 shares were sold at an average price of $152.93, for a total value of $1,469,810.23. Following the transaction, the chief operating officer owned 64,642 shares of the company's stock, valued at approximately $9,885,701.06. The trade was a 12.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $2,260,808.55. Following the transaction, the chief executive officer owned 255,512 shares of the company's stock, valued at approximately $39,693,789.20. This trade represents a 5.39% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 37,876 shares of company stock worth $5,866,583. Corporate insiders own 0.27% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. JPMorgan Chase & Co. lifted their price target on shares of State Street from $137.50 to $158.50 and gave the stock a "neutral" rating in a research report on Monday, May 11th. Royal Bank Of Canada lifted their price target on shares of State Street from $135.00 to $155.00 and gave the stock a "sector perform" rating in a research report on Monday, April 20th. Keefe, Bruyette & Woods lifted their price target 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. Zacks Research upgraded shares of State Street from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 21st. Finally, Seaport Research Partners reiterated a "buy" rating and set a $170.00 price target on shares of State Street in a research report on Monday, April 20th. Three research 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, the stock presently has an average rating of "Moderate Buy" and an average target price of $158.57.

State Street Stock Down 0.2%

State Street stock opened at $167.27 on Monday. The company's 50 day simple moving average is $150.84 and its 200 day simple moving average is $135.57. State Street Corporation has a fifty-two week low of $95.67 and a fifty-two week high of $168.29. The firm has a market capitalization of $46.30 billion, a price-to-earnings ratio of 16.96, a PEG ratio of 0.92 and a beta of 1.43. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, topping 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 business had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same quarter last year, the firm earned $2.04 EPS. State Street's quarterly revenue was up 15.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that State Street Corporation will post 12.35 EPS for the current year.

State Street Dividend Announcement

The business also recently declared 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. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.0%. State Street's payout ratio is presently 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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