Corient Private Wealth LP Cuts Position in State Street Corporation $STT

Key Points

• Corient Private Wealth reduced its State Street position by 3.3% in the second quarter, selling 8,350 shares and retaining 241,593 shares valued at approximately $41.0 million. Institutional investors collectively own 87.44% of STT.
• Analysts remain broadly positive, with State Street receiving a consensus “Moderate Buy” rating and an average price target of $185.38; several firms recently raised their targets to between $190 and $210.
• State Street reported quarterly EPS of $3.65, exceeding estimates, while revenue rose 23.3% year over year to $4.05 billion. The company also raised its quarterly dividend from $0.84 to $0.92 per share, implying a 1.9% annualized yield.

Corient Private Wealth LP cut its holdings in State Street Corporation (NYSE:STT - Free Report) by 3.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 241,593 shares of the asset manager's stock after selling 8,350 shares during the period. Corient Private Wealth LP owned about 0.09% of State Street worth $40,974,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Brighton Jones LLC purchased a new stake in shares of State Street during the 4th quarter valued at $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in State Street by 2.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager's stock valued at $2,885,000 after buying an additional 918 shares during the period. NewEdge Advisors LLC increased its holdings in State Street by 105.2% during the first quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager's stock worth $913,000 after buying an additional 5,226 shares during the last quarter. Empowered Funds LLC raised its position in State Street by 220.1% in the first quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager's stock worth $2,065,000 after acquiring an additional 15,996 shares during the period. Finally, Woodline Partners LP raised its position in State Street by 38.4% in the first quarter. Woodline Partners LP now owns 24,372 shares of the asset manager's stock worth $2,182,000 after acquiring an additional 6,767 shares during the period. 87.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on STT. Zacks Research upgraded shares of State Street from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 21st. Bank of America increased their price objective on State Street from $160.00 to $190.00 and gave the company a "neutral" rating in a report on Tuesday, July 7th. Morgan Stanley raised their target price on State Street from $183.00 to $195.00 and gave the stock an "overweight" rating in a research report on Friday, July 17th. Citigroup boosted their target price on State Street from $193.00 to $210.00 and gave the company a "buy" rating in a research note on Friday, July 17th. Finally, Barclays upped their price target on State Street from $165.00 to $200.00 and gave the company an "equal weight" rating in a research report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $185.38.

Insider Buying and Selling at State Street

In other State Street news, CEO Ronald O’Hanley sold 14,553 shares of the firm's stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the sale, the chief executive officer owned 240,959 shares in the company, valued at $44,377,419.03. This trade represents a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 9,758 shares of State Street stock in a transaction dated Friday, July 24th. The stock was 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 of the company's stock, valued at approximately $9,187,988.88. This trade represents a 16.39% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is currently owned by insiders.

State Street News Roundup

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

• Positive Sentiment: An analysis argues that State Street’s preferred shares offer an approximately 6.8% dividend yield, which could appeal to income-focused investors and highlight the company’s ability to support attractive capital returns. The article primarily concerns preferred securities, so the direct effect on STT common shares may be limited. State Street: 6.8% Preferred Dividend Yield Is Too Good To Ignore
• Positive Sentiment: State Street appointed Tim Helyar to lead its Asia-Pacific business effective September 10. The leadership change may support the company’s regional growth strategy in asset servicing and investment management, though no immediate financial impact was disclosed. State Street Corporation Announces Appointment of Tim Helyar to Head of Asia Pacific
• Neutral Sentiment: State Street and affiliated asset-management entities reported that their holdings fell below substantial-holder thresholds in IDP Education, Inghams Group, Sims, Breville Group, Greatland Resources, Amotiv, Austal, Elsight, Service Stream, and Smartgroup. These notices may reflect routine portfolio rebalancing, index changes, or client-driven trading; they do not necessarily represent a negative view of State Street or materially affect its earnings. State Street Ownership Disclosures
• Negative Sentiment: Harbor Mid Cap Value Fund trimmed its State Street position following the stock’s appreciation. The sale could create modest near-term supply and signals that at least one investor is taking profits, although it does not indicate a change in State Street’s fundamentals. Harbor Mid Cap Value Fund Trimmed State Street Following Appreciation

State Street Stock Up 1.1%

STT opened at $193.37 on Friday. The firm has a market capitalization of $53.12 billion, a P/E ratio of 17.05, a price-to-earnings-growth ratio of 0.92 and a beta of 1.41. State Street Corporation has a one year low of $104.64 and a one year high of $195.93. The company has a fifty day moving average price of $186.78 and a 200-day moving average price of $160.33. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.34 by $0.31. State Street had a return on equity of 15.26% and a net margin of 15.02%.The company had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same quarter last year, the company earned $2.04 earnings per share. The firm's quarterly revenue was up 23.3% on a year-over-year basis. Equities research analysts expect that State Street Corporation will post 13.76 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders 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 dividend yield of 1.9%. This is an increase from State Street's previous quarterly dividend of $0.84. State Street's payout ratio is presently 29.63%.

About State Street

State Street Corporation is a financial services company headquartered in Boston, Massachusetts. Founded in 1792, it serves institutional investors, asset managers, asset owners, insurance companies, official institutions and other financial organizations worldwide.

Through its investment servicing business, State Street provides custody and fund administration, accounting, transfer agency, middle-office outsourcing, collateral management, performance measurement and regulatory reporting services.

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