CCM Investment Advisers LLC Boosts Holdings in State Street Corporation $STT

Key Points

• CCM Investment Advisers increased its State Street stake by 8.8% in the first quarter, bringing its holdings to 83,669 shares valued at approximately $10.6 million. Institutional investors collectively own 87.44% of STT.
• Analyst sentiment is broadly positive, with State Street receiving a “Moderate Buy” consensus rating and an average price target of $184.72. Keefe, Bruyette & Woods and Wells Fargo both raised their targets to $215.
• State Street exceeded quarterly earnings expectations, reporting $3.65 in EPS and $4.05 billion in revenue, while revenue rose 23.3% year over year. The company also increased its quarterly dividend to $0.92 per share, equivalent to a 2.0% annual yield.

CCM Investment Advisers LLC lifted its position in shares of State Street Corporation (NYSE:STT - Free Report) by 8.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 83,669 shares of the asset manager's stock after purchasing an additional 6,790 shares during the period. CCM Investment Advisers LLC's holdings in State Street were worth $10,589,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Brighton Jones LLC purchased a new stake in State Street during the 4th quarter worth $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in State Street by 2.9% in 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 in the last quarter. NewEdge Advisors LLC boosted its position in State Street by 105.2% in the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager's stock valued at $913,000 after buying an additional 5,226 shares during the last quarter. Empowered Funds LLC grew its stake in shares of State Street by 220.1% during the first quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager's stock valued at $2,065,000 after acquiring an additional 15,996 shares in the last quarter. Finally, Woodline Partners LP grew its stake in shares of State Street by 38.4% during the first quarter. Woodline Partners LP now owns 24,372 shares of the asset manager's stock valued at $2,182,000 after acquiring an additional 6,767 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on STT. Keefe, Bruyette & Woods boosted their price target on State Street from $195.00 to $215.00 and gave the stock an "outperform" rating in a research note on Friday, July 17th. Wells Fargo & Company raised their price objective on State Street from $196.00 to $215.00 and gave the company an "overweight" rating in a research note on Friday, July 17th. JPMorgan Chase & Co. lifted their price objective on State Street from $158.50 to $176.50 and gave the stock a "neutral" rating in a report on Monday, July 6th. Evercore set a $200.00 target price on State Street in a research report on Monday, July 20th. Finally, Zacks Research upgraded State Street from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 21st. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, State Street has a consensus rating of "Moderate Buy" and an average target price of $184.72.

Insider Transactions at State Street

In other news, EVP Michael L. Richards sold 1,500 shares of the business's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $162.14, for a total value of $243,210.00. Following the completion of the sale, the executive vice president directly owned 41,827 shares in the company, valued at approximately $6,781,829.78. The trade was a 3.46% 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 W. Bradford Hu sold 9,758 shares of the company's stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the sale, the executive vice president directly owned 49,794 shares in the company, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their ownership of the stock. 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 quarter, insiders sold 49,576 shares of company stock worth $8,415,875. 0.27% of the stock is currently owned by corporate insiders.

State Street Stock Performance

Shares of State Street stock opened at $182.93 on Friday. The firm has a market cap of $50.63 billion, a PE ratio of 16.13, a price-to-earnings-growth ratio of 0.73 and a beta of 1.42. The firm's 50-day simple moving average is $171.34 and its 200-day simple moving average is $147.45. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.59. State Street Corporation has a 1 year low of $104.64 and a 1 year high of $192.51.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, topping analysts' consensus estimates of $3.34 by $0.31. The business had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The company's revenue for the quarter was up 23.3% compared to the same quarter last year. During the same period last year, the firm earned $2.04 earnings per share. Equities analysts forecast that State Street Corporation will post 13.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be issued a dividend of $0.92 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. This is a boost from State Street's previous quarterly dividend of $0.84. State Street's dividend payout ratio (DPR) is 32.45%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.