State Street Corporation $STT Stock Position Increased by Campbell Newman Asset Management Inc.

Key Points

• Campbell Newman Asset Management nearly doubled its State Street stake in the first quarter, increasing its position by 99.6% to 332,857 shares worth about $42.1 million.
• State Street recently beat earnings and revenue estimates, reporting $2.84 EPS on $3.80 billion in revenue, both above analyst forecasts. Revenue rose 15.6% year over year.
• The company also announced a quarterly dividend of $0.84 per share, payable July 13, implying an annualized yield of about 2.0%. Analyst sentiment remains constructive, with a consensus rating of “Moderate Buy.”

Campbell Newman Asset Management Inc. grew its position in State Street Corporation (NYSE:STT - Free Report) by 99.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 332,857 shares of the asset manager's stock after purchasing an additional 166,089 shares during the period. State Street makes up 3.4% of Campbell Newman Asset Management Inc.'s holdings, making the stock its 9th largest position. Campbell Newman Asset Management Inc. owned approximately 0.12% of State Street worth $42,126,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Chicago Partners Investment Group LLC boosted its position in State Street by 1.6% in the fourth quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager's stock valued at $675,000 after buying an additional 83 shares during the last quarter. Wedmont Private Capital raised its position in State Street by 1.3% during the 4th quarter. Wedmont Private Capital now owns 6,498 shares of the asset manager's stock worth $861,000 after buying an additional 85 shares during the last quarter. Arjuna Capital raised its position in State Street by 0.4% during the 4th quarter. Arjuna Capital now owns 25,139 shares of the asset manager's stock worth $3,243,000 after buying an additional 95 shares during the last quarter. LVW Advisors LLC lifted its stake in State Street by 1.7% during the 4th quarter. LVW Advisors LLC now owns 5,605 shares of the asset manager's stock valued at $723,000 after acquiring an additional 96 shares during the period. Finally, Security National Bank of SO Dak lifted its stake in State Street by 0.5% during the 2nd quarter. Security National Bank of SO Dak now owns 21,528 shares of the asset manager's stock valued at $2,289,000 after acquiring an additional 105 shares during the period. Institutional investors and hedge funds own 87.44% of the company's stock.

State Street Price Performance

Shares of NYSE STT opened at $168.72 on Monday. 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 stock has a market capitalization of $46.70 billion, a price-to-earnings ratio of 17.11, a PEG ratio of 0.92 and a beta of 1.43. The firm's 50 day simple moving average is $154.68 and its 200-day simple moving average is $137.39. State Street Corporation has a 12 month low of $99.00 and a 12 month high of $174.66.

State Street (NYSE:STT - Get Free Report) last posted its earnings results 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 net margin of 13.47% and a return on equity of 14.22%. The firm had revenue of $3.80 billion during the quarter, compared to analysts' expectations of $3.59 billion. During the same period in the previous year, the business posted $2.04 EPS. The business's revenue was up 15.6% compared to the same quarter last year. Analysts expect that State Street Corporation will post 12.35 EPS for the current year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be given a $0.84 dividend. The ex-dividend date is Wednesday, July 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.0%. State Street's dividend payout ratio is 34.08%.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Morgan Stanley upped their price objective on shares of State Street from $155.00 to $166.00 and gave the company an "overweight" rating in a report on Monday, April 20th. Citigroup boosted their target price on shares of State Street from $150.00 to $172.00 and gave the company a "buy" rating in a research report on Friday, May 8th. Evercore set a $158.00 price target on shares of State Street and gave the company an "outperform" rating in a report on Monday, April 20th. 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 report on Monday, April 6th. Finally, The Goldman Sachs Group lifted their price objective on State Street from $152.00 to $168.00 and gave the company a "buy" rating in a research note on Monday, April 20th. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $158.57.

Insider Activity

In related news, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $2,260,808.55. Following the completion of the transaction, the chief executive officer owned 255,512 shares in the company, valued at $39,693,789.20. The trade was a 5.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Bradford Hu sold 9,212 shares of the company's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $1,431,084.20. Following the completion of the transaction, the executive vice president directly owned 59,552 shares of the company's stock, valued at $9,251,403.20. The trade was a 13.40% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 37,876 shares of company stock worth $5,866,583. 0.27% of the stock is currently owned by insiders.

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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