State Street Corporation $STT Position Raised by First Trust Advisors LP

Key Points

• First Trust Advisors LP raised its position in State Street by 36.8% in Q3 to 2,747,646 shares (about 0.98% of the company), worth roughly $318.8 million.
• State Street beat quarterly expectations, reporting $2.97 EPS versus $2.82 expected and revenue of $3.67 billion (up 7.5% year-over-year), with a net margin of 13.02% and ROE of 13.46%.
• The firm declared a quarterly dividend of $0.84 per share (annualized $3.36, ~2.8% yield), with an ex-dividend date of April 1 and payment on April 13.

First Trust Advisors LP lifted its position in shares of State Street Corporation (NYSE:STT - Free Report) by 36.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 2,747,646 shares of the asset manager's stock after acquiring an additional 738,456 shares during the period. First Trust Advisors LP owned 0.98% of State Street worth $318,754,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of STT. True Wealth Design LLC lifted its position in State Street by 166.3% in the 3rd quarter. True Wealth Design LLC now owns 253 shares of the asset manager's stock valued at $29,000 after purchasing an additional 158 shares during the last quarter. Flagship Wealth Advisors LLC bought a new stake in shares of State Street during the third quarter valued at approximately $35,000. SJS Investment Consulting Inc. boosted its position in shares of State Street by 2,142.9% during the third quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager's stock worth $36,000 after buying an additional 300 shares during the period. Annis Gardner Whiting Capital Advisors LLC boosted its position 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 worth $39,000 after buying an additional 94 shares during the period. Finally, City Holding Co. bought a new position in State Street in the 3rd quarter worth approximately $47,000. Institutional investors and hedge funds own 87.44% of the company's stock.

State Street Price Performance

NYSE:STT opened at $120.85 on Friday. The business's 50-day moving average price is $129.61 and its 200 day moving average price is $121.66. The firm has a market cap of $33.68 billion, a P/E ratio of 12.84, a PEG ratio of 1.10 and a beta of 1.43. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $137.05. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 1.04.

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

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 13th. Investors of record on Wednesday, April 1st will be paid a dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $3.36 annualized dividend and a yield of 2.8%. State Street's dividend payout ratio is currently 35.71%.

Analyst Upgrades and Downgrades

STT has been the subject of a number of analyst reports. The Goldman Sachs Group reiterated a "buy" rating on shares of State Street in a research report on Tuesday, January 6th. Zacks Research cut shares of State Street from a "strong-buy" rating to a "hold" rating in a research note on Monday, December 1st. 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 note on Monday, February 23rd. They set a "buy" rating and a $150.00 target price on the stock. Finally, Loop Capital set a $144.00 price target on shares of State Street in a research note on Tuesday, January 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $135.83.

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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