CCM Investment Advisers LLC Purchases New Shares in State Street Corporation $STT

Key Points

• CCM Investment Advisers acquired a new stake of 76,879 shares in State Street during Q4, valued at about $9.92 million.
• State Street beat quarterly expectations with $2.97 EPS (vs. $2.82 expected) and reported $3.67 billion in revenue, up 7.5% year-over-year.
• The firm declared a quarterly dividend of $0.84 (annualized $3.36, ~2.6% yield), and analysts hold a consensus "Moderate Buy" rating with an average target of $135.83.

CCM Investment Advisers LLC acquired a new stake in shares of State Street Corporation (NYSE:STT - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 76,879 shares of the asset manager's stock, valued at approximately $9,918,000.

Other institutional investors have also added to or reduced their stakes in the company. Regents of The University of California purchased a new stake in shares of State Street in the 3rd quarter worth about $324,576,000. Norges Bank purchased a new position in shares of State Street during the second quarter valued at about $256,367,000. Two Sigma Investments LP increased its position in shares of State Street by 261.0% during the third quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager's stock valued at $141,277,000 after buying an additional 880,507 shares during the period. First Trust Advisors LP raised its stake in State Street by 36.8% in the third quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager's stock worth $318,754,000 after buying an additional 738,456 shares in the last quarter. Finally, Jupiter Asset Management Ltd. bought a new position in State Street in the third quarter worth about $62,092,000. 87.44% of the stock is currently owned by institutional investors.

State Street Price Performance

STT opened at $126.91 on Thursday. The firm has a market cap of $35.37 billion, a PE ratio of 13.49, a P/E/G ratio of 1.11 and a beta of 1.43. The stock has a 50-day moving average price of $127.24 and a 200-day moving average price of $122.52. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $137.05. 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 the consensus estimate of $2.82 by $0.15. The company had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.57 billion. State Street had a net margin of 13.02% and a return on equity of 13.46%. State Street's revenue for the quarter was up 7.5% on a year-over-year basis. During the same period in the prior year, the firm posted $2.60 EPS. Sell-side analysts predict that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 13th. Investors of record on Wednesday, April 1st will be given a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $3.36 annualized dividend and a yield of 2.6%. State Street's dividend payout ratio is 35.71%.

Insider Transactions at State Street

In other State Street news, EVP John Plansky sold 16,100 shares of the stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the sale, the executive vice president directly owned 56,162 shares in the company, valued at approximately $6,982,059.84. This trade represents a 22.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.29% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on STT shares. Citigroup started coverage on State Street in a research report on Monday, February 23rd. They set a "buy" rating and a $150.00 price objective on the stock. Weiss Ratings reissued a "buy (b)" rating on shares of State Street in a research report on Wednesday, January 21st. Zacks Research cut State Street from a "strong-buy" rating to a "hold" rating in a research note on Monday, December 1st. The Goldman Sachs Group restated a "buy" rating on shares of State Street in a research report on Tuesday, January 6th. Finally, Truist Financial set a $136.00 price target 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, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $135.83.

State Street Company 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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