J. Safra Sarasin Holding AG Has $3 Million Position in State Street Corporation $STT

Key Points

• J. Safra Sarasin Holding AG increased its State Street stake by 69.2% in the first quarter, ending with 23,741 shares valued at about $3.0 million.
• Several State Street insiders sold shares recently, including EVP Michael L. Richards and EVP W. Bradford Hu, with insiders selling 37,876 shares in the last quarter overall.
• Analysts remain constructive on STT: the stock has a Moderate Buy consensus with a price target of $173.91, while State Street also reported stronger-than-expected quarterly earnings and revenue.

J. Safra Sarasin Holding AG grew its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 69.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,741 shares of the asset manager's stock after acquiring an additional 9,713 shares during the period. J. Safra Sarasin Holding AG's holdings in State Street were worth $3,002,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of STT. Wilkerson Advisory Group LLC acquired a new stake in State Street during the fourth quarter valued at $29,000. Phillip James Consulting Co. purchased a new stake in shares of State Street during the 4th quarter worth about $30,000. JPL Wealth Management LLC purchased a new stake in shares of State Street during the 3rd quarter worth about $29,000. Whipplewood Advisors LLC acquired a new stake in shares of State Street during the 1st quarter valued at about $34,000. Finally, Reflection Asset Management bought a new stake in shares of State Street in the 4th quarter valued at approximately $35,000. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity at State Street

In related news, EVP Michael L. Richards sold 3,000 shares of the business's stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total transaction of $461,670.00. Following the transaction, the executive vice president directly owned 43,522 shares in the company, valued at $6,697,600.58. The trade was a 6.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP W. Bradford Hu sold 9,212 shares of the firm's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $1,431,084.20. Following the completion of the sale, the executive vice president owned 59,552 shares of the company's stock, valued at $9,251,403.20. This represents a 13.40% 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. In the last quarter, insiders have sold 37,876 shares of company stock worth $5,866,583. 0.27% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

STT has been the topic of a number of research reports. Argus increased their price objective on State Street from $140.00 to $168.00 and gave the stock a "buy" rating in a report on Tuesday, April 21st. JPMorgan Chase & Co. boosted their target price on shares of State Street from $158.50 to $176.50 and gave the stock a "neutral" rating in a research report on Monday, July 6th. Seaport Research Partners restated a "buy" rating and set a $170.00 price target on shares of State Street in a research note on Monday, April 20th. Bank of America raised their price target on shares of State Street from $160.00 to $190.00 and gave the company a "neutral" rating in a report on Tuesday, July 7th. Finally, UBS Group set a $176.00 target price on State Street in a report on Friday, June 26th. One research analyst has 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, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $173.91.

State Street Price Performance

Shares of NYSE:STT opened at $178.06 on Tuesday. The company has a market cap of $49.28 billion, a price-to-earnings ratio of 18.06, a PEG ratio of 0.93 and a beta of 1.42. 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 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 twelve month low of $101.98 and a twelve month high of $183.32.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, topping analysts' consensus estimates of $2.64 by $0.20. The company had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The company's quarterly revenue was up 15.6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.04 earnings per share. Research analysts predict that State Street Corporation will post 12.75 earnings per share for the current year.

State Street Dividend Announcement

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