Generali Asset Management SPA SGR Purchases 11,768 Shares of State Street Corporation $STT

Key Points

• Generali Asset Management increased its State Street stake by 78.7% in the fourth quarter, buying 11,768 additional shares and bringing its total holdings to 26,712 shares valued at about $3.45 million.
• Other institutional investors also added to or initiated positions, and the stock remains heavily institutionally owned at 87.44%.
• State Street reported strong quarterly results, with EPS of $2.84 and revenue of $3.80 billion, both ahead of expectations; analysts currently rate the stock a “Moderate Buy” with an average price target of $155.57.

Generali Asset Management SPA SGR grew its position in State Street Corporation (NYSE:STT - Free Report) by 78.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,712 shares of the asset manager's stock after purchasing an additional 11,768 shares during the period. Generali Asset Management SPA SGR's holdings in State Street were worth $3,446,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. MGO One Seven LLC increased its stake in State Street by 23.6% in the 4th quarter. MGO One Seven LLC now owns 3,694 shares of the asset manager's stock valued at $477,000 after buying an additional 706 shares during the last quarter. Crestwood Advisors Group LLC boosted its stake in shares of State Street by 6.9% in the 4th quarter. Crestwood Advisors Group LLC now owns 20,520 shares of the asset manager's stock worth $2,647,000 after buying an additional 1,330 shares during the last quarter. Sequoia Financial Advisors LLC boosted its stake in shares of State Street by 47.4% in the 4th quarter. Sequoia Financial Advisors LLC now owns 15,876 shares of the asset manager's stock worth $2,048,000 after buying an additional 5,102 shares during the last quarter. Gateway Investment Advisers LLC bought a new position in shares of State Street in the fourth quarter valued at approximately $313,000. Finally, LaFleur & Godfrey LLC increased its position in shares of State Street by 24.6% during the fourth quarter. LaFleur & Godfrey LLC now owns 12,400 shares of the asset manager's stock valued at $1,600,000 after acquiring an additional 2,445 shares during the last quarter. 87.44% of the stock is owned by institutional investors.

Insider Buying and Selling at State Street

In related news, COO Mostapha Tahiri sold 9,611 shares of the stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total value of $1,469,810.23. Following the sale, the chief operating officer owned 64,642 shares in the company, valued at approximately $9,885,701.06. This trade represents a 12.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Michael L. Richards sold 3,000 shares of State Street stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total value of $461,670.00. Following the sale, the executive vice president directly 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 disclosure for this sale is available in the SEC filing. Insiders sold a total of 28,711 shares of company stock valued at $3,933,032 in the last three months. Company insiders own 0.27% of the company's stock.

Wall Street Analyst Weigh In

STT has been the topic of several research analyst reports. Keefe, Bruyette & Woods boosted their price objective on State Street from $157.00 to $175.00 and gave the stock an "outperform" rating in a research report on Monday, April 20th. Argus boosted their price target on shares of State Street from $140.00 to $168.00 and gave the stock a "buy" rating in a report on Tuesday, April 21st. Truist Financial raised their price objective on shares of State Street from $136.00 to $150.00 and gave the stock a "hold" rating in a report on Monday, April 20th. Zacks Research raised shares of State Street from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 21st. Finally, Weiss Ratings restated a "buy (b)" rating on shares of State Street in a research note on Monday, April 20th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, State Street has a consensus rating of "Moderate Buy" and an average price target of $155.57.

State Street Stock Up 0.4%

Shares of NYSE STT opened at $149.39 on Friday. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. The company has a market cap of $41.35 billion, a P/E ratio of 15.15, a P/E/G ratio of 0.82 and a beta of 1.45. State Street Corporation has a 52 week low of $93.69 and a 52 week high of $156.18. The business has a 50-day simple moving average of $134.10 and a two-hundred day simple moving average of $128.11.

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 (EPS) for the quarter, topping analysts' consensus estimates of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The firm had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the prior year, the firm posted $2.04 earnings per share. The company's revenue for the quarter was up 15.6% on a year-over-year basis. Research analysts anticipate that State Street Corporation will post 12.31 earnings per share for the current fiscal year.

State Street Announces Dividend

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

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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