Franklin Resources Inc. Has $506.53 Million Position in State Street Corporation $STT

Key Points

• Franklin Resources increased its stake in State Street by 1.7% in the fourth quarter, bringing its holdings to 3.93 million shares worth about $506.5 million.
• State Street saw mixed but generally positive analyst action, with multiple firms raising price targets; the stock now carries a Moderate Buy consensus and a target price of $158.57.
• The company reported better-than-expected Q1 results, including EPS of $2.84 versus estimates of $2.64 and revenue of $3.80 billion, while also announcing a quarterly dividend of $0.84 per share.

Franklin Resources Inc. boosted its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 1.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,926,321 shares of the asset manager's stock after acquiring an additional 67,309 shares during the quarter. Franklin Resources Inc. owned approximately 1.41% of State Street worth $506,534,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in STT. Brighton Jones LLC acquired a new position in shares of State Street during the 4th quarter worth $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in 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 in the last quarter. NewEdge Advisors LLC increased its position 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 holdings in State Street by 220.1% during the first quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager's stock valued at $2,065,000 after buying an additional 15,996 shares in the last quarter. Finally, Woodline Partners LP lifted its position in shares of 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 buying an additional 6,767 shares during the last quarter. 87.44% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on STT. Keefe, Bruyette & Woods increased their price objective on State Street from $157.00 to $175.00 and gave the company an "outperform" rating in a report on Monday, April 20th. JPMorgan Chase & Co. increased their price target on State Street from $137.50 to $158.50 and gave the company a "neutral" rating in a report on Monday, May 11th. Truist Financial boosted their price objective on shares of State Street from $136.00 to $150.00 and gave the stock a "hold" rating in a research note on Monday, April 20th. Seaport Research Partners reiterated a "buy" rating and issued a $170.00 target price on shares of State Street in a research note 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 target price for the company in a research report on Monday, April 6th. Three 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. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $158.57.

Insider Buying and Selling at State Street

In related news, CEO Hanley Ronald P. O sold 14,553 shares of the business's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the transaction, the chief executive officer directly owned 255,512 shares in the company, valued at $39,693,789.20. The trade was a 5.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 3,000 shares of the firm's stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total value of $461,670.00. Following the completion of the sale, the executive vice president owned 43,522 shares of the company's stock, valued at $6,697,600.58. This represents a 6.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 52,476 shares of company stock valued at $7,624,925 over the last quarter. Company insiders own 0.27% of the company's stock.

State Street Trading Up 0.1%

Shares of State Street stock opened at $161.91 on Tuesday. State Street Corporation has a 1 year low of $95.67 and a 1 year high of $163.95. The company's fifty day simple moving average is $147.70 and its 200-day simple moving average is $134.16. The company has a market cap of $44.81 billion, a price-to-earnings ratio of 16.42, a PEG ratio of 0.88 and a beta of 1.43. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, beating analysts' consensus estimates of $2.64 by $0.20. The firm had revenue of $3.80 billion during 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% on a year-over-year basis. During the same period in the prior year, the firm earned $2.04 EPS. As a group, sell-side analysts expect that State Street Corporation will post 12.35 EPS for the current year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Investors 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 dividend on an annualized basis and a yield of 2.1%. State Street's dividend payout ratio (DPR) is 34.08%.

About State Street

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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