Corient Private Wealth LLC Buys 9,517 Shares of State Street Corporation $STT

Key Points

• Corient Private Wealth LLC increased its State Street stake by 5.2% in the fourth quarter, buying 9,517 additional shares and bringing its total to 191,623 shares worth about $24.7 million.
• State Street reported stronger-than-expected quarterly results, with EPS of $2.84 versus $2.64 expected and revenue of $3.80 billion, up 15.6% from a year earlier.
• The company remains supported by income-focused investors and analysts: it announced a quarterly dividend of $0.84 per share and holds a consensus “Moderate Buy” rating with an average price target of $158.57.

Corient Private Wealth LLC lifted its position in State Street Corporation (NYSE:STT - Free Report) by 5.2% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 191,623 shares of the asset manager's stock after purchasing an additional 9,517 shares during the period. Corient Private Wealth LLC owned about 0.07% of State Street worth $24,734,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Brighton Jones LLC purchased a new position in shares of State Street in the fourth quarter valued at about $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of State Street by 2.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager's stock worth $2,885,000 after purchasing an additional 918 shares during the last quarter. NewEdge Advisors LLC increased its holdings in State Street by 105.2% during the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager's stock valued at $913,000 after purchasing an additional 5,226 shares during the period. Empowered Funds LLC increased its holdings in State Street by 220.1% during the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager's stock valued at $2,065,000 after purchasing an additional 15,996 shares during the period. Finally, Woodline Partners LP raised its position in State Street by 38.4% during the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager's stock valued at $2,182,000 after purchasing an additional 6,767 shares during the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street News Summary

Here are the key news stories impacting State Street this week:

• Positive Sentiment: State Street’s SPDR Straits Times Index ETF issued an updated prospectus, signaling ongoing product maintenance and activity in its ETF franchise. State Street SPDR STI ETF issues updated prospectus for Singapore benchmark fund
• Neutral Sentiment: State Street was reported to have exited or ceased substantial holdings in several Australian names, including Smartgroup, Aussie Broadband, Deterra Royalties, Electro Optic Systems, Super Retail Group, Austal, Bapcor, Bega Cheese, and Clarity Pharmaceuticals. These are portfolio-position changes rather than direct fundamentals for STT, so the impact on the stock is likely limited unless they indicate a broader shift in AUM strategy. State Street exits substantial holding in Smartgroup
• Neutral Sentiment: Investor attention may also be supported by the recent comparison article on State Street’s SPDR ETF lineup versus iShares, which underscores ongoing competition in the ETF market. State Street SPDR vs. iShares: Which Bank ETF Wins This Showdown?

State Street Stock Up 3.1%

STT stock opened at $173.60 on Tuesday. State Street Corporation has a fifty-two week low of $99.00 and a fifty-two week high of $174.66. The company has a market capitalization of $48.05 billion, a price-to-earnings ratio of 17.61, a price-to-earnings-growth ratio of 0.92 and a beta of 1.43. The business's 50 day moving average price is $155.38 and its two-hundred day moving average price is $137.77. 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 released its earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, beating analysts' consensus estimates of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The company had revenue of $3.80 billion during the quarter, compared to analysts' expectations of $3.59 billion. During the same quarter last year, the business posted $2.04 EPS. The firm's revenue for the quarter was up 15.6% compared to the same quarter last year. As a group, analysts forecast that State Street Corporation will post 12.35 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be given a dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $3.36 annualized dividend and a yield of 1.9%. State Street's dividend payout ratio (DPR) is currently 34.08%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Argus increased their price objective on State Street from $140.00 to $168.00 and gave the stock a "buy" rating in a report on Tuesday, April 21st. Wells Fargo & Company upped their target price on State Street from $162.00 to $171.00 and gave the company an "overweight" rating in a report on Tuesday, May 26th. Seaport Research Partners reaffirmed a "buy" rating and issued a $170.00 price target on shares of State Street in a research note on Monday, April 20th. Truist Financial lifted their price target on shares of State Street from $136.00 to $150.00 and gave the company a "hold" rating in a report on Monday, April 20th. Finally, Bank of America raised shares of State Street from an "underperform" rating to a "neutral" rating and set a $143.00 price objective on the stock in a research report on Monday, April 6th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, State Street currently has a consensus rating of "Moderate Buy" and an average target price of $158.57.

Insider Transactions at State Street

In other news, EVP W. Bradford Hu sold 9,212 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $1,431,084.20. Following the sale, the executive vice president directly owned 59,552 shares of the company's stock, valued at $9,251,403.20. The trade was a 13.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Mostapha Tahiri sold 9,611 shares of State Street stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total value of $1,469,810.23. Following the transaction, the chief operating officer owned 64,642 shares of the company's stock, valued at $9,885,701.06. The trade was a 12.94% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 37,876 shares of company stock worth $5,866,583. Corporate insiders own 0.27% of the company's stock.

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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