Carlson Capital L.P. Buys 9,413 Shares of State Street Corporation $STT

Carlson Capital L.P. boosted its stake in State Street Corporation (NYSE:STT) by 156.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,413 shares of the asset manager’s stock after purchasing an additional 9,413 shares during the quarter. State Street comprises 0.6% of Carlson Capital L.P.’s investment portfolio, making the stock its 24th biggest position. Carlson Capital L.P.’s holdings in State Street were worth $1,951,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of STT. Clean Yield Group raised its position in shares of 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 buying an additional 18,969 shares in the last quarter. IFM Investors Pty Ltd boosted its position in shares of State Street by 9.7% during the 1st quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager’s stock worth $10,699,000 after acquiring an additional 7,469 shares in the last quarter. Concurrent Investment Advisors LLC acquired a new stake in shares of State Street during the 4th quarter worth approximately $1,959,000. New York State Teachers Retirement System increased its stake in 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 acquiring an additional 26,862 shares during the last quarter. Finally, Campbell Newman Asset Management Inc. bought a new position in State Street in the fourth quarter valued at approximately $21,515,000. Institutional investors own 87.44% of the company’s stock.

Insider Activity at State Street

In related news, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the sale, the chief executive officer owned 240,959 shares in the company, valued at $44,377,419.03. The trade was a 5.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Bradford Hu sold 9,758 shares of the company’s stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the transaction, the executive vice president directly owned 49,794 shares of the company’s stock, valued at approximately $9,187,988.88. The trade was a 16.39% 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. Insiders have sold a total of 49,576 shares of company stock valued at $8,415,875 in the last 90 days. 0.27% of the stock is owned by corporate insiders.

State Street Price Performance

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

State Street (NYSE:STT) last issued its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. The firm had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The company’s quarterly revenue was up 23.3% on a year-over-year basis. During the same quarter last year, the business posted $2.04 earnings per share. Research analysts predict that State Street Corporation will post 13.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be issued a dividend of $0.92 per share. This is a positive change from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 annualized dividend and a dividend yield of 2.0%. State Street’s dividend payout ratio (DPR) is 29.63%.

Analyst Ratings Changes

Several research analysts have commented on the stock. Seaport Research Partners restated a “buy” rating and set a $170.00 price objective on shares of State Street in a research report on Monday, April 20th. The Goldman Sachs Group raised their target price on State Street from $168.00 to $194.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. JPMorgan Chase & Co. lifted their price target on State Street from $158.50 to $176.50 and gave the company a “neutral” rating in a research note on Monday, July 6th. Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Finally, Barclays upped their price objective on State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research report on Friday, July 17th. Two investment 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, State Street presently has a consensus rating of “Moderate Buy” and a consensus target price of $184.72.

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.