Madison Asset Management LLC Makes New $1.38 Million Investment in State Street Corporation $STT

Key Points

• Madison Asset Management opened a new position in State Street during the fourth quarter, buying 10,684 shares worth about $1.38 million.
• State Street recently beat quarterly earnings and revenue estimates, posting EPS of $2.84 on revenue of $3.80 billion, both above expectations, with revenue up 15.6% year over year.
• The stock has also seen bullish analyst support, with several firms raising price targets and the consensus rating currently at Moderate Buy.

Madison Asset Management LLC acquired a new position in State Street Corporation (NYSE:STT - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 10,684 shares of the asset manager's stock, valued at approximately $1,378,000.

A number of other hedge funds have also recently added to or reduced their stakes in STT. Brighton Jones LLC acquired a new position in State Street in the fourth quarter worth $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings 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 worth $2,885,000 after purchasing an additional 918 shares during the period. NewEdge Advisors LLC boosted its holdings in shares of State Street by 105.2% during the first quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager's stock valued at $913,000 after acquiring an additional 5,226 shares during the period. Empowered Funds LLC boosted its holdings in shares of State Street by 220.1% during the first quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager's stock valued at $2,065,000 after acquiring an additional 15,996 shares during the period. Finally, Woodline Partners LP boosted its holdings in shares of State Street by 38.4% during the first quarter. Woodline Partners LP now owns 24,372 shares of the asset manager's stock valued at $2,182,000 after acquiring an additional 6,767 shares during the period. Institutional investors and hedge funds own 87.44% of the company's stock.

State Street Stock Performance

STT stock opened at $153.60 on Friday. The company has a market capitalization of $42.51 billion, a P/E ratio of 15.58, a PEG ratio of 0.83 and a beta of 1.45. The company has a 50-day simple moving average of $136.25 and a 200 day simple moving average of $129.39. State Street Corporation has a fifty-two week low of $94.19 and a fifty-two week high of $156.18. 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 (NYSE:STT - Get Free Report) last posted its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.64 by $0.20. The business had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. The company's quarterly revenue was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.04 earnings per share. Sell-side analysts predict that State Street Corporation will post 12.35 earnings per share for the current fiscal year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 13th. Investors of record on Wednesday, April 1st were issued a $0.84 dividend. The ex-dividend date of this dividend was Wednesday, April 1st. This represents a $3.36 annualized dividend and a yield of 2.2%. State Street's dividend payout ratio is presently 34.08%.

Insider Buying and Selling

In related news, COO Mostapha Tahiri sold 9,611 shares of the company's stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total value of $1,469,810.23. Following the completion of the sale, the chief operating officer owned 64,642 shares of the company's stock, valued at $9,885,701.06. This represents a 12.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP John Plansky sold 16,100 shares of the business's stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the completion of the sale, the executive vice president owned 56,162 shares in the company, valued at approximately $6,982,059.84. This trade represents a 22.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 28,711 shares of company stock valued at $3,933,032 over the last 90 days. 0.27% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on STT shares. Morgan Stanley boosted their price target on shares of State Street from $155.00 to $166.00 and gave the company an "overweight" rating in a report on Monday, April 20th. Barclays set a $165.00 price target on shares of State Street in a report on Monday, April 20th. Citigroup boosted their price target on shares of State Street from $150.00 to $172.00 and gave the company a "buy" rating in a report on Friday, May 8th. Evercore set a $158.00 price target on shares of State Street and gave the company an "outperform" rating in a report on Monday, April 20th. Finally, Argus boosted their price target on shares of State Street from $140.00 to $168.00 and gave the company a "buy" rating in a report on Tuesday, April 21st. Three equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $155.77.

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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