Campbell Newman Asset Management Inc. Invests $21.52 Million in State Street Corporation $STT

Key Points

• Campbell Newman Asset Management opened a new position of 166,768 shares in State Street valued at about $21.52 million, representing roughly 1.6% of its portfolio and about 0.06% of State Street (its 26th largest holding).
• State Street beat Q4 estimates with EPS of $2.97 vs. $2.82 and revenue of $3.67B vs. $3.57B (revenue +7.5% YoY), and recently paid a quarterly dividend of $0.84 ($3.36 annual, 2.4% yield).
• Institutional ownership is high (87.44%) with several large funds increasing stakes, and analysts give the stock a consensus "Moderate Buy" rating with an average target of $140.50.

Campbell Newman Asset Management Inc. acquired a new position in shares of State Street Corporation (NYSE:STT - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 166,768 shares of the asset manager's stock, valued at approximately $21,515,000. State Street comprises approximately 1.6% of Campbell Newman Asset Management Inc.'s portfolio, making the stock its 26th biggest holding. Campbell Newman Asset Management Inc. owned approximately 0.06% of State Street as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Franklin Resources Inc. raised its position in shares of State Street by 3.7% during the third quarter. Franklin Resources Inc. now owns 3,859,012 shares of the asset manager's stock worth $447,684,000 after acquiring an additional 137,049 shares during the last quarter. Nordea Investment Management AB raised its position in shares of State Street by 15.4% during the fourth quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager's stock worth $367,041,000 after acquiring an additional 377,568 shares during the last quarter. Regents of The University of California bought a new position in shares of State Street during the third quarter worth about $324,576,000. First Trust Advisors LP raised its position in shares of State Street by 36.8% during the third quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager's stock worth $318,754,000 after acquiring an additional 738,456 shares during the last quarter. Finally, Barclays PLC raised its position in shares of State Street by 27.7% during the third quarter. Barclays PLC now owns 1,576,332 shares of the asset manager's stock worth $182,870,000 after acquiring an additional 342,344 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

State Street Trading Down 0.6%

NYSE STT opened at $141.86 on Friday. The business has a 50 day simple moving average of $128.43 and a 200 day simple moving average of $124.71. State Street Corporation has a one year low of $75.50 and a one year high of $144.48. The stock has a market capitalization of $39.30 billion, a P/E ratio of 15.08, a P/E/G ratio of 0.92 and a beta of 1.37. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.61.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Friday, January 16th. The asset manager reported $2.97 EPS for the quarter, beating analysts' consensus estimates of $2.82 by $0.15. State Street had a return on equity of 13.46% and a net margin of 13.02%.The firm had revenue of $3.67 billion during the quarter, compared to analysts' expectations of $3.57 billion. During the same quarter last year, the firm posted $2.60 earnings per share. The company's revenue for the quarter was up 7.5% compared to the same quarter last year. Research analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st were paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Wednesday, April 1st. State Street's dividend payout ratio (DPR) is 35.71%.

Insider Buying and Selling

In other State Street news, EVP John Plansky sold 16,100 shares of the firm's stock in a transaction that occurred on Wednesday, March 11th. The stock was 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 owned 56,162 shares of the company's stock, valued at approximately $6,982,059.84. This trade represents a 22.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.29% of the company's stock.

Wall Street Analyst Weigh In

STT has been the subject of a number of analyst reports. The Goldman Sachs Group restated a "buy" rating on shares of State Street in a research report on Tuesday, January 6th. Keefe, Bruyette & Woods raised their target price on State Street from $147.00 to $157.00 and gave the stock an "outperform" rating in a research note on Thursday, April 9th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of State Street in a research note on Wednesday, January 21st. Citigroup started coverage on State Street in a research note on Monday, February 23rd. They set a "buy" rating and a $150.00 target price for the company. Finally, Truist Financial set a $136.00 target price on State Street in a research note on Tuesday, January 20th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $140.50.

State Street Profile

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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