North Dakota State Investment Board Acquires New Stake in State Street Corporation $STT

Key Points

• North Dakota State Investment Board initiated a new position in State Street, buying 9,707 shares valued at about $1.25 million in the fourth quarter.
• State Street reported better-than-expected quarterly results, with EPS of $2.84 and revenue of $3.80 billion, both topping analyst forecasts. Revenue rose 15.6% from a year earlier.
• The stock has seen mixed insider and analyst activity: several executives sold shares recently, while Wall Street currently rates STT a Moderate Buy with a consensus price target of $155.77.

North Dakota State Investment Board acquired a new stake in shares of State Street Corporation (NYSE:STT - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 9,707 shares of the asset manager's stock, valued at approximately $1,252,000.

Other large investors have also made changes to their positions in the company. JPL Wealth Management LLC acquired a new stake in shares of State Street during the third quarter valued at $29,000. Flagship Wealth Advisors LLC acquired a new stake in shares of State Street during the third quarter valued at $35,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of State Street during the third quarter valued at $35,000. Ameriflex Group Inc. boosted its stake in shares of State Street by 102.5% during 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 last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC boosted its stake in shares of State Street by 38.2% during 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 last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

Insider Buying and Selling

In related news, EVP Michael L. Richards sold 3,000 shares of the business's stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total transaction of $461,670.00. Following the transaction, the executive vice president directly owned 43,522 shares of the company's stock, valued at approximately $6,697,600.58. The trade was a 6.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Mostapha Tahiri sold 9,611 shares of the business's stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total value of $1,469,810.23. Following the transaction, the chief operating officer directly owned 64,642 shares in the company, valued at $9,885,701.06. This trade represents a 12.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 28,711 shares of company stock valued at $3,933,032. Corporate insiders own 0.27% of the company's stock.

State Street Stock Performance

NYSE STT opened at $150.58 on Wednesday. The firm has a market capitalization of $41.68 billion, a P/E ratio of 15.27, a P/E/G ratio of 0.84 and a beta of 1.45. State Street Corporation has a 1-year low of $94.19 and a 1-year high of $156.18. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57. The business's 50-day simple moving average is $137.94 and its 200-day simple moving average is $130.13.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.64 by $0.20. The business had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The company's revenue was up 15.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.04 EPS. Equities analysts predict that State Street Corporation will post 12.35 EPS for the current year.

State Street Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 13th. Investors of record on Wednesday, April 1st were given a dividend of $0.84 per share. 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 payout ratio is 34.08%.

Analyst Ratings Changes

Several research firms have commented on STT. JPMorgan Chase & Co. lifted their price target on State Street from $137.50 to $158.50 and gave the company a "neutral" rating in a report on Monday, May 11th. Evercore set a $158.00 price target on State Street and gave the company an "outperform" rating in a report on Monday, April 20th. Keefe, Bruyette & Woods lifted their price target on State Street from $157.00 to $175.00 and gave the company an "outperform" rating in a report on Monday, April 20th. Bank of America upgraded State Street from an "underperform" rating to a "neutral" rating and set a $143.00 price target for the company in a report on Monday, April 6th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of State Street in a report on Monday, April 20th. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, State Street has a consensus 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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