Jupiter Topco LLC Makes New Investment in State Street Corporation $STT

Key Points

• Jupiter Topco LLC initiated a position in State Street by purchasing 38,931 shares valued at approximately $6.6 million. Institutional investors collectively own 87.44% of the company.
• State Street reported quarterly EPS of $3.65, exceeding estimates by $0.31, while revenue rose 23.3% year over year to $4.05 billion.
• The company increased its quarterly dividend from $0.84 to $0.92 per share, representing a $3.68 annualized payout and a 1.9% yield; analysts maintain a “Moderate Buy” consensus with an average price target of $185.38.

Jupiter Topco LLC bought a new position in State Street Corporation (NYSE:STT - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 38,931 shares of the asset manager's stock, valued at approximately $6,600,000.

Several other institutional investors have also made changes to their positions in the company. IFM Investors Pty Ltd grew its holdings 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 valued at $10,699,000 after buying an additional 7,469 shares in the last quarter. New York State Teachers Retirement System lifted its stake in State Street by 9.7% in the 1st quarter. New York State Teachers Retirement System now owns 303,919 shares of the asset manager's stock worth $38,464,000 after acquiring an additional 26,862 shares in the last quarter. SBI Okasan Asset Management Co.Ltd. purchased a new stake in State Street in the 4th quarter worth about $935,000. Illinois Municipal Retirement Fund boosted its position in State Street by 18.3% during the 1st quarter. Illinois Municipal Retirement Fund now owns 85,775 shares of the asset manager's stock worth $10,856,000 after acquiring an additional 13,245 shares during the period. Finally, Global Retirement Partners LLC boosted its position in State Street by 476.7% during the 4th quarter. Global Retirement Partners LLC now owns 8,478 shares of the asset manager's stock worth $1,094,000 after acquiring an additional 7,008 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Stock Up 0.0%

Shares of State Street stock opened at $193.42 on Monday. State Street Corporation has a 12-month low of $104.64 and a 12-month high of $195.93. The stock has a 50 day moving average price of $182.46 and a two-hundred day moving average price of $156.10. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $53.13 billion, a P/E ratio of 17.06, a PEG ratio of 0.80 and a beta of 1.41.

State Street (NYSE:STT - Get Free Report) last announced its earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, topping the consensus estimate of $3.34 by $0.31. The firm had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The business's quarterly revenue was up 23.3% on a year-over-year basis. During the same quarter last year, the firm posted $2.04 EPS. Equities analysts expect that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

The firm 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. This is a boost from State Street's previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 annualized dividend and a yield of 1.9%. State Street's payout ratio is presently 29.63%.

Insider Buying and Selling

In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of the firm's stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the completion of the transaction, the chief executive officer owned 240,959 shares in the company, valued at $44,377,419.03. This trade represents a 5.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Bradford Hu sold 9,758 shares of the firm's stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the transaction, the executive vice president owned 49,794 shares of the company's stock, valued at $9,187,988.88. This trade 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. Insiders sold 25,811 shares of company stock valued at $4,723,982 over the last quarter. Corporate insiders own 0.27% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. UBS Group set a $176.00 target price on State Street in a report on Friday, June 26th. Truist Financial reaffirmed a "hold" rating and set a $191.00 price objective (up from $176.00) on shares of State Street in a research report on Friday, July 17th. Citigroup upped their price objective on shares of State Street from $193.00 to $210.00 and gave the company a "buy" rating in a research note on Friday, July 17th. Wells Fargo & Company increased their target price on shares of State Street from $196.00 to $215.00 and gave the stock an "overweight" rating in a research report on Friday, July 17th. Finally, Bank of America lifted their target price on shares of State Street from $160.00 to $190.00 and gave the company a "neutral" rating in a research note on Tuesday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, State Street presently has a consensus rating of "Moderate Buy" and an average price target of $185.38.

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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