AXQ Capital LP Has $1.26 Million Stock Position in State Street Corporation $STT

Key Points

• AXQ Capital LP cut its State Street position by 58.6% in the second quarter, ending with 7,422 shares worth approximately $1.26 million. Institutional investors overall own 87.44% of the company.
• State Street reported strong quarterly results, with EPS of $3.65 versus the $3.34 consensus and revenue of $4.05 billion, up 23.3% year over year.
• The company raised its quarterly dividend from $0.84 to $0.92 per share, equivalent to a $3.68 annualized payout and a 1.9% yield. Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $185.38.

AXQ Capital LP cut its position in shares of State Street Corporation (NYSE:STT - Free Report) by 58.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,422 shares of the asset manager's stock after selling 10,499 shares during the quarter. AXQ Capital LP's holdings in State Street were worth $1,259,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in STT. Brighton Jones LLC purchased a new position in shares of State Street during the 4th quarter valued at $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in State Street by 2.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager's stock worth $2,885,000 after purchasing an additional 918 shares during the last quarter. NewEdge Advisors LLC raised its stake in shares of State Street by 105.2% during the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager's stock worth $913,000 after purchasing an additional 5,226 shares in the last quarter. Empowered Funds LLC raised its stake in shares of State Street by 220.1% during the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager's stock worth $2,065,000 after purchasing an additional 15,996 shares in the last quarter. Finally, Woodline Partners LP lifted its holdings in shares of State Street by 38.4% during the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager's stock valued at $2,182,000 after buying an additional 6,767 shares during the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the business's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the transaction, the executive vice president directly owned 41,827 shares in the company, valued at $6,781,829.78. The trade was a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total value of $2,680,226.01. Following the sale, the chief executive officer owned 240,959 shares in the company, valued at approximately $44,377,419.03. This trade represents a 5.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 25,811 shares of company stock worth $4,723,982. Corporate insiders own 0.27% of the company's stock.

State Street Stock Performance

STT opened at $194.41 on Friday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The stock's 50 day moving average price is $184.53 and its two-hundred day moving average price is $158.08. The firm has a market capitalization of $53.40 billion, a P/E ratio of 17.14, a price-to-earnings-growth ratio of 0.92 and a beta of 1.41. State Street Corporation has a 12-month low of $104.64 and a 12-month high of $195.93.

State Street (NYSE:STT - Get Free Report) last announced its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.34 by $0.31. The business 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%. State Street's revenue was up 23.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.04 earnings per share. On average, equities analysts forecast that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be issued a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Thursday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.84. State Street's payout ratio is 29.63%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on STT shares. Evercore set a $200.00 target price on shares of State Street in a research note on Monday, July 20th. The Goldman Sachs Group increased their price target on shares of State Street from $168.00 to $194.00 and gave the stock a "buy" rating in a research note on Tuesday, June 30th. Zacks Research upgraded shares of State Street from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 21st. Wells Fargo & Company lifted their price objective on shares of State Street from $196.00 to $215.00 and gave the company an "overweight" rating in a research note on Friday, July 17th. Finally, UBS Group set a $176.00 price objective on shares of State Street in a report on Friday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, State Street currently has an average rating of "Moderate Buy" and an average target price of $185.38.

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.

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