Artemis Investment Management LLP Acquires New Position in State Street Corporation $STT

Key Points

• Artemis Investment Management initiated a new position in State Street, purchasing 56,119 shares valued at about $7.24 million during the fourth quarter.
• State Street beat expectations with quarterly EPS of $2.84 (vs. $2.64 est.) and revenue of $3.80 billion, up 15.6% year‑over‑year, indicating stronger-than-expected results.
• Analysts have raised targets recently—Goldman Sachs to $168, Morgan Stanley to $166, RBC to $155—and the stock has a consensus Moderate Buy rating with an average target of $154.

Artemis Investment Management LLP bought a new position in State Street Corporation (NYSE:STT - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 56,119 shares of the asset manager's stock, valued at approximately $7,240,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Chicago Partners Investment Group LLC lifted its holdings in shares of State Street by 1.6% in the 4th quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager's stock worth $675,000 after purchasing an additional 83 shares during the last quarter. Wedmont Private Capital grew its stake in State Street by 1.3% during the 4th quarter. Wedmont Private Capital now owns 6,498 shares of the asset manager's stock worth $861,000 after buying an additional 85 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC increased 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 buying an additional 94 shares during the period. LVW Advisors LLC increased its position in State Street by 1.7% in the fourth quarter. LVW Advisors LLC now owns 5,605 shares of the asset manager's stock worth $723,000 after buying an additional 96 shares during the period. Finally, Global Retirement Partners LLC lifted its stake in State Street by 7.7% in the third quarter. Global Retirement Partners LLC now owns 1,470 shares of the asset manager's stock valued at $171,000 after buying an additional 105 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on STT shares. The Goldman Sachs Group boosted their price target on shares of State Street from $152.00 to $168.00 and gave the company a "buy" rating in a report on Monday, April 20th. Wall Street Zen upgraded shares of State Street from a "sell" rating to a "hold" rating in a research report on Saturday, January 17th. Royal Bank Of Canada boosted their target price on shares of State Street from $135.00 to $155.00 and gave the company a "sector perform" rating in a research note on Monday, April 20th. Morgan Stanley upped their target price 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. Finally, TD Cowen restated a "buy" rating on shares of State Street in a research note on Wednesday, January 7th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $154.00.

Insider Activity

In other State Street news, EVP John Plansky sold 16,100 shares of the company's stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total value of $2,001,552.00. Following the completion of the sale, the executive vice president directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael L. Richards sold 3,000 shares of the firm's stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total transaction of $461,670.00. Following the transaction, the executive vice president owned 43,522 shares of the company's stock, valued at approximately $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 a total of 28,711 shares of company stock worth $3,933,032 over the last 90 days. 0.27% of the stock is currently owned by company insiders.

State Street Trading Down 0.5%

Shares of NYSE:STT opened at $152.12 on Friday. The company has a 50 day moving average of $132.73 and a 200-day moving average of $127.27. The company has a current ratio of 0.57, a quick ratio of 0.61 and a debt-to-equity ratio of 1.04. The firm has a market cap of $42.10 billion, a P/E ratio of 15.43, a P/E/G ratio of 0.83 and a beta of 1.45. State Street Corporation has a twelve month low of $89.19 and a twelve month high of $156.18.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, beating analysts' consensus estimates of $2.64 by $0.20. The business had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. The business's revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter last year, the business earned $2.04 earnings per share. As a group, analysts anticipate that State Street Corporation will post 12.31 earnings per share for the current fiscal year.

State Street Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st were paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Wednesday, April 1st. State Street's payout ratio is currently 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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