CIBC Asset Management Inc Purchases 24,431 Shares of State Street Corporation $STT

CIBC Asset Management Inc increased its position in shares of State Street Corporation (NYSE:STT) by 51.3% during the fourth quarter, HoldingsChannel reports. The fund owned 72,068 shares of the asset manager’s stock after buying an additional 24,431 shares during the quarter. CIBC Asset Management Inc’s holdings in State Street were worth $9,297,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. JPL Wealth Management LLC bought a new stake in State Street during the 3rd quarter worth $29,000. Board of the Pension Protection Fund bought a new stake in State Street during the 4th quarter worth $39,000. Measured Wealth Private Client Group LLC bought a new stake in State Street during the 3rd quarter worth $35,000. Ameriflex Group Inc. grew its position in State Street by 102.5% during the 3rd quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager’s stock worth $37,000 after acquiring an additional 161 shares during the last quarter. Finally, Stance Capital LLC bought a new stake in State Street during the 3rd quarter worth $44,000. Institutional investors own 87.44% of the company’s stock.

Insider Buying and Selling at State Street

In other State Street news, COO Mostapha Tahiri sold 9,611 shares of the stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the completion of the transaction, the chief operating officer directly owned 64,642 shares of the company’s stock, valued at approximately $9,885,701.06. This represents a 12.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP W. Bradford Hu sold 9,212 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $1,431,084.20. Following the transaction, the executive vice president directly owned 59,552 shares of the company’s stock, valued at approximately $9,251,403.20. This trade represents a 13.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 52,476 shares of company stock valued at $7,624,925 in the last quarter. Insiders own 0.27% of the company’s stock.

State Street News Summary

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

• Positive Sentiment: State Street expanded its investment servicing relationship with Principal Financial Group, which suggests continued demand for its institutional servicing and custody business. State Street Expands Investment Servicing Relationship with Principal Financial Group®
• Positive Sentiment: Analysts continue to rate State Street as a “Moderate Buy,” reinforcing a constructive view on the company’s earnings outlook and valuation. State Street Corporation (NYSE:STT) Receives Average Rating of “Moderate Buy” from Analysts
• Neutral Sentiment: State Street filed multiple notices showing it ceased to be a substantial holder in several Australian companies, including SRG Global, Super Retail Group, Kingsgate Consolidated, Polynovo, Centuria Capital, Emerald Resources, Amplitude Energy, Bega Cheese, and Service Stream. These are portfolio repositioning updates and do not directly change State Street’s core earnings picture.
• Neutral Sentiment: Investor commentary around the rejected independent-chair proposal and relative stock underperformance highlights ongoing governance and sentiment questions, but these items are more of a market narrative than a fundamental catalyst. Did State Street’s Rejected Independent-Chair Proposal Reframe Its Governance Trade-offs for Investors in STT?

State Street Price Performance

Shares of NYSE STT opened at $161.73 on Friday. The stock has a fifty day simple moving average of $146.97 and a two-hundred day simple moving average of $133.67. State Street Corporation has a 1-year low of $95.67 and a 1-year high of $163.95. The firm has a market cap of $44.76 billion, a price-to-earnings ratio of 16.40, a price-to-earnings-growth ratio of 0.89 and a beta of 1.43. 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 (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 the consensus estimate 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 during the quarter, compared to analyst estimates of $3.59 billion. During the same period in the prior year, the company earned $2.04 earnings per share. State Street’s revenue was up 15.6% compared to the same quarter last year. Analysts anticipate that State Street Corporation will post 12.35 earnings per share for the current year.

State Street Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Wednesday, July 1st. State Street’s dividend payout ratio is 34.08%.

Analyst Upgrades and Downgrades

A number of research firms have commented on STT. JPMorgan Chase & Co. upped their price target on State Street from $137.50 to $158.50 and gave the company a “neutral” rating in a research report on Monday, May 11th. Morgan Stanley upped their price target on State Street from $155.00 to $166.00 and gave the company an “overweight” rating in a research report on Monday, April 20th. Bank of America upgraded 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. Truist Financial upped their price target on State Street from $136.00 to $150.00 and gave the company a “hold” rating in a research report on Monday, April 20th. Finally, Weiss Ratings upgraded State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. 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 stock. According to data from MarketBeat.com, the stock currently has an average 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.