State Street Corporation $STT Stock Position Lessened by Miller Howard Investments Inc. NY

Miller Howard Investments Inc. NY cut its holdings in State Street Corporation (NYSE:STT) by 0.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 595,610 shares of the asset manager’s stock after selling 4,020 shares during the quarter. State Street makes up approximately 2.1% of Miller Howard Investments Inc. NY’s portfolio, making the stock its 10th largest holding. Miller Howard Investments Inc. NY owned 0.21% of State Street worth $75,380,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of STT. Cidel Asset Management Inc. grew its holdings in State Street by 14.1% during the 1st quarter. Cidel Asset Management Inc. now owns 3,337 shares of the asset manager’s stock valued at $422,000 after buying an additional 412 shares during the last quarter. Robbins Farley increased its position in State Street by 21.7% during the first quarter. Robbins Farley now owns 12,059 shares of the asset manager’s stock worth $1,526,000 after buying an additional 2,152 shares in the last quarter. Campbell Newman Asset Management Inc. raised its holdings in shares of State Street by 99.6% in the first quarter. Campbell Newman Asset Management Inc. now owns 332,857 shares of the asset manager’s stock worth $42,126,000 after acquiring an additional 166,089 shares during the last quarter. Everstar Asset Management LLC raised its holdings in shares of State Street by 2.5% in the first quarter. Everstar Asset Management LLC now owns 8,181 shares of the asset manager’s stock worth $1,035,000 after acquiring an additional 201 shares during the last quarter. Finally, Evolve Private Wealth LLC lifted its position in shares of State Street by 16.1% in the first quarter. Evolve Private Wealth LLC now owns 3,477 shares of the asset manager’s stock valued at $440,000 after acquiring an additional 482 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Key State Street News

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

• Neutral Sentiment: State Street exited or reduced substantial holdings in several companies, including Smartgroup, Aussie Broadband, Deterra Royalties, Electro Optic Systems, Super Retail Group, Austal, Bapcor, Bega Cheese, and Clarity Pharmaceuticals. These are disclosure items tied to asset management positions, not State Street’s own earnings or guidance. Article: State Street exits substantial holding in Smartgroup
• Neutral Sentiment: State Street SPDR Straits Times Index ETF issued an updated prospectus for its Singapore benchmark fund, another routine fund-management update that is unlikely to have a major direct impact on STT’s near-term fundamentals. Article: State Street SPDR STI ETF issues updated prospectus for Singapore benchmark fund

Analyst Upgrades and Downgrades

A number of analysts recently commented on STT shares. 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. Bank of America upgraded shares of State Street from an “underperform” rating to a “neutral” rating and set a $143.00 target price on the stock in a report on Monday, April 6th. The Goldman Sachs Group raised their price target on shares of State Street from $152.00 to $168.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Weiss Ratings upgraded shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. Finally, Wells Fargo & Company boosted their price objective on shares of State Street from $162.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $159.97.

State Street Stock Up 0.2%

STT opened at $174.13 on Wednesday. State Street Corporation has a 12 month low of $101.84 and a 12 month high of $175.46. The business has a 50-day moving average of $156.07 and a two-hundred day moving average of $138.15. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57. The stock has a market capitalization of $48.19 billion, a price-to-earnings ratio of 17.66, a price-to-earnings-growth ratio of 0.95 and a beta of 1.43.

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, topping 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 analyst estimates of $3.59 billion. During the same period in the prior year, the firm posted $2.04 EPS. The company’s revenue was up 15.6% on a year-over-year basis. On average, research analysts expect that State Street Corporation will post 12.35 earnings per share for the current year.

State Street Dividend Announcement

The business 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 dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $3.36 dividend on an annualized basis and a yield of 1.9%. State Street’s dividend payout ratio (DPR) is currently 34.08%.

Insider Activity at State Street

In other news, EVP W. Bradford Hu sold 9,212 shares of the business’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $1,431,084.20. Following the completion of the sale, the executive vice president directly owned 59,552 shares of the company’s stock, valued at $9,251,403.20. The trade was a 13.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 3,000 shares of the stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total value of $461,670.00. Following the completion of the transaction, the executive vice president directly owned 43,522 shares in the company, valued at $6,697,600.58. This trade represents a 6.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 37,876 shares of company stock worth $5,866,583 in the last 90 days. Company 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.