State Street Corporation $STT Shares Bought by Pacific Heights Asset Management LLC

Key Points

• Pacific Heights Asset Management LLC increased its State Street stake by 16.2% in the fourth quarter, buying 30,000 more shares to bring its total to 215,000 shares worth about $27.7 million.
• Several other institutions also added to positions in State Street (NYSE:STT), and hedge funds and other institutional investors now own 87.44% of the company.
• Analysts remain broadly positive: multiple firms raised price targets, and State Street currently has a Moderate Buy consensus with an average target price of $155.77. The company also recently beat earnings expectations and pays a quarterly dividend yielding 2.2%.

Pacific Heights Asset Management LLC boosted its position in shares of State Street Corporation (NYSE:STT - Free Report) by 16.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 215,000 shares of the asset manager's stock after buying an additional 30,000 shares during the period. Pacific Heights Asset Management LLC owned 0.08% of State Street worth $27,737,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in STT. Regents of The University of California acquired a new position in State Street during the third quarter worth approximately $324,576,000. Two Sigma Investments LP increased its holdings in shares of 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. First Trust Advisors LP increased its holdings in shares of State Street by 36.8% in the third 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 period. Jupiter Asset Management Ltd. acquired a new position in shares of State Street in the third quarter valued at approximately $62,092,000. Finally, Qube Research & Technologies Ltd increased its holdings in shares of State Street by 157.5% in the third quarter. Qube Research & Technologies Ltd now owns 863,666 shares of the asset manager's stock valued at $100,194,000 after purchasing an additional 528,246 shares during the period. Institutional investors and hedge funds own 87.44% of the company's stock.

Insider Buying and Selling

In related news, EVP John Plansky sold 16,100 shares of the stock in a transaction dated Wednesday, March 11th. The stock was 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. This represents a 22.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Michael L. Richards sold 3,000 shares of the stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total value of $461,670.00. Following the transaction, the executive vice president owned 43,522 shares in the company, valued at $6,697,600.58. This trade represents a 6.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 28,711 shares of company stock worth $3,933,032. 0.27% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on STT. Morgan Stanley boosted their target price on State Street from $155.00 to $166.00 and gave the company an "overweight" rating in a report on Monday, April 20th. Royal Bank Of Canada upped their price objective on State Street from $135.00 to $155.00 and gave the stock a "sector perform" rating in a report on Monday, April 20th. Seaport Research Partners reaffirmed a "buy" rating and set a $170.00 price objective on shares of State Street in a report on Monday, April 20th. Evercore set a $158.00 price objective on State Street and gave the stock an "outperform" rating in a report on Monday, April 20th. Finally, Citigroup boosted their target price on State Street from $150.00 to $172.00 and gave the stock a "buy" rating in a research report on Friday, May 8th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, State Street presently has an average rating of "Moderate Buy" and a consensus price target of $155.77.

State Street Stock Up 0.0%

Shares of NYSE:STT opened at $152.89 on Monday. 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 52-week low of $94.19 and a 52-week high of $156.18. The stock's fifty day simple moving average is $136.77 and its 200-day simple moving average is $129.65. The company has a market capitalization of $42.32 billion, a P/E ratio of 15.51, a P/E/G ratio of 0.84 and a beta of 1.45.

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 (EPS) for the quarter, beating the consensus estimate of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The business had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the prior year, the business earned $2.04 earnings per share. The business's revenue was up 15.6% on a year-over-year basis. As a group, equities research analysts forecast that State Street Corporation will post 12.35 earnings per share for the current fiscal year.

State Street Announces Dividend

The firm also recently announced 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 was Wednesday, April 1st. This represents a $3.36 annualized dividend and a yield of 2.2%. State Street's dividend payout ratio is 34.08%.

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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