Healthcare of Ontario Pension Plan Trust Fund Has $11.71 Million Holdings in State Street Corporation $STT

Key Points

• Healthcare of Ontario Pension Plan Trust Fund increased its State Street stake by 7.5% in the first quarter, bringing its holdings to 92,534 shares valued at $11.71 million. Institutional investors and hedge funds collectively own 87.44% of STT.
• Analysts maintain a broadly positive outlook, with State Street receiving a consensus “Moderate Buy” rating and an average price target of $184.72; several firms recently raised their targets as high as $215.
• State Street reported quarterly EPS of $3.65, beating estimates, while revenue rose 23.3% year over year to $4.05 billion. The company also increased its quarterly dividend to $0.92, yielding approximately 2.0% annually.

Healthcare of Ontario Pension Plan Trust Fund increased its holdings in State Street Corporation (NYSE:STT - Free Report) by 7.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 92,534 shares of the asset manager's stock after purchasing an additional 6,493 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund's holdings in State Street were worth $11,711,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of STT. IFM Investors Pty Ltd increased its position in shares of State Street by 9.7% during the first quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager's stock worth $10,699,000 after buying an additional 7,469 shares during the period. Clean Yield Group lifted its holdings in State Street by 8,247.4% in the fourth quarter. Clean Yield Group now owns 19,199 shares of the asset manager's stock valued at $2,477,000 after buying an additional 18,969 shares during the period. Concurrent Investment Advisors LLC acquired a new position in State Street in the fourth quarter valued at $1,959,000. New York State Teachers Retirement System boosted its position in State Street by 9.7% during the first quarter. New York State Teachers Retirement System now owns 303,919 shares of the asset manager's stock valued at $38,464,000 after acquiring an additional 26,862 shares during the last quarter. Finally, Campbell Newman Asset Management Inc. bought a new stake in State Street during the fourth quarter valued at $21,515,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Seaport Research Partners reissued a "buy" rating and issued a $170.00 price objective on shares of State Street in a research report on Monday, April 20th. Evercore set a $200.00 price objective on State Street in a research note on Monday, July 20th. Morgan Stanley upped their target price on State Street from $183.00 to $195.00 and gave the company an "overweight" rating in a research report on Friday, July 17th. Keefe, Bruyette & Woods raised their target price on State Street from $195.00 to $215.00 and gave the stock an "outperform" rating in a research note on Friday, July 17th. Finally, The Goldman Sachs Group lifted their target price on State Street from $168.00 to $194.00 and gave the stock a "buy" rating in a report on Tuesday, June 30th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, State Street currently has a consensus rating of "Moderate Buy" and a consensus price target of $184.72.

State Street Trading Down 1.0%

STT opened at $182.77 on Wednesday. The company has a fifty day moving average price of $170.32 and a two-hundred day moving average price of $146.79. State Street Corporation has a 1-year low of $104.64 and a 1-year high of $192.51. The company has a market cap of $50.59 billion, a P/E ratio of 16.12, a price-to-earnings-growth ratio of 0.76 and a beta of 1.42. The company has a current ratio of 0.59, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The company had revenue of $4.05 billion for the quarter, compared to analysts' expectations of $3.88 billion. During the same quarter in the prior year, the firm earned $2.04 EPS. The business's revenue was up 23.3% on a year-over-year basis. Analysts predict that State Street Corporation will post 13.68 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be issued a $0.92 dividend. The ex-dividend date is Thursday, October 1st. This is an increase from State Street's previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a yield of 2.0%. State Street's dividend payout ratio is currently 29.63%.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the firm's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $162.14, for a total value of $243,210.00. Following the completion of the sale, the executive vice president owned 41,827 shares of the company's stock, valued at approximately $6,781,829.78. This trade represents a 3.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP W. Bradford Hu sold 9,758 shares of the business's stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the sale, the executive vice president owned 49,794 shares of the company's stock, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 49,576 shares of company stock worth $8,415,875. Corporate insiders own 0.27% of the company's stock.

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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