Madison Asset Management LLC Makes New Investment in State Street Corporation $STT

Madison Asset Management LLC purchased a new position in State Street Corporation (NYSE:STT) during the 4th quarter, HoldingsChannel reports. The firm purchased 10,684 shares of the asset manager’s stock, valued at approximately $1,378,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Franklin Resources Inc. raised its position in State Street by 3.7% in the third quarter. Franklin Resources Inc. now owns 3,859,012 shares of the asset manager’s stock worth $447,684,000 after acquiring an additional 137,049 shares in the last quarter. Nordea Investment Management AB raised its position in State Street by 15.4% in the fourth quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager’s stock worth $367,041,000 after acquiring an additional 377,568 shares in the last quarter. Regents of The University of California bought a new stake in State Street in the third quarter worth about $324,576,000. First Trust Advisors LP raised its position in State Street by 36.8% in the third quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager’s stock worth $318,754,000 after acquiring an additional 738,456 shares in the last quarter. Finally, Barclays PLC raised its position in 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 acquiring an additional 342,344 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Argus upped their price objective on shares of State Street from $140.00 to $168.00 and gave the company a “buy” rating in a research note on Tuesday, April 21st. Seaport Research Partners reaffirmed a “buy” rating and set a $170.00 price objective on shares of State Street in a research note on Monday, April 20th. Keefe, Bruyette & Woods upped their price objective on shares of State Street from $157.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. Bank of America raised shares of State Street from an “underperform” rating to a “neutral” rating and set a $143.00 price objective for the company in a research note on Monday, April 6th. Finally, Morgan Stanley upped their price objective on shares of State Street from $155.00 to $166.00 and gave the company an “overweight” rating in a research note on Monday, April 20th. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $155.77.

Insider Activity

In other 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 owned 64,642 shares in the company, 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 Securities & Exchange Commission, which is available at this link. Also, EVP John Plansky sold 16,100 shares of the company’s 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 completion of the transaction, the executive vice president owned 56,162 shares in the company, valued at $6,982,059.84. This represents a 22.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 28,711 shares of company stock worth $3,933,032 in the last 90 days. Company insiders own 0.27% of the company’s stock.

State Street Price Performance

Shares of STT opened at $153.60 on Friday. The company has a market capitalization of $42.51 billion, a price-to-earnings ratio of 15.58, a P/E/G ratio of 0.83 and a beta of 1.45. State Street Corporation has a fifty-two week low of $94.19 and a fifty-two week high of $156.18. 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 business’s 50-day moving average is $136.25 and its 200-day moving average is $129.39.

State Street (NYSE:STT) last issued its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $2.64 by $0.20. The company had revenue of $3.80 billion for 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 firm’s quarterly revenue was up 15.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.04 EPS. Equities research analysts expect that State Street Corporation will post 12.35 EPS for the current fiscal year.

State Street Announces Dividend

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

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.