Eurizon Capital SGR S.p.A. Takes Position in State Street Corporation $STT

Eurizon Capital SGR S.p.A. purchased a new stake in State Street Corporation (NYSE:STT) in the 4th quarter, Holdings Channel reports. The fund purchased 67,540 shares of the asset manager’s stock, valued at approximately $8,720,000.

Several other hedge funds have also modified their holdings of the business. Fideuram Asset Management Ireland dac acquired a new stake in shares of State Street in the 4th quarter valued at approximately $147,000. National Pension Service lifted its holdings in shares of State Street by 0.4% in the 4th quarter. National Pension Service now owns 525,700 shares of the asset manager’s stock valued at $67,821,000 after buying an additional 1,909 shares during the period. SBI Okasan Asset Management Co.Ltd. acquired a new stake in shares of State Street in the 4th quarter valued at approximately $935,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund acquired a new stake in shares of State Street in the 4th quarter valued at approximately $22,821,000. Finally, Moors & Cabot Inc. lifted its holdings in shares of State Street by 5.5% in the 4th quarter. Moors & Cabot Inc. now owns 18,952 shares of the asset manager’s stock valued at $2,445,000 after buying an additional 994 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, EVP W. Bradford Hu sold 9,212 shares of the business’s stock in a transaction on 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP John Plansky sold 16,100 shares of the business’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total value of $2,001,552.00. Following the completion of the transaction, the executive vice president directly owned 56,162 shares of the company’s stock, valued at approximately $6,982,059.84. This trade represents a 22.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 52,476 shares of company stock valued at $7,624,925. Company insiders own 0.27% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on STT. JPMorgan Chase & Co. raised their price target on State Street from $137.50 to $158.50 and gave the company a “neutral” rating in a report on Monday, May 11th. Seaport Research Partners reissued a “buy” rating and issued a $170.00 price target on shares of State Street in a report on Monday, April 20th. Royal Bank Of Canada lifted 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. Evercore set a $158.00 target price on State Street and gave the stock an “outperform” rating in a research report on Monday, April 20th. Finally, Argus upped their target price on State Street from $140.00 to $168.00 and gave the company a “buy” rating in a report on Tuesday, April 21st. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $158.57.

Key Headlines 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 Stock Down 0.0%

State Street stock opened at $155.63 on Monday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.57. The firm has a market capitalization of $43.07 billion, a price-to-earnings ratio of 15.78, a price-to-earnings-growth ratio of 0.85 and a beta of 1.43. State Street Corporation has a fifty-two week low of $94.72 and a fifty-two week high of $159.31. The stock’s fifty day moving average is $143.30 and its two-hundred day moving average is $132.31.

State Street (NYSE:STT) last posted its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.64 by $0.20. The company had revenue of $3.80 billion for 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%.State Street’s revenue was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.04 earnings per share. Analysts predict that State Street Corporation will post 12.35 EPS 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 issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Wednesday, July 1st. State Street’s 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.