J. Safra Sarasin Holding AG Has $3 Million Stock Position in State Street Corporation $STT

J. Safra Sarasin Holding AG lifted its stake in State Street Corporation (NYSE:STT) by 69.2% in the first quarter, HoldingsChannel reports. The institutional investor owned 23,741 shares of the asset manager’s stock after buying an additional 9,713 shares during the quarter. J. Safra Sarasin Holding AG’s holdings in State Street were worth $3,002,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of STT. Nordea Investment Management AB grew its holdings in shares of State Street by 15.4% in the 4th quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager’s stock worth $367,041,000 after purchasing an additional 377,568 shares during the last quarter. Clean Yield Group boosted its position in State Street by 8,247.4% in the fourth quarter. Clean Yield Group now owns 19,199 shares of the asset manager’s stock valued at $2,477,000 after buying an additional 18,969 shares in the last quarter. Concurrent Investment Advisors LLC bought a new stake in State Street during the fourth quarter worth about $1,959,000. IFM Investors Pty Ltd increased its holdings in shares of State Street by 9.7% during the first quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager’s stock worth $10,699,000 after buying an additional 7,469 shares in the last quarter. Finally, Heritage Family Offices LLP bought a new position in shares of State Street in the fourth quarter valued at approximately $1,220,000. Institutional investors own 87.44% of the company’s stock.

State Street Stock Performance

Shares of NYSE:STT opened at $178.06 on Tuesday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. State Street Corporation has a 1-year low of $101.98 and a 1-year high of $183.32. The stock has a market capitalization of $49.28 billion, a P/E ratio of 18.06, a P/E/G ratio of 0.93 and a beta of 1.42. The business has a 50-day moving average price of $163.03 and a two-hundred day moving average price of $142.70.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, topping the consensus estimate of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The company had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the previous year, the company earned $2.04 EPS. State Street’s revenue was up 15.6% on a year-over-year basis. Equities analysts predict that State Street Corporation will post 12.75 earnings per share for the current year.

State Street Dividend Announcement

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

Insider Activity

In related news, EVP W. Bradford Hu sold 9,212 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $1,431,084.20. Following the completion of the transaction, the executive vice president owned 59,552 shares in the company, valued at approximately $9,251,403.20. The trade was a 13.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total transaction of $461,670.00. Following the completion of the sale, the executive vice president owned 43,522 shares in the company, valued at approximately $6,697,600.58. This trade represents a 6.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 37,876 shares of company stock worth $5,866,583 over the last quarter. 0.27% of the stock is owned by insiders.

Analysts Set New Price Targets

STT has been the topic of a number of research analyst reports. The Goldman Sachs Group increased their price target on State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Truist Financial raised their target price on State Street from $150.00 to $176.00 and gave the company a “hold” rating in a research note on Friday, June 26th. UBS Group set a $176.00 price target on shares of State Street in a research report on Friday, June 26th. JPMorgan Chase & Co. boosted their target price on shares of State Street from $158.50 to $176.50 and gave the stock a “neutral” rating in a research note on Monday, July 6th. Finally, Wells Fargo & Company upped their target price on shares of State Street from $171.00 to $196.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 24th. 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 stock. Based on data from MarketBeat, State Street currently has an average rating of “Moderate Buy” and a consensus price target of $173.91.

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.