BNP Paribas Financial Markets Cuts Stock Holdings in State Street Corporation $STT

BNP Paribas Financial Markets reduced its position in shares of State Street Corporation (NYSE:STT) by 11.4% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 765,927 shares of the asset manager’s stock after selling 98,201 shares during the period. BNP Paribas Financial Markets’ holdings in State Street were worth $98,812,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of STT. JPL Wealth Management LLC purchased a new stake in State Street during the 3rd quarter worth approximately $29,000. Measured Wealth Private Client Group LLC purchased a new stake in State Street during the 3rd quarter worth approximately $35,000. Ameriflex Group Inc. increased its stake in State Street by 102.5% during the 3rd 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. Annis Gardner Whiting Capital Advisors LLC increased its stake in State Street by 38.2% during the 3rd quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager’s stock worth $39,000 after buying an additional 94 shares in the last quarter. Finally, Board of the Pension Protection Fund purchased a new stake in State Street during the 4th quarter worth approximately $39,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, COO Mostapha Tahiri sold 9,611 shares of the company’s stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total value of $1,469,810.23. Following the transaction, the chief operating officer directly owned 64,642 shares in the company, valued at approximately $9,885,701.06. This represents a 12.94% 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, EVP W. Bradford Hu sold 9,212 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The shares were 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 owned 59,552 shares in the company, valued at $9,251,403.20. This represents a 13.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 52,476 shares of company stock valued at $7,624,925. Insiders own 0.27% of the company’s stock.

Analysts Set New Price Targets

STT has been the subject of several research reports. Seaport Research Partners reiterated a “buy” rating and set a $170.00 price objective on shares of State Street in a research note on Monday, April 20th. Bank of America upgraded State Street from an “underperform” rating to a “neutral” rating and set a $143.00 price objective for the company in a research note on Monday, April 6th. The Goldman Sachs Group boosted their price objective on State Street from $152.00 to $168.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. JPMorgan Chase & Co. boosted their price objective on State Street from $137.50 to $158.50 and gave the stock a “neutral” rating in a research note on Monday, May 11th. Finally, Weiss Ratings upgraded State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday. Three 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. According to MarketBeat.com, State Street presently has a consensus rating of “Moderate Buy” and a consensus price target of $158.57.

Key Stories Impacting State Street

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

• Positive Sentiment: State Street was highlighted as one of the better-positioned names in the regional banks/financials group, with analysts citing favorable industry trends such as restructuring, acquisitions, digitization, loan demand, and lower rates as potential tailwinds for growth. Article Title
• Positive Sentiment: State Street Investment Management announced it will close and liquidate the EMTL ETF, which can be read as disciplined product management and a focus on pruning weaker offerings to improve capital efficiency. Article Title
• Neutral Sentiment: State Street announced that CFO John Woods will present at the Morgan Stanley U.S. Financials Conference on June 10. The event may provide updates on strategy and outlook, but it is not a direct business catalyst by itself. Article Title
• Neutral Sentiment: State Street’s entities ceased to be substantial holders in several Australian companies, reflecting portfolio ownership changes that do not appear material to State Street’s own earnings power. Article Title
• Negative Sentiment: CEO Ronald P. Hanley and EVP W. Bradford Hu both sold shares under pre-arranged 10b5-1 plans. While routine, insider selling can still pressure sentiment when the stock is trading close to recent highs. Article Title

State Street Price Performance

STT stock opened at $155.63 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 business has a 50 day simple moving average of $143.30 and a 200-day simple moving average of $132.31. The firm has a market capitalization of $43.07 billion, a PE ratio of 15.78, a price-to-earnings-growth ratio of 0.85 and a beta of 1.43. State Street Corporation has a 1 year low of $94.72 and a 1 year high of $159.31.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) 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 analyst estimates of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The business’s revenue was up 15.6% compared to the same quarter last year. During the same period in the prior year, the business earned $2.04 earnings per share. Equities research analysts anticipate that State Street Corporation will post 12.35 earnings per share for the current fiscal year.

State Street Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Stockholders 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 2.2%. State Street’s dividend payout ratio is 34.08%.

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.