Westover Capital Advisors LLC Takes $668,000 Position in State Street Corporation $STT

Westover Capital Advisors LLC purchased a new stake in State Street Corporation (NYSE:STT) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 5,175 shares of the asset manager’s stock, valued at approximately $668,000.

A number of other hedge funds have also made changes to their positions in the company. Clearstead Advisors LLC increased its position in shares of State Street by 2.3% in the fourth quarter. Clearstead Advisors LLC now owns 15,601 shares of the asset manager’s stock valued at $2,013,000 after buying an additional 346 shares in the last quarter. Hantz Financial Services Inc. boosted its stake in shares of State Street by 44.3% during the fourth quarter. Hantz Financial Services Inc. now owns 1,088 shares of the asset manager’s stock valued at $140,000 after acquiring an additional 334 shares during the last quarter. Coldstream Capital Management Inc. increased its position in State Street by 2.2% during the 4th quarter. Coldstream Capital Management Inc. now owns 5,059 shares of the asset manager’s stock worth $653,000 after purchasing an additional 110 shares in the last quarter. Guinness Asset Management LTD increased its position in State Street by 23.6% during the 4th quarter. Guinness Asset Management LTD now owns 9,898 shares of the asset manager’s stock worth $1,303,000 after purchasing an additional 1,892 shares in the last quarter. Finally, Legato Capital Management LLC purchased a new stake in State Street during the 4th quarter worth about $991,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street News Roundup

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%

State Street stock opened at $153.96 on Monday. The stock has a 50-day moving average price of $139.76 and a 200 day moving average price of $130.93. 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 Corporation has a 52 week low of $94.19 and a 52 week high of $156.18. The stock has a market cap of $42.61 billion, a PE ratio of 15.61, a P/E/G ratio of 0.84 and a beta of 1.45.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) 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 firm had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same period last year, the company earned $2.04 EPS. The firm’s quarterly revenue was up 15.6% on a year-over-year basis. Equities research analysts predict that State Street Corporation will post 12.35 earnings per share for the current fiscal year.

State Street Announces Dividend

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

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 3,000 shares of the firm’s 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 of the company’s stock, valued at approximately $6,697,600.58. This trade represents a 6.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John Plansky sold 16,100 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total value of $2,001,552.00. Following the completion of the sale, the executive vice president directly owned 56,162 shares in the company, valued at approximately $6,982,059.84. The trade was a 22.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 28,711 shares of company stock valued at $3,933,032. Insiders own 0.27% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on STT shares. Weiss Ratings reiterated a “buy (b)” rating on shares of State Street in a research report on Monday, April 20th. JPMorgan Chase & Co. lifted their price objective on State Street from $137.50 to $158.50 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Evercore set a $158.00 price objective on State Street and gave the stock an “outperform” rating in a research report on Monday, April 20th. Barclays set a $165.00 price objective on State Street in a research report on Monday, April 20th. Finally, Morgan Stanley lifted their price objective on State Street from $155.00 to $166.00 and gave the stock an “overweight” rating in a research report on Monday, April 20th. Three investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, State Street presently has a consensus rating of “Moderate Buy” and an average price target of $155.77.

State Street 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.