Westover Capital Advisors LLC Acquires Shares of 5,175 State Street Corporation $STT

Westover Capital Advisors LLC acquired a new stake in State Street Corporation (NYSE:STT) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 5,175 shares of the asset manager’s stock, valued at approximately $668,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Regents of The University of California purchased a new stake in shares of State Street during the third quarter worth approximately $324,576,000. Jones Financial Companies Lllp raised its stake in shares of 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 purchasing an additional 21,810 shares during the last quarter. Machina Capital S.A.S. purchased a new stake in shares of State Street during the third quarter worth approximately $2,622,000. AE Wealth Management LLC purchased a new stake in shares of State Street during the third quarter worth approximately $6,611,000. Finally, Impax Asset Management Group plc increased its stake in shares of 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 acquiring an additional 42,198 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insiders Place Their Bets

In other State Street news, 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 value of $461,670.00. Following the completion of the transaction, the executive vice president owned 43,522 shares in the company, valued at approximately $6,697,600.58. This represents a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Mostapha Tahiri sold 9,611 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at approximately $9,885,701.06. This represents a 12.94% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 28,711 shares of company stock worth $3,933,032. 0.27% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on STT. Royal Bank Of Canada boosted their price target on shares of State Street from $135.00 to $155.00 and gave the stock a “sector perform” rating in a research note on Monday, April 20th. Truist Financial lifted their price objective on State Street from $136.00 to $150.00 and gave the company a “hold” rating in a report on Monday, April 20th. JPMorgan Chase & Co. lifted their price objective on State Street from $137.50 to $158.50 and gave the company a “neutral” rating in a report on Monday, May 11th. The Goldman Sachs Group lifted their price objective on State Street from $152.00 to $168.00 and gave the company a “buy” rating in a report on Monday, April 20th. Finally, Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 21st. Three 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 company’s stock. According to MarketBeat, State Street has an average rating of “Moderate Buy” and an average target price of $155.77.

Trending Headlines about State Street

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

State Street Trading Up 0.0%

NYSE:STT opened at $153.96 on Monday. The stock has a fifty day moving average price of $139.76 and a two-hundred day moving average price of $130.93. The stock has a market capitalization 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 company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.57. State Street Corporation has a 1 year low of $94.19 and a 1 year high of $156.18.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 14.22% and a net margin of 13.47%.State Street’s revenue was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.04 earnings per share. As a group, sell-side analysts anticipate that State Street Corporation will post 12.35 earnings per share for the current fiscal year.

State Street Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be given a $0.84 dividend. The ex-dividend date is Wednesday, July 1st. This represents a $3.36 annualized dividend and a yield of 2.2%. State Street’s dividend payout ratio is presently 34.08%.

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.