Franklin Resources Inc. Has $506.53 Million Holdings in State Street Corporation $STT

Franklin Resources Inc. increased its stake in shares of State Street Corporation (NYSE:STT) by 1.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,926,321 shares of the asset manager’s stock after buying an additional 67,309 shares during the quarter. Franklin Resources Inc.’s holdings in State Street were worth $506,534,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Regents of The University of California bought a new stake in State Street during the third quarter worth about $324,576,000. Impax Asset Management Group plc boosted its position in State Street by 49.2% in the 3rd quarter. Impax Asset Management Group plc now owns 127,984 shares of the asset manager’s stock valued at $14,847,000 after buying an additional 42,198 shares during the last quarter. Nordea Investment Management AB boosted its holdings 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 valued at $367,041,000 after acquiring an additional 377,568 shares during the last quarter. Caprock Group LLC acquired a new position in State Street in the third quarter valued at approximately $2,296,000. Finally, BTC Capital Management Inc. acquired a new position in shares of State Street in the 3rd quarter valued at $3,012,000. 87.44% of the stock is currently owned by institutional investors.

State Street Trading Up 0.1%

Shares of NYSE STT opened at $161.91 on Tuesday. The firm has a 50 day moving average price of $147.70 and a two-hundred day moving average price of $134.16. The stock has a market cap of $44.81 billion, a P/E ratio of 16.42, a price-to-earnings-growth ratio of 0.88 and a beta of 1.43. State Street Corporation has a 52-week low of $95.67 and a 52-week high of $163.95. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.57.

State Street (NYSE:STT) last issued 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. The company had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. State Street’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.04 earnings per share. As a group, equities analysts forecast that State Street Corporation will post 12.35 EPS for the current 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 paid a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $3.36 annualized dividend and a dividend yield of 2.1%. State Street’s dividend payout ratio is presently 34.08%.

Analyst Upgrades and Downgrades

Several analysts recently commented on STT shares. Wells Fargo & Company raised their price objective on State Street from $162.00 to $171.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. The Goldman Sachs Group increased their price objective 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. Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 21st. Argus boosted their target price on shares of State Street from $140.00 to $168.00 and gave the company a “buy” rating in a research report on Tuesday, April 21st. Finally, Evercore set a $158.00 price target on shares of State Street and gave the stock an “outperform” rating in a research report on Monday, April 20th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $158.57.

Insider Activity at State Street

In related news, EVP Michael L. Richards sold 3,000 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president directly owned 43,522 shares in the company, valued at $6,697,600.58. This represents a 6.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP John Plansky sold 16,100 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total transaction 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 trade represents a 22.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 52,476 shares of company stock valued at $7,624,925 over the last ninety days. 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.