Artemis Investment Management LLP Invests $7.24 Million in State Street Corporation $STT

Artemis Investment Management LLP bought a new position in State Street Corporation (NYSE:STT) during the fourth quarter, Holdings Channel reports. The fund bought 56,119 shares of the asset manager’s stock, valued at approximately $7,240,000.

Several other hedge funds have also modified their holdings of STT. Franklin Resources Inc. boosted its position in shares of State Street by 3.7% in the 3rd quarter. Franklin Resources Inc. now owns 3,859,012 shares of the asset manager’s stock valued at $447,684,000 after purchasing an additional 137,049 shares during the period. Nordea Investment Management AB raised its holdings in State Street by 15.4% during the 4th 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 period. Regents of The University of California purchased a new stake in State Street during the third quarter valued at about $324,576,000. 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 valued at $318,754,000 after buying an additional 738,456 shares in the last quarter. Finally, Barclays PLC boosted its holdings in shares of State Street by 27.7% in the third quarter. Barclays PLC now owns 1,576,332 shares of the asset manager’s stock worth $182,870,000 after buying an additional 342,344 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Stock Down 0.5%

STT stock opened at $152.12 on Friday. The company has a 50 day moving average of $132.73 and a two-hundred day moving average of $127.27. The company has a market cap of $42.10 billion, a price-to-earnings ratio of 15.43, a PEG ratio of 0.83 and a beta of 1.45. State Street Corporation has a 12-month low of $89.19 and a 12-month high of $156.18. The company has a quick ratio of 0.61, a current ratio of 0.57 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, beating the consensus estimate of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The business had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same period in the previous year, the company posted $2.04 EPS. State Street’s revenue was up 15.6% on a year-over-year basis. On average, equities analysts anticipate that State Street Corporation will post 12.31 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st were paid a $0.84 dividend. The ex-dividend date was Wednesday, April 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.2%. State Street’s payout ratio is 34.08%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on STT shares. Citigroup started coverage on shares of State Street in a research report on Monday, February 23rd. They issued a “buy” rating and a $150.00 target price on the stock. Morgan Stanley raised their price objective 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. Evercore set a $158.00 price objective on shares of State Street and gave the stock an “outperform” rating in a research report on Monday, April 20th. Loop Capital set a $144.00 target price on State Street in a report on Tuesday, January 6th. Finally, Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 21st. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, State Street presently has a consensus rating of “Moderate Buy” and an average target price of $154.00.

Insiders Place Their Bets

In other State Street news, COO Mostapha Tahiri sold 9,611 shares of the company’s stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total value of $1,469,810.23. Following the transaction, the chief operating officer directly owned 64,642 shares of the company’s stock, valued at $9,885,701.06. This represents a 12.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John Plansky sold 16,100 shares of State Street stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total value of $2,001,552.00. Following the sale, the executive vice president owned 56,162 shares of the company’s stock, valued at approximately $6,982,059.84. This represents a 22.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 28,711 shares of company stock valued at $3,933,032 in the last three months. Insiders own 0.27% of the company’s stock.

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.