Lbp Am Sa Raises Stock Holdings in State Street Corporation $STT

Key Points

• Lbp Am Sa raised its stake in State Street by 13.1% in Q4, adding 7,870 shares to hold 67,749 shares valued at about $8.74 million.
• EVP John Plansky sold 16,100 shares on March 11 at $124.32 for roughly $2.0 million, reducing his ownership by 22.28%.
• State Street beat quarterly expectations with EPS of $2.97 (vs. $2.82) and revenue of $3.67B, declared a $0.84 quarterly dividend (annualized $3.36, 2.4% yield), and carries a consensus "Moderate Buy" rating with a $140.50 price target.

Lbp Am Sa grew its position in State Street Corporation (NYSE:STT - Free Report) by 13.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 67,749 shares of the asset manager's stock after acquiring an additional 7,870 shares during the quarter. Lbp Am Sa's holdings in State Street were worth $8,740,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of STT. Regents of The University of California purchased a new stake in shares of State Street in the third quarter valued at about $324,576,000. Jones Financial Companies Lllp grew its holdings in shares of State Street by 11.7% during the third quarter. Jones Financial Companies Lllp now owns 208,600 shares of the asset manager's stock worth $24,139,000 after buying an additional 21,810 shares during the last quarter. Machina Capital S.A.S. purchased a new position in shares of State Street during the third quarter worth about $2,622,000. AE Wealth Management LLC acquired a new position in State Street in the 3rd quarter valued at about $6,611,000. Finally, Impax Asset Management Group plc increased its position in State Street by 49.2% in the 3rd quarter. Impax Asset Management Group plc now owns 127,984 shares of the asset manager's stock valued at $14,847,000 after acquiring an additional 42,198 shares during the period. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP John Plansky sold 16,100 shares of the firm's stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total value of $2,001,552.00. Following the completion of the sale, the executive vice president owned 56,162 shares in the company, valued at $6,982,059.84. This trade represents a 22.28% 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. 0.29% of the stock is owned by corporate insiders.

State Street Stock Down 0.6%

State Street stock opened at $141.86 on Friday. The stock's 50 day moving average price is $128.43 and its 200 day moving average price is $124.71. State Street Corporation has a 1-year low of $75.50 and a 1-year high of $144.48. The company has a market cap of $39.30 billion, a PE ratio of 15.08, a price-to-earnings-growth ratio of 0.92 and a beta of 1.37. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.61.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings data on Friday, January 16th. The asset manager reported $2.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.15. State Street had a return on equity of 13.46% and a net margin of 13.02%.The firm had revenue of $3.67 billion during the quarter, compared to analysts' expectations of $3.57 billion. During the same quarter in the prior year, the business posted $2.60 earnings per share. State Street's revenue was up 7.5% compared to the same quarter last year. On average, sell-side analysts predict that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st were paid a dividend of $0.84 per share. The ex-dividend date of this dividend was Wednesday, April 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.4%. State Street's dividend payout ratio is 35.71%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Truist Financial set a $136.00 price objective on State Street in a research report on Tuesday, January 20th. Morgan Stanley cut their price target on State Street from $168.00 to $164.00 and set an "overweight" rating for the company in a research note on Tuesday, January 20th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of State Street in a report on Wednesday, January 21st. Citigroup assumed coverage on shares of State Street in a research report on Monday, February 23rd. They issued a "buy" rating and a $150.00 price objective on the stock. 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. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $140.50.

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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