Fifth Third Bancorp Has $24.68 Million Position in State Street Corporation $STT

Key Points

• Fifth Third Bancorp boosted its State Street stake by 176.2% in the first quarter, ending with 195,039 shares worth about $24.68 million.
• State Street reported better-than-expected quarterly results, with EPS of $2.84 versus $2.64 expected and revenue of $3.80 billion, up 15.6% year over year.
• The company also paid a quarterly dividend of $0.84 per share, and analysts currently view the stock as a Moderate Buy with a consensus target price of $173.91.

Fifth Third Bancorp raised its holdings in State Street Corporation (NYSE:STT - Free Report) by 176.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 195,039 shares of the asset manager's stock after acquiring an additional 124,435 shares during the quarter. Fifth Third Bancorp owned approximately 0.07% of State Street worth $24,684,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of STT. Regents of The University of California increased its holdings in State Street by 211.2% in the fourth quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager's stock valued at $1,123,186,000 after purchasing an additional 5,908,370 shares during the period. Norges Bank acquired a new position in State Street during the 4th quarter worth about $303,483,000. Pinebridge Investments LLC acquired a new position in State Street during the 4th quarter worth about $178,705,000. Victory Capital Management Inc. grew its position in shares of State Street by 30.8% in the 4th quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager's stock valued at $588,227,000 after buying an additional 1,074,174 shares during the last quarter. Finally, Two Sigma Investments LP grew its position in shares of State Street by 261.0% in the 3rd 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 last quarter. Institutional investors own 87.44% of the company's stock.

State Street Trading Down 1.2%

NYSE STT opened at $178.06 on Tuesday. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. State Street Corporation has a 52 week low of $101.98 and a 52 week high of $183.32. The business has a 50 day moving average price of $163.03 and a 200-day moving average price of $142.70. The company has a market cap of $49.28 billion, a price-to-earnings ratio of 18.06, a P/E/G ratio of 0.93 and a beta of 1.42.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The business had revenue of $3.80 billion for the quarter, compared to analysts' expectations of $3.59 billion. During the same quarter last year, the firm earned $2.04 EPS. The firm's revenue for the quarter was up 15.6% compared to the same quarter last year. As a group, equities analysts expect that State Street Corporation will post 12.75 earnings per share for the current fiscal year.

State Street Announces Dividend

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on STT. Bank of America raised their price objective on State Street from $160.00 to $190.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 7th. Zacks Research lowered State Street from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 22nd. The Goldman Sachs Group upped their target price on State Street from $168.00 to $194.00 and gave the company a "buy" rating in a report on Tuesday, June 30th. Truist Financial increased their target price on shares of State Street from $150.00 to $176.00 and gave the company a "hold" rating in a research report on Friday, June 26th. Finally, Citigroup raised their price target on shares of State Street from $172.00 to $193.00 and gave the stock a "buy" rating in a report on Tuesday, June 23rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, State Street presently has a consensus rating of "Moderate Buy" and a consensus target price of $173.91.

Insiders Place Their Bets

In related news, COO Mostapha Tahiri sold 9,611 shares of the business's stock in a transaction dated 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 directly owned 64,642 shares of the company's stock, valued at approximately $9,885,701.06. The trade was a 12.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP W. Bradford Hu sold 9,212 shares of the business's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $1,431,084.20. Following the completion of the transaction, the executive vice president owned 59,552 shares in the company, valued at approximately $9,251,403.20. The trade was a 13.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 37,876 shares of company stock worth $5,866,583 over the last 90 days. Company insiders own 0.27% of the company's stock.

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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