Todd Asset Management LLC Reduces Stock Holdings in State Street Corporation $STT

Todd Asset Management LLC lowered its position in State Street Corporation (NYSE:STT) by 1.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 216,346 shares of the asset manager’s stock after selling 4,293 shares during the quarter. Todd Asset Management LLC’s holdings in State Street were worth $27,911,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Regents of The University of California purchased a new position in State Street during the third quarter worth about $324,576,000. Jones Financial Companies Lllp boosted its stake in State Street by 11.7% during the third quarter. Jones Financial Companies Lllp now owns 208,600 shares of the asset manager’s stock worth $24,139,000 after buying an additional 21,810 shares during the period. Machina Capital S.A.S. purchased a new position in State Street during the third quarter worth about $2,622,000. AE Wealth Management LLC purchased a new position in State Street during the third quarter worth about $6,611,000. Finally, Impax Asset Management Group plc boosted its stake in State Street by 49.2% during the third quarter. Impax Asset Management Group plc now owns 127,984 shares of the asset manager’s stock worth $14,847,000 after buying an additional 42,198 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Up 0.0%

NYSE STT opened at $153.96 on Monday. 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 firm has a market cap of $42.61 billion, a price-to-earnings ratio of 15.61, a PEG ratio of 0.84 and a beta of 1.45. The firm has a 50 day simple moving average of $139.76 and a 200-day simple moving average of $130.93. State Street Corporation has a one year low of $94.19 and a one year high of $156.18.

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

State Street Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date is Wednesday, July 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.2%. State Street’s payout ratio is 34.08%.

Analyst Ratings Changes

Several brokerages have weighed in on STT. Keefe, Bruyette & Woods increased their target price on shares of State Street from $157.00 to $175.00 and gave the stock an “outperform” rating in a research note on Monday, April 20th. The Goldman Sachs Group increased their target price on shares of State Street from $152.00 to $168.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a research note on Monday, April 20th. JPMorgan Chase & Co. increased their target price on shares of State Street from $137.50 to $158.50 and gave the stock a “neutral” rating in a research note on Monday, May 11th. Finally, Evercore set a $158.00 target price on shares of State Street and gave the stock an “outperform” rating in a research note on Monday, April 20th. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $155.77.

Key State Street News

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

• Positive Sentiment: State Street announced a quarterly dividend of $0.84 per share, reinforcing its income profile and signaling management confidence in cash generation. The payout supports investor demand for the stock. Article: State Street Corporation Declares Dividends on its Common Stock and Non-Cumulative Perpetual Preferred Stock Series “G,” “I,” “J,” and “K”
• Positive Sentiment: The company opened a new Manila office to expand global operations, which suggests continued investment in growth, efficiency, and client servicing across international markets. Article: State Street opens new Manila office to expand global operations
• Positive Sentiment: State Street also expanded its stake in Strive Asset Management, a move that may be viewed as a constructive investment decision and a sign of active portfolio positioning. Article: State Street Expands Strive Asset Management (ASST) Holdings by 770% in $17.7M Investment
• Neutral Sentiment: Several disclosures showed State Street entities reducing or ceasing substantial holdings in Australian companies such as Service Stream, Viva Energy, Collins Foods, Elsight, Fortescue, HMC Capital, and PWR Holdings. These are routine portfolio updates and are unlikely to materially affect State Street’s overall outlook. Article: State Street Entities Cease to Be Substantial Holders in Service Stream

Insider Activity at State Street

In related news, COO Mostapha Tahiri sold 9,611 shares of State Street stock in a transaction that occurred on 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 completion of the transaction, the chief operating officer owned 64,642 shares in the company, valued at approximately $9,885,701.06. The trade was a 12.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Michael L. Richards sold 3,000 shares of State Street 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 completion of the transaction, the executive vice president owned 43,522 shares of the company’s stock, valued at $6,697,600.58. This trade represents a 6.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 28,711 shares of company stock worth $3,933,032. Corporate insiders own 0.27% of the company’s stock.

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.