MidFirst Bank Takes $394,000 Position in State Street Corporation $STT

MidFirst Bank acquired a new position in State Street Corporation (NYSE:STT) in the 4th quarter, HoldingsChannel reports. The fund acquired 3,053 shares of the asset manager’s stock, valued at approximately $394,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in STT. Chicago Partners Investment Group LLC lifted its holdings in State Street by 1.6% during the fourth quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager’s stock valued at $675,000 after purchasing an additional 83 shares during the last quarter. Wedmont Private Capital increased its stake in shares of State Street by 1.3% in the fourth quarter. Wedmont Private Capital now owns 6,498 shares of the asset manager’s stock worth $861,000 after purchasing an additional 85 shares in the last quarter. Arjuna Capital raised its position in shares of State Street by 0.4% in the fourth quarter. Arjuna Capital now owns 25,139 shares of the asset manager’s stock valued at $3,243,000 after purchasing an additional 95 shares during the period. LVW Advisors LLC raised its position in shares of State Street by 1.7% in the fourth quarter. LVW Advisors LLC now owns 5,605 shares of the asset manager’s stock valued at $723,000 after purchasing an additional 96 shares during the period. Finally, Security National Bank of SO Dak lifted its stake in shares of State Street by 0.5% during the 2nd quarter. Security National Bank of SO Dak now owns 21,528 shares of the asset manager’s stock valued at $2,289,000 after buying an additional 105 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on STT shares. Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 21st. Morgan Stanley boosted their price objective on State Street from $155.00 to $166.00 and gave the company an “overweight” rating in a research note on Monday, April 20th. Barclays set a $165.00 target price on State Street in a research note on Monday, April 20th. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. Finally, Wells Fargo & Company upped their price target on State Street from $162.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $158.57.

State Street Price Performance

State Street stock opened at $168.72 on Friday. The stock has a market cap of $46.70 billion, a price-to-earnings ratio of 17.11, a PEG ratio of 0.92 and a beta of 1.43. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. The business has a 50-day simple moving average of $154.68 and a 200 day simple moving average of $137.25. State Street Corporation has a 52 week low of $99.00 and a 52 week high of $174.66.

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, beating analysts’ consensus estimates of $2.64 by $0.20. The firm had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The company’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter last year, the company posted $2.04 EPS. On average, research analysts forecast that State Street Corporation will post 12.35 earnings per share for the current fiscal year.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be issued a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.0%. State Street’s dividend payout ratio is presently 34.08%.

Insider Activity at State Street

In other State Street news, COO Mostapha Tahiri sold 9,611 shares of the firm’s stock in a transaction dated 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 sale, the chief operating officer owned 64,642 shares in the company, valued at $9,885,701.06. This trade represents a 12.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP W. Bradford Hu sold 9,212 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 value of $1,431,084.20. Following the sale, 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 position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 37,876 shares of company stock worth $5,866,583. Corporate insiders own 0.27% of the company’s stock.

State Street Company 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.