State Street Corporation $STT Shares Bought by First Horizon Corp

Key Points

• First Horizon Corp massively increased its stake in State Street during the first quarter, reporting ownership of 30,872 shares worth about $3.9 million after buying 30,854 additional shares.
• Several analysts turned more bullish on State Street, with price targets being raised and the stock carrying an overall Moderate Buy rating and an average target price of $173.91.
• State Street beat its latest quarterly earnings estimates, posted strong year-over-year revenue growth, and announced a quarterly dividend of $0.84 per share, payable July 13.

First Horizon Corp grew its position in State Street Corporation (NYSE:STT - Free Report) by 171,411.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,872 shares of the asset manager's stock after buying an additional 30,854 shares during the period. First Horizon Corp's holdings in State Street were worth $3,907,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Regents of The University of California raised its position in shares of State Street by 211.2% during the 4th quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager's stock valued at $1,123,186,000 after buying an additional 5,908,370 shares during the period. Norges Bank purchased a new position in State Street in the fourth quarter worth approximately $303,483,000. Pinebridge Investments LLC acquired a new stake in State Street during the fourth quarter worth $178,705,000. Victory Capital Management Inc. increased its stake in State Street by 30.8% during the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager's stock worth $588,227,000 after acquiring an additional 1,074,174 shares during the last quarter. Finally, Two Sigma Investments LP raised its position in State Street by 261.0% in the third quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager's stock valued at $141,277,000 after purchasing an additional 880,507 shares during the period. Institutional investors and hedge funds own 87.44% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently 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, May 28th. Citigroup raised their price objective on State Street from $172.00 to $193.00 and gave the stock a "buy" rating in a research report on Tuesday, June 23rd. JPMorgan Chase & Co. boosted their price objective on shares of State Street from $158.50 to $176.50 and gave the company a "neutral" rating in a report on Monday, July 6th. Barclays set a $165.00 target price on shares of State Street in a research report on Monday, April 20th. Finally, Morgan Stanley increased their target price on shares of State Street from $166.00 to $183.00 and gave the stock an "overweight" rating in a research note on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $173.91.

Insider Transactions at State Street

In other news, EVP Michael L. Richards sold 3,000 shares of the stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total transaction of $461,670.00. Following the sale, the executive vice president owned 43,522 shares of the company's stock, valued at approximately $6,697,600.58. This represents a 6.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Mostapha Tahiri sold 9,611 shares of the firm's stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the completion of the transaction, the chief operating officer directly owned 64,642 shares of the company's stock, valued at approximately $9,885,701.06. The trade was a 12.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 37,876 shares of company stock valued at $5,866,583. 0.27% of the stock is owned by insiders.

State Street Stock Up 0.2%

NYSE:STT opened at $180.47 on Friday. State Street Corporation has a 52 week low of $101.98 and a 52 week high of $183.32. The stock's fifty day moving average is $162.52 and its two-hundred day moving average is $142.28. The stock has a market capitalization of $49.95 billion, a price-to-earnings ratio of 18.30, a price-to-earnings-growth ratio of 0.93 and a beta of 1.42. 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 issued its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, beating analysts' consensus estimates of $2.64 by $0.20. The business had revenue of $3.80 billion during 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%.The company's revenue was up 15.6% on a year-over-year basis. During the same period in the previous year, the firm posted $2.04 earnings per share. Research analysts anticipate that State Street Corporation will post 12.75 EPS for the current year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be issued a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Wednesday, July 1st. State Street's dividend payout ratio (DPR) is 34.08%.

More State Street News

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

• Positive Sentiment: State Street was upgraded to a Zacks Rank #2 (Buy), reflecting stronger earnings outlooks and improving sentiment heading into earnings. All You Need to Know About State Street (STT) Rating Upgrade to Buy
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target on State Street to $195 from $175 and maintained an outperform rating, suggesting meaningful upside from recent levels. State Street NYSE: STT Given New $195.00 Price Target at Keefe, Bruyette & Woods
• Positive Sentiment: Analysts are revising expectations higher ahead of Q2 results, with consensus pointing to earnings growth and the possibility of a beat if State Street delivers on estimates. Top Wall Street Forecasters Revamp State Street Expectations Ahead Of Q2 Earnings
• Neutral Sentiment: State Street is expected to report quarterly earnings next week, and investors are focused on whether the company can confirm the improved outlook with actual results. State Street (STT) to Release Earnings on Thursday
• Neutral Sentiment: Coverage noting renewed analyst optimism and upgraded estimates may reinforce the bullish setup, but it does not add new company-specific fundamentals by itself. How Investors May Respond To State Street (STT) Renewed Analyst Optimism And Upgraded Earnings Estimates

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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