Chase Investment Counsel Corp Takes Position in State Street Corporation $STT

Key Points

• Chase Investment Counsel Corp opened a new position in State Street during the fourth quarter, buying 41,093 shares worth about $5.3 million. The stake now makes up 1.5% of its portfolio and ranks as its 23rd-largest holding.
• State Street reported strong quarterly results, with EPS of $2.84 beating estimates by $0.20 and revenue of $3.80 billion topping expectations. Revenue rose 15.6% year over year, and analysts now forecast 12.35 EPS for the current fiscal year.
• The company also paid a quarterly dividend of $0.84 per share, equal to an annualized yield of 2.2%. Meanwhile, several analysts raised price targets, and the stock currently has a consensus rating of Moderate Buy.

Chase Investment Counsel Corp acquired a new stake in State Street Corporation (NYSE:STT - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 41,093 shares of the asset manager's stock, valued at approximately $5,301,000. State Street accounts for 1.5% of Chase Investment Counsel Corp's portfolio, making the stock its 23rd biggest holding.

A number of other large investors also recently modified their holdings of the company. North Dakota State Investment Board bought a new position in shares of State Street in the fourth quarter valued at approximately $1,252,000. Elyxium Wealth LLC bought a new stake in State Street during the fourth quarter valued at approximately $55,000. Rossmore Private Capital lifted its position in State Street by 66.7% during the fourth quarter. Rossmore Private Capital now owns 7,935 shares of the asset manager's stock valued at $1,024,000 after purchasing an additional 3,175 shares during the last quarter. Abacus Wealth Partners LLC bought a new stake in State Street during the fourth quarter valued at approximately $1,358,000. Finally, L & S Advisors Inc lifted its position in State Street by 18.1% during the fourth quarter. L & S Advisors Inc now owns 119,699 shares of the asset manager's stock valued at $15,442,000 after purchasing an additional 18,321 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

State Street Trading Up 0.0%

STT stock opened at $152.89 on Monday. The company has a market capitalization of $42.32 billion, a PE ratio of 15.51, a price-to-earnings-growth ratio of 0.84 and a beta of 1.45. State Street Corporation has a one year low of $94.19 and a one year high of $156.18. The company's 50 day moving average price is $136.77 and its two-hundred day moving average price is $129.65. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.57.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, topping the consensus estimate of $2.64 by $0.20. The firm had revenue of $3.80 billion for the quarter, compared to the consensus estimate 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 was up 15.6% compared to the same quarter last year. During the same period last year, the firm posted $2.04 earnings per share. As a group, analysts predict that State Street Corporation will post 12.35 earnings per share for the current fiscal year.

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st were paid a dividend of $0.84 per share. The ex-dividend date of this dividend was Wednesday, April 1st. This represents a $3.36 annualized dividend and a dividend yield of 2.2%. State Street's dividend payout ratio (DPR) is 34.08%.

Insiders Place Their Bets

In other State Street news, EVP John Plansky sold 16,100 shares of State Street stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the transaction, the executive vice president directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Michael L. Richards sold 3,000 shares of State Street stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total transaction of $461,670.00. Following the transaction, the executive vice president directly owned 43,522 shares in the company, valued at $6,697,600.58. This trade represents a 6.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 28,711 shares of company stock valued at $3,933,032. 0.27% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

STT has been the subject of several research analyst reports. Truist Financial lifted their target price on shares of State Street from $136.00 to $150.00 and gave the company a "hold" rating in a research report on Monday, April 20th. JPMorgan Chase & Co. lifted their target price on shares of State Street from $137.50 to $158.50 and gave the company a "neutral" rating in a research report on Monday, May 11th. Keefe, Bruyette & Woods lifted their target price on shares of State Street from $157.00 to $175.00 and gave the company an "outperform" rating in a research report on Monday, April 20th. Argus lifted their target price on shares of State Street from $140.00 to $168.00 and gave the company a "buy" rating in a research report on Tuesday, April 21st. Finally, Morgan Stanley lifted their target price on shares of State Street from $155.00 to $166.00 and gave the company an "overweight" rating in a research report on Monday, April 20th. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $155.77.

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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