Fifth Third Bancorp Acquires 124,435 Shares of State Street Corporation $STT

Fifth Third Bancorp lifted its holdings in shares of State Street Corporation (NYSE:STT) by 176.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 195,039 shares of the asset manager’s stock after purchasing an additional 124,435 shares during the quarter. Fifth Third Bancorp’s holdings in State Street were worth $24,684,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Chicago Partners Investment Group LLC grew its stake in State Street by 1.6% in the 4th quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager’s stock worth $675,000 after buying an additional 83 shares in the last quarter. Wedmont Private Capital increased its holdings in shares of State Street by 1.3% in the 4th quarter. Wedmont Private Capital now owns 6,498 shares of the asset manager’s stock worth $861,000 after buying an additional 85 shares during the last quarter. Arjuna Capital raised its position in shares of State Street by 0.4% during the 4th quarter. Arjuna Capital now owns 25,139 shares of the asset manager’s stock valued at $3,243,000 after buying an additional 95 shares in the last quarter. LVW Advisors LLC raised its position in shares of State Street by 1.7% during the 4th quarter. LVW Advisors LLC now owns 5,605 shares of the asset manager’s stock valued at $723,000 after buying an additional 96 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its holdings in shares of State Street by 0.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager’s stock worth $4,053,000 after acquiring an additional 100 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

State Street Stock Performance

NYSE:STT opened at $178.06 on Tuesday. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. The firm’s fifty day simple moving average is $163.03 and its 200 day simple moving average is $142.70. The stock has a market cap of $49.28 billion, a P/E ratio of 18.06, a price-to-earnings-growth ratio of 0.93 and a beta of 1.42. State Street Corporation has a twelve month low of $101.98 and a twelve month high of $183.32.

State Street (NYSE:STT) last announced its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, beating the consensus estimate of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The business had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same quarter last year, the firm posted $2.04 earnings per share. The company’s revenue for the quarter was up 15.6% on a year-over-year basis. As a group, research analysts predict that State Street Corporation will post 12.75 EPS for the current year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st were paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 1.9%. The ex-dividend date was Wednesday, July 1st. State Street’s dividend payout ratio (DPR) is currently 34.08%.

Insiders Place Their Bets

In related news, EVP W. Bradford Hu sold 9,212 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total transaction of $1,431,084.20. Following the sale, the executive vice president directly owned 59,552 shares of the company’s stock, valued at $9,251,403.20. This trade represents a 13.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Mostapha Tahiri sold 9,611 shares of the firm’s stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the sale, the chief operating officer directly owned 64,642 shares in the company, valued at approximately $9,885,701.06. The trade was a 12.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 37,876 shares of company stock worth $5,866,583 in the last 90 days. 0.27% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

STT has been the subject of several research reports. Evercore set a $186.00 target price on shares of State Street and gave the stock an “outperform” rating in a research report on Monday, July 6th. Barclays set a $165.00 price target on State Street in a research report on Monday, April 20th. UBS Group set a $176.00 price objective on State Street in a report on Friday, June 26th. Seaport Research Partners reiterated a “buy” rating and set a $170.00 price objective on shares of State Street in a research report on Monday, April 20th. Finally, Citigroup raised their price objective on State Street from $172.00 to $193.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $173.91.

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.