MidFirst Bank Purchases Shares of 3,053 State Street Corporation $STT

MidFirst Bank acquired a new position in shares of State Street Corporation (NYSE:STT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,053 shares of the asset manager’s stock, valued at approximately $394,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wilkerson Advisory Group LLC bought a new stake in State Street in the 4th quarter valued at about $29,000. JPL Wealth Management LLC acquired a new position in State Street during the 3rd quarter worth approximately $29,000. Phillip James Consulting Co. bought a new position in State Street in the fourth quarter worth approximately $30,000. Measured Wealth Private Client Group LLC bought a new position in State Street in the third quarter worth approximately $35,000. Finally, Ameriflex Group Inc. grew its stake in State Street by 102.5% in the third quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager’s stock valued at $37,000 after acquiring an additional 161 shares during the period. Institutional investors own 87.44% of the company’s stock.

Insider Activity at State Street

In other State Street news, COO Mostapha Tahiri sold 9,611 shares of the business’s stock in a transaction dated Wednesday, April 22nd. The shares were 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 $9,885,701.06. The trade was a 12.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael L. Richards sold 3,000 shares of the stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total transaction of $461,670.00. Following the transaction, the executive vice president directly owned 43,522 shares of the company’s stock, valued at $6,697,600.58. This represents a 6.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 37,876 shares of company stock valued at $5,866,583 in the last three months. Insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on STT shares. Morgan Stanley boosted their price objective on State Street from $155.00 to $166.00 and gave the company an “overweight” rating in a report on Monday, April 20th. Truist Financial lifted their price target on shares of State Street from $136.00 to $150.00 and gave the company a “hold” rating in a research report on Monday, April 20th. Citigroup boosted their price target on shares of State Street from $150.00 to $172.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Bank of America upgraded shares of State Street from an “underperform” rating to a “neutral” rating and set a $143.00 price objective on the stock in a report on Monday, April 6th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of State Street from $157.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, April 20th. Three research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $158.57.

State Street Trading Up 0.2%

Shares of State Street stock opened at $168.72 on Friday. State Street Corporation has a 1 year low of $99.00 and a 1 year high of $174.66. The firm has a market cap of $46.70 billion, a PE ratio of 17.11, a P/E/G ratio of 0.92 and a beta of 1.43. The stock has a fifty day moving average price of $154.68 and a 200-day moving average price of $137.25. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57.

State Street (NYSE:STT) last released its earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, topping analysts’ consensus estimates of $2.64 by $0.20. The company had revenue of $3.80 billion for the quarter, compared to analysts’ expectations 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 for the quarter was up 15.6% compared to the same quarter last year. During the same period in the previous year, the business posted $2.04 EPS. Equities research analysts anticipate that State Street Corporation will post 12.35 EPS for the current year.

State Street Dividend Announcement

The business 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 of this dividend is Wednesday, July 1st. This represents a $3.36 annualized dividend and a yield of 2.0%. State Street’s payout ratio is currently 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.