Campbell Newman Asset Management Inc. Buys 166,089 Shares of State Street Corporation $STT

Campbell Newman Asset Management Inc. increased its stake in State Street Corporation (NYSE:STT) by 99.6% in the 1st quarter, Holdings Channel.com reports. The fund owned 332,857 shares of the asset manager’s stock after acquiring an additional 166,089 shares during the quarter. State Street comprises approximately 3.4% of Campbell Newman Asset Management Inc.’s investment portfolio, making the stock its 9th biggest position. Campbell Newman Asset Management Inc.’s holdings in State Street were worth $42,126,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Wilkerson Advisory Group LLC purchased a new position in State Street during the fourth quarter valued at $29,000. Phillip James Consulting Co. purchased a new stake in shares of State Street during the fourth quarter worth about $30,000. JPL Wealth Management LLC purchased a new stake in shares of State Street during the third quarter worth about $29,000. Reflection Asset Management acquired a new position in shares of State Street during the 4th quarter worth about $35,000. Finally, Board of the Pension Protection Fund acquired a new position in shares of State Street during the 4th quarter worth about $39,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Hanley Ronald P. O sold 14,553 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the completion of the sale, the chief executive officer directly owned 255,512 shares in the company, valued at approximately $39,693,789.20. This trade represents a 5.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total transaction of $461,670.00. Following the sale, the executive vice president owned 43,522 shares of the company’s stock, valued at approximately $6,697,600.58. The trade was a 6.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 37,876 shares of company stock worth $5,866,583 in the last quarter. 0.27% of the stock is currently owned by insiders.

State Street Price Performance

STT stock opened at $168.72 on Monday. State Street Corporation has a 1 year low of $99.00 and a 1 year high of $174.66. 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 firm has a market capitalization of $46.70 billion, a PE ratio of 17.11, a price-to-earnings-growth ratio of 0.92 and a beta of 1.43. The business has a 50 day simple moving average of $154.68 and a 200-day simple moving average of $137.39.

State Street (NYSE:STT) last announced its quarterly earnings data 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 firm had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The firm’s revenue was up 15.6% compared to the same quarter last year. During the same quarter last year, the business posted $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 issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Wednesday, July 1st. State Street’s payout ratio is currently 34.08%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on STT shares. Bank of America upgraded 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. Truist Financial increased their price objective on State Street from $136.00 to $150.00 and gave the company a “hold” rating in a research note on Monday, April 20th. Keefe, Bruyette & Woods raised their price objective on State Street from $157.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, April 20th. 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. Finally, Barclays set a $165.00 target price on shares of State Street in a report on Monday, April 20th. Three equities research 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 stock. According to data from MarketBeat, State Street presently has a consensus rating of “Moderate Buy” and a consensus target price of $158.57.

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.