Carlson Capital L.P. Has $1.95 Million Stock Holdings in State Street Corporation $STT

Carlson Capital L.P. increased its position in State Street Corporation (NYSE:STT) by 156.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 15,413 shares of the asset manager’s stock after purchasing an additional 9,413 shares during the quarter. State Street makes up 0.6% of Carlson Capital L.P.’s holdings, making the stock its 24th largest position. Carlson Capital L.P.’s holdings in State Street were worth $1,951,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Clean Yield Group raised its stake in State Street by 8,247.4% in the 4th quarter. Clean Yield Group now owns 19,199 shares of the asset manager’s stock valued at $2,477,000 after acquiring an additional 18,969 shares during the period. IFM Investors Pty Ltd boosted its position in State Street by 9.7% during the first quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager’s stock worth $10,699,000 after purchasing an additional 7,469 shares during the period. Concurrent Investment Advisors LLC acquired a new position in shares of State Street in the fourth quarter valued at $1,959,000. New York State Teachers Retirement System increased its holdings in shares of State Street by 9.7% in the first quarter. New York State Teachers Retirement System now owns 303,919 shares of the asset manager’s stock valued at $38,464,000 after purchasing an additional 26,862 shares during the last quarter. Finally, Campbell Newman Asset Management Inc. bought a new position in shares of State Street in the fourth quarter valued at about $21,515,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Royal Bank Of Canada raised their target price on shares of State Street from $155.00 to $196.00 and gave the stock a “sector perform” rating in a research note on Friday, July 17th. Citigroup increased their price target on shares of State Street from $193.00 to $210.00 and gave the company a “buy” rating in a report on Friday, July 17th. Truist Financial restated a “hold” rating and set a $191.00 price objective (up from $176.00) on shares of State Street in a research report on Friday, July 17th. Bank of America boosted their price objective on State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. Finally, Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, State Street presently has an average rating of “Moderate Buy” and a consensus price target of $184.72.

State Street Trading Up 1.0%

Shares of State Street stock opened at $184.60 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.59. The firm has a 50-day moving average of $171.96 and a 200-day moving average of $147.71. State Street Corporation has a 52-week low of $104.64 and a 52-week high of $192.51. The stock has a market cap of $51.09 billion, a PE ratio of 16.28, a PEG ratio of 0.76 and a beta of 1.42.

State Street (NYSE:STT) last released its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, topping analysts’ consensus estimates of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The business had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period last year, the firm earned $2.04 earnings per share. State Street’s revenue for the quarter was up 23.3% compared to the same quarter last year. As a group, sell-side analysts forecast that State Street Corporation will post 13.68 EPS for the current year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be given a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Thursday, October 1st. This is a boost from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio (DPR) is currently 29.63%.

Insiders Place Their Bets

In related news, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total value of $2,680,226.01. Following the completion of the sale, the chief executive officer directly owned 240,959 shares in the company, valued at approximately $44,377,419.03. The trade was a 5.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $162.14, for a total value of $243,210.00. Following the sale, the executive vice president directly owned 41,827 shares in the company, valued at $6,781,829.78. This represents a 3.46% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 49,576 shares of company stock worth $8,415,875 in the last quarter. Corporate 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.