MUFG Securities EMEA plc Acquires 144,221 Shares of State Street Corporation $STT

Key Points

• MUFG Securities EMEA plc sharply increased its stake in State Street, boosting holdings by 2,656% in the fourth quarter to 149,651 shares worth about $19.3 million. Institutional investors and hedge funds now own 87.44% of the company’s stock.
• State Street recently beat quarterly earnings and revenue expectations, reporting EPS of $2.84 versus $2.64 expected and revenue of $3.80 billion versus $3.59 billion expected. Revenue rose 15.6% year over year, and analysts currently rate the stock a “Moderate Buy.”
• The company also announced a quarterly dividend of $0.84 per share, payable July 13 to shareholders of record on July 1. That works out to an annualized dividend of $3.36 and a yield of about 2.2%.

MUFG Securities EMEA plc boosted its holdings in State Street Corporation (NYSE:STT - Free Report) by 2,656.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 149,651 shares of the asset manager's stock after purchasing an additional 144,221 shares during the quarter. MUFG Securities EMEA plc owned about 0.05% of State Street worth $19,306,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in STT. JPL Wealth Management LLC acquired a new stake in State Street in the third quarter valued at approximately $29,000. Measured Wealth Private Client Group LLC acquired a new stake in State Street in the third quarter valued at approximately $35,000. Ameriflex Group Inc. grew its stake in State Street by 102.5% in the third quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager's stock valued at $37,000 after acquiring an additional 161 shares during the period. Annis Gardner Whiting Capital Advisors LLC grew its stake in State Street by 38.2% in the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager's stock valued at $39,000 after acquiring an additional 94 shares during the period. Finally, Board of the Pension Protection Fund acquired a new stake in State Street in the fourth quarter valued at approximately $39,000. Institutional investors and hedge funds own 87.44% of the company's stock.

Trending Headlines about State Street

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

• Positive Sentiment: State Street was highlighted as one of the better-positioned names in the regional banks/financials group, with analysts citing favorable industry trends such as restructuring, acquisitions, digitization, loan demand, and lower rates as potential tailwinds for growth. Article Title
• Positive Sentiment: State Street Investment Management announced it will close and liquidate the EMTL ETF, which can be read as disciplined product management and a focus on pruning weaker offerings to improve capital efficiency. Article Title
• Neutral Sentiment: State Street announced that CFO John Woods will present at the Morgan Stanley U.S. Financials Conference on June 10. The event may provide updates on strategy and outlook, but it is not a direct business catalyst by itself. Article Title
• Neutral Sentiment: State Street’s entities ceased to be substantial holders in several Australian companies, reflecting portfolio ownership changes that do not appear material to State Street’s own earnings power. Article Title
• Negative Sentiment: CEO Ronald P. Hanley and EVP W. Bradford Hu both sold shares under pre-arranged 10b5-1 plans. While routine, insider selling can still pressure sentiment when the stock is trading close to recent highs. Article Title

State Street Stock Down 1.3%

Shares of NYSE:STT opened at $155.63 on Friday. The stock has a market cap of $43.07 billion, a price-to-earnings ratio of 15.78, a PEG ratio of 0.85 and a beta of 1.45. 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 12-month low of $94.72 and a 12-month high of $159.31. The business's 50 day moving average is $143.30 and its 200 day moving average is $132.22.

State Street (NYSE:STT - Get Free Report) last announced its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.64 by $0.20. The company had revenue of $3.80 billion for the quarter, compared to analysts' expectations of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.State Street's quarterly revenue was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.04 earnings per share. On average, sell-side analysts forecast that State Street Corporation will post 12.35 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be paid a $0.84 dividend. The ex-dividend date is Wednesday, July 1st. This represents a $3.36 annualized dividend and a yield of 2.2%. State Street's dividend payout ratio (DPR) is 34.08%.

Insider Transactions at State Street

In other State Street news, EVP John Plansky sold 16,100 shares of the business's stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total value of $2,001,552.00. Following the transaction, the executive vice president owned 56,162 shares of the company's stock, valued at approximately $6,982,059.84. The trade was a 22.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP W. Bradford Hu sold 9,212 shares of the business's stock in a transaction 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 transaction, the executive vice president directly owned 59,552 shares in the company, valued at approximately $9,251,403.20. This represents a 13.40% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 52,476 shares of company stock worth $7,624,925. Company insiders own 0.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Weiss Ratings raised State Street from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday. Royal Bank Of Canada raised their price objective on State Street from $135.00 to $155.00 and gave the company a "sector perform" rating in a research note on Monday, April 20th. Argus raised their price objective on State Street from $140.00 to $168.00 and gave the company a "buy" rating in a research note on Tuesday, April 21st. Seaport Research Partners reissued a "buy" rating and issued a $170.00 price objective on shares of State Street in a research note on Monday, April 20th. Finally, Wells Fargo & Company raised their price objective on State Street from $162.00 to $171.00 and gave the company an "overweight" rating in a research note on Tuesday. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, State Street presently has an average rating of "Moderate Buy" and an average target price of $158.57.

State Street 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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