United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund Invests $22.82 Million in State Street Corporation $STT

Key Points

• United Super Pty Ltd disclosed a new fourth-quarter stake in State Street, buying 176,896 shares valued at about $22.82 million. The position represented roughly 0.06% of the company.
• Wall Street sentiment on State Street remains constructive, with several firms raising price targets and analysts assigning a consensus rating of “Moderate Buy.” The average price target now stands at $158.57.
• State Street reported strong quarterly results, beating earnings and revenue estimates with $2.84 EPS and $3.80 billion in revenue. The company also declared a quarterly dividend of $0.84 per share, payable July 13.

United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund acquired a new position in shares of State Street Corporation (NYSE:STT - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 176,896 shares of the asset manager's stock, valued at approximately $22,821,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund owned approximately 0.06% of State Street at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of STT. JPL Wealth Management LLC purchased a new stake in shares of State Street during the third quarter worth about $29,000. Board of the Pension Protection Fund purchased a new stake in shares of State Street during the fourth quarter worth about $39,000. Measured Wealth Private Client Group LLC purchased a new stake in shares of State Street during the third quarter worth about $35,000. Ameriflex Group Inc. grew its holdings in shares of State Street by 102.5% during the third quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager's stock worth $37,000 after buying an additional 161 shares in the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC grew its stake in State Street by 38.2% in the 3rd quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager's stock worth $39,000 after acquiring an additional 94 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on STT shares. Morgan Stanley lifted their target price on shares of State Street from $155.00 to $166.00 and gave the stock an "overweight" rating in a research note on Monday, April 20th. Zacks Research raised shares of State Street from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 21st. Barclays set a $165.00 target price on shares of State Street in a research note on Monday, April 20th. Keefe, Bruyette & Woods lifted their target price on shares of State Street from $157.00 to $175.00 and gave the stock an "outperform" rating in a research note on Monday, April 20th. Finally, The Goldman Sachs Group lifted their target price on shares of State Street from $152.00 to $168.00 and gave the stock a "buy" rating in a research note on Monday, April 20th. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $158.57.

State Street News Summary

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

• Positive Sentiment: State Street Investment Management announced a change to its ETF lineup, including the planned closure and liquidation of the State Street DoubleLine Emerging Markets Fixed Income ETF (EMTL). This reflects an active review of the firm’s product set and could help management focus resources on higher-priority offerings. State Street Investment Management Announces Change to ETF Lineup
• Neutral Sentiment: State Street presented at the Bernstein 42nd Annual Strategic Decisions Conference, which may have given investors an updated look at strategy and outlook, but no major new financial details were included in the headline. State Street Corporation (STT) Presents at Bernstein 42nd Annual Strategic Decisions Conference Transcript
• Negative Sentiment: CEO Ronald P. Hanley sold 14,553 shares and EVP W. Bradford Hu sold 9,212 shares in pre-arranged Rule 10b5-1 transactions. While these were planned sales, insider selling can still weigh on investor sentiment. CEO stock sale SEC filing EVP stock sale SEC filing

State Street Trading Down 0.0%

Shares of STT stock opened at $157.87 on Friday. The firm's 50 day moving average price is $142.61 and its two-hundred day moving average price is $132.06. 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 fifty-two week low of $94.72 and a fifty-two week high of $159.31. The stock has a market cap of $43.69 billion, a price-to-earnings ratio of 16.01, a price-to-earnings-growth ratio of 0.86 and a beta of 1.45.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, topping analysts' consensus estimates 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 prior year, the company earned $2.04 EPS. The firm's revenue was up 15.6% on a year-over-year basis. On average, analysts anticipate that State Street Corporation will post 12.35 EPS for the current year.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be issued a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $3.36 annualized dividend and a yield of 2.1%. State Street's dividend payout ratio is currently 34.08%.

Insider Transactions at State Street

In related news, EVP John Plansky sold 16,100 shares of the company's stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total value of $2,001,552.00. Following the sale, the executive vice president directly owned 56,162 shares of the company's stock, valued at $6,982,059.84. This represents a 22.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Mostapha Tahiri sold 9,611 shares of the company's stock in a transaction dated 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 sale, the chief operating officer owned 64,642 shares in the company, valued at approximately $9,885,701.06. This trade represents a 12.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 52,476 shares of company stock valued at $7,624,925 over the last ninety days. 0.27% of the stock is currently owned by corporate insiders.

State Street 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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