Corient Private Wealth LLC Boosts Stock Holdings in State Street Corporation $STT

Corient Private Wealth LLC lifted its position in shares of State Street Corporation (NYSE:STT) by 5.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 191,623 shares of the asset manager’s stock after acquiring an additional 9,517 shares during the period. Corient Private Wealth LLC’s holdings in State Street were worth $24,734,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. Regents of The University of California increased its holdings in shares of State Street by 211.2% in the 4th quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock worth $1,123,186,000 after purchasing an additional 5,908,370 shares in the last quarter. Morgan Stanley lifted its holdings in shares of State Street by 9.0% during the fourth quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager’s stock valued at $673,740,000 after purchasing an additional 433,201 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of State Street by 30.8% during the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock valued at $588,227,000 after purchasing an additional 1,074,174 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of State Street by 1.7% during the fourth quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager’s stock valued at $506,534,000 after buying an additional 67,309 shares during the last quarter. Finally, First Trust Advisors LP boosted its position in shares of State Street by 30.4% during the fourth quarter. First Trust Advisors LP now owns 3,582,977 shares of the asset manager’s stock valued at $462,240,000 after buying an additional 835,331 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $2,260,808.55. Following the completion of the sale, the chief executive officer owned 255,512 shares in the company, valued at $39,693,789.20. This represents a 5.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 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 value of $461,670.00. Following the completion of the transaction, the executive vice president directly owned 43,522 shares in the company, valued at $6,697,600.58. This trade represents a 6.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 37,876 shares of company stock valued at $5,866,583 in the last 90 days. 0.27% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on STT. The Goldman Sachs Group boosted their target price on State Street from $152.00 to $168.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Truist Financial raised their price target on shares of State Street from $136.00 to $150.00 and gave the company a “hold” rating in a report on Monday, April 20th. Citigroup boosted their price objective on shares of State Street from $150.00 to $172.00 and gave the company a “buy” rating in a report on Friday, May 8th. Wells Fargo & Company increased their price objective on shares of State Street from $162.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. Finally, Weiss Ratings upgraded shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $158.57.

Key Stories Impacting State Street

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

• Positive Sentiment: State Street’s SPDR Straits Times Index ETF issued an updated prospectus, signaling ongoing product maintenance and activity in its ETF franchise. State Street SPDR STI ETF issues updated prospectus for Singapore benchmark fund
• Neutral Sentiment: State Street was reported to have exited or ceased substantial holdings in several Australian names, including Smartgroup, Aussie Broadband, Deterra Royalties, Electro Optic Systems, Super Retail Group, Austal, Bapcor, Bega Cheese, and Clarity Pharmaceuticals. These are portfolio-position changes rather than direct fundamentals for STT, so the impact on the stock is likely limited unless they indicate a broader shift in AUM strategy. State Street exits substantial holding in Smartgroup
• Neutral Sentiment: Investor attention may also be supported by the recent comparison article on State Street’s SPDR ETF lineup versus iShares, which underscores ongoing competition in the ETF market. State Street SPDR vs. iShares: Which Bank ETF Wins This Showdown?

State Street Stock Up 3.1%

State Street stock opened at $173.60 on Tuesday. State Street Corporation has a one year low of $99.00 and a one year high of $174.66. The stock has a fifty day moving average of $155.38 and a 200 day moving average of $137.77. 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 stock has a market cap of $48.05 billion, a PE ratio of 17.61, a price-to-earnings-growth ratio of 0.92 and a beta of 1.43.

State Street (NYSE:STT) last announced its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.64 by $0.20. The company had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. The firm’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same period in the previous year, the business posted $2.04 earnings per share. As a group, sell-side analysts predict that State Street Corporation will post 12.35 EPS for the current year.

State Street Dividend Announcement

The business also recently announced 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. This represents a $3.36 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Wednesday, July 1st. State Street’s dividend payout ratio (DPR) is currently 34.08%.

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.