State Street Corporation $STT Shares Acquired by Clean Yield Group

Key Points

• Clean Yield Group boosted its stake in State Street by 8,247.4% in Q4, buying 18,969 shares to hold 19,199 shares worth about $2.48 million.
• State Street beat quarterly estimates with $2.97 EPS versus $2.82 expected and $3.67 billion in revenue (up 7.5% YoY), and recently paid a $0.84 quarterly dividend (annualized $3.36, yield 2.4%).
• Institutional ownership stands at 87.44%, with large investors including Franklin Resources, Nordea, Regents of the University of California, First Trust and Barclays materially increasing or establishing sizable positions.

Clean Yield Group grew its position in State Street Corporation (NYSE:STT - Free Report) by 8,247.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,199 shares of the asset manager's stock after buying an additional 18,969 shares during the quarter. Clean Yield Group's holdings in State Street were worth $2,477,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Franklin Resources Inc. grew its stake in State Street by 3.7% during the 3rd quarter. Franklin Resources Inc. now owns 3,859,012 shares of the asset manager's stock worth $447,684,000 after purchasing an additional 137,049 shares in the last quarter. Nordea Investment Management AB lifted its holdings in State Street by 15.4% during the 4th quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager's stock worth $367,041,000 after buying an additional 377,568 shares during the last quarter. Regents of The University of California purchased a new stake in shares of State Street in the 3rd quarter valued at about $324,576,000. First Trust Advisors LP lifted its holdings in shares of State Street by 36.8% in the 3rd quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager's stock valued at $318,754,000 after purchasing an additional 738,456 shares during the last quarter. Finally, Barclays PLC lifted its holdings in shares of State Street by 27.7% in the 3rd quarter. Barclays PLC now owns 1,576,332 shares of the asset manager's stock valued at $182,870,000 after purchasing an additional 342,344 shares during the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Stock Performance

Shares of NYSE STT opened at $142.80 on Thursday. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 1.04. The firm's 50-day moving average price is $128.17 and its two-hundred day moving average price is $124.59. State Street Corporation has a 52-week low of $75.50 and a 52-week high of $143.59. The stock has a market capitalization of $39.56 billion, a P/E ratio of 15.17, a P/E/G ratio of 0.92 and a beta of 1.37.

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

State Street Announces Dividend

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

Insider Transactions at State Street

In other State Street news, EVP John Plansky sold 16,100 shares of State Street stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the transaction, the executive vice president directly owned 56,162 shares in the company, valued at approximately $6,982,059.84. The trade was a 22.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.29% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on STT shares. Keefe, Bruyette & Woods boosted their price target on State Street from $147.00 to $157.00 and gave the company an "outperform" rating in a research report on Thursday, April 9th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of State Street in a research note on Tuesday, January 6th. Bank of America raised State Street from an "underperform" rating to a "neutral" rating and set a $143.00 price target on the stock in a research note on Monday, April 6th. Morgan Stanley reduced their price target on State Street from $168.00 to $164.00 and set an "overweight" rating on the stock in a research note on Tuesday, January 20th. Finally, Loop Capital set a $144.00 price objective on State Street in a report on Tuesday, January 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 stock. According to MarketBeat, State Street presently has an average rating of "Moderate Buy" and an average price target of $140.50.

About State Street

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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