Thames Capital Management LLC Has $33.81 Million Position in State Street Corporation $STT

Thames Capital Management LLC boosted its holdings in shares of State Street Corporation (NYSE:STT) by 218.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 262,094 shares of the asset manager’s stock after purchasing an additional 179,878 shares during the period. State Street comprises 4.9% of Thames Capital Management LLC’s portfolio, making the stock its 2nd biggest holding. Thames Capital Management LLC’s holdings in State Street were worth $33,813,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in STT. Regents of The University of California bought a new position in State Street during the third quarter worth about $324,576,000. Norges Bank bought a new position in State Street during the fourth quarter worth about $303,483,000. Two Sigma Investments LP lifted its stake in State Street by 261.0% during the third quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager’s stock worth $141,277,000 after purchasing an additional 880,507 shares during the period. First Trust Advisors LP lifted its stake in State Street by 36.8% during the third quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager’s stock worth $318,754,000 after purchasing an additional 738,456 shares during the period. Finally, Jupiter Asset Management Ltd. bought a new position in State Street during the third quarter worth about $62,092,000. Institutional investors own 87.44% of the company’s stock.

State Street Stock Performance

NYSE:STT opened at $155.63 on Friday. State Street Corporation has a 1 year low of $94.72 and a 1 year high of $159.31. The firm has a 50 day moving average of $143.30 and a 200-day moving average of $132.22. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $43.07 billion, a P/E ratio of 15.78, a price-to-earnings-growth ratio of 0.85 and a beta of 1.45.

State Street (NYSE:STT) last posted its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 posted $2.04 earnings per share. State Street’s quarterly revenue was up 15.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that State Street Corporation will post 12.35 EPS for the current fiscal year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be paid 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%.

State Street News Roundup

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

• Positive Sentiment: State Street was highlighted as one of the better-positioned names in the regional banks/financials group, with analysts citing favorable industry trends such as restructuring, acquisitions, digitization, loan demand, and lower rates as potential tailwinds for growth. Article Title
• Positive Sentiment: State Street Investment Management announced it will close and liquidate the EMTL ETF, which can be read as disciplined product management and a focus on pruning weaker offerings to improve capital efficiency. Article Title
• Neutral Sentiment: State Street announced that CFO John Woods will present at the Morgan Stanley U.S. Financials Conference on June 10. The event may provide updates on strategy and outlook, but it is not a direct business catalyst by itself. Article Title
• Neutral Sentiment: State Street’s entities ceased to be substantial holders in several Australian companies, reflecting portfolio ownership changes that do not appear material to State Street’s own earnings power. Article Title
• Negative Sentiment: CEO Ronald P. Hanley and EVP W. Bradford Hu both sold shares under pre-arranged 10b5-1 plans. While routine, insider selling can still pressure sentiment when the stock is trading close to recent highs. Article Title

Insider Buying and Selling

In other news, 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 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. The trade was a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP John Plansky sold 16,100 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the completion of the transaction, the executive vice president owned 56,162 shares of the company’s stock, valued at $6,982,059.84. This trade represents a 22.28% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 52,476 shares of company stock valued at $7,624,925 in the last ninety days. 0.27% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

STT has been the subject of a number of analyst reports. Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. Morgan Stanley raised their price target on shares of State Street from $155.00 to $166.00 and gave the stock an “overweight” rating in a research note on Monday, April 20th. Argus raised their price target on shares of State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a research note on Tuesday, April 21st. Truist Financial raised their price target on shares of State Street from $136.00 to $150.00 and gave the stock a “hold” rating in a research note on Monday, April 20th. Finally, Evercore set a $158.00 target price on shares of State Street and gave the company an “outperform” rating in a research note on Monday, April 20th. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $158.57.

About State Street

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.