Jupiter Asset Management Ltd. Sells 141,269 Shares of State Street Corporation $STT

Key Points

• Jupiter Asset Management cut its State Street stake by 26.4% in the fourth quarter, selling 141,269 shares and leaving it with 393,959 shares valued at about $50.8 million.
• State Street reported strong quarterly results, with EPS of $2.84 beating estimates and revenue of $3.80 billion topping expectations, while revenue rose 15.6% year over year.
• The company also announced a quarterly dividend of $0.84 per share, payable July 13, and analysts currently hold a Moderate Buy consensus with an average price target of $158.57.

Jupiter Asset Management Ltd. reduced its holdings in State Street Corporation (NYSE:STT - Free Report) by 26.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 393,959 shares of the asset manager's stock after selling 141,269 shares during the quarter. Jupiter Asset Management Ltd. owned about 0.14% of State Street worth $50,825,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Brighton Jones LLC acquired a new position in State Street in the 4th quarter valued at approximately $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position 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 valued at $2,885,000 after buying an additional 918 shares in the last quarter. NewEdge Advisors LLC grew its stake 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 boosted its holdings in shares of State Street by 220.1% in the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager's stock worth $2,065,000 after acquiring an additional 15,996 shares in the last quarter. Finally, Woodline Partners LP raised its position in State Street by 38.4% in the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager's stock valued at $2,182,000 after purchasing an additional 6,767 shares during the last quarter. 87.44% of the stock is owned by institutional investors.

Key State Street News

Here are the key news stories impacting State Street this week:

• Positive Sentiment: State Street Investment Management announced a change to its ETF lineup, including the planned closure and liquidation of the State Street DoubleLine Emerging Markets Fixed Income ETF (EMTL). This reflects an active review of the firm’s product set and could help management focus resources on higher-priority offerings. State Street Investment Management Announces Change to ETF Lineup
• Neutral Sentiment: State Street presented at the Bernstein 42nd Annual Strategic Decisions Conference, which may have given investors an updated look at strategy and outlook, but no major new financial details were included in the headline. State Street Corporation (STT) Presents at Bernstein 42nd Annual Strategic Decisions Conference Transcript
• Negative Sentiment: CEO Ronald P. Hanley sold 14,553 shares and EVP W. Bradford Hu sold 9,212 shares in pre-arranged Rule 10b5-1 transactions. While these were planned sales, insider selling can still weigh on investor sentiment. CEO stock sale SEC filing EVP stock sale SEC filing

Analyst Ratings Changes

Several equities research analysts have weighed in on STT shares. Keefe, Bruyette & Woods raised their price objective on shares of State Street from $157.00 to $175.00 and gave the company an "outperform" rating in a research report on Monday, April 20th. The Goldman Sachs Group lifted their price target on shares of State Street from $152.00 to $168.00 and gave the stock a "buy" rating in a research report on Monday, April 20th. Zacks Research upgraded shares of State Street from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 21st. Royal Bank Of Canada lifted their price objective on shares of State Street from $135.00 to $155.00 and gave the stock a "sector perform" rating 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 price objective on the stock in a research note on Monday, April 6th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, State Street currently has an average rating of "Moderate Buy" and a consensus price target of $158.57.

Insider Buying and Selling at State Street

In other State Street news, EVP Michael L. Richards sold 3,000 shares of the business's stock in a transaction dated Wednesday, April 22nd. The shares were 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. The trade was a 6.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP W. Bradford Hu sold 9,212 shares of the business's stock in a transaction that occurred on 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 of the company's stock, valued at $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 a total of 52,476 shares of company stock worth $7,624,925 in the last ninety days. Insiders own 0.27% of the company's stock.

State Street Stock Down 0.0%

Shares of STT stock opened at $157.87 on Friday. The firm's fifty day moving average price is $142.61 and its two-hundred day moving average price is $132.06. State Street Corporation has a 1 year low of $94.72 and a 1 year high of $159.31. The firm has a market capitalization of $43.69 billion, a P/E ratio of 16.01, a PEG ratio of 0.86 and a beta of 1.45. 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 announced its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, beating 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 company had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter last year, the firm posted $2.04 EPS. The company's quarterly revenue was up 15.6% on a year-over-year basis. On average, equities analysts predict that State Street Corporation will post 12.35 EPS for the current fiscal year.

State Street Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be issued a dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $3.36 annualized dividend and a dividend yield of 2.1%. State Street's payout ratio is presently 34.08%.

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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