Thames Capital Management LLC Acquires 179,878 Shares of State Street Corporation $STT

Thames Capital Management LLC boosted its holdings in shares of State Street Corporation (NYSE:STT) by 218.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 262,094 shares of the asset manager’s stock after buying an additional 179,878 shares during the quarter. State Street comprises 4.9% of Thames Capital Management LLC’s portfolio, making the stock its 2nd biggest holding. Thames Capital Management LLC owned 0.09% of State Street worth $33,813,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. Franklin Resources Inc. increased its position in State Street by 3.7% during the third quarter. Franklin Resources Inc. now owns 3,859,012 shares of the asset manager’s stock worth $447,684,000 after buying an additional 137,049 shares during the last quarter. Nordea Investment Management AB increased its position in State Street by 15.4% during the fourth quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager’s stock worth $367,041,000 after buying an additional 377,568 shares during the last quarter. Regents of The University of California acquired a new position in State Street during the third quarter worth $324,576,000. First Trust Advisors LP increased its position 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 buying an additional 738,456 shares during the last quarter. Finally, Norges Bank acquired a new position in State Street during the fourth quarter worth $303,483,000. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at State Street

In related news, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the sale, the chief executive officer directly owned 255,512 shares of the company’s stock, valued at $39,693,789.20. This trade represents a 5.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 3,000 shares of State Street stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total value of $461,670.00. Following the sale, the executive vice president directly 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 SEC filing for this sale provides additional information. Insiders sold 52,476 shares of company stock valued at $7,624,925 over the last quarter. Company insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on STT shares. Evercore set a $158.00 price target on State Street and gave the company an “outperform” rating in a research report on Monday, April 20th. Argus raised their price target on State Street from $140.00 to $168.00 and gave the company a “buy” rating in a research report on Tuesday, April 21st. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday. Bank of America raised State Street from an “underperform” rating to a “neutral” rating and set a $143.00 price target on the stock in a research report on Monday, April 6th. Finally, Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 21st. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $158.57.

Key State Street News

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

State Street Trading Down 1.3%

Shares of NYSE:STT opened at $155.63 on Friday. State Street Corporation has a 52-week low of $94.72 and a 52-week high of $159.31. The company has a market cap of $43.07 billion, a P/E ratio of 15.78, a P/E/G ratio of 0.85 and a beta of 1.45. The stock’s 50-day moving average is $143.30 and its 200-day moving average is $132.22. 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 (NYSE:STT) last released its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $3.59 billion. During the same period last year, the business earned $2.04 earnings per share. The firm’s revenue for the quarter was up 15.6% compared to the same quarter last year. Equities research analysts predict that State Street Corporation will post 12.35 earnings per share for the current year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be given a dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.2%. State Street’s dividend payout ratio (DPR) is 34.08%.

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.