15,789 Shares in State Street Corporation $STT Acquired by Caxton Associates LLP

Key Points

• Caxton Associates LLP invested approximately $1.41 million in State Street Corporation, acquiring 15,789 shares during the first quarter.
• Several other hedge funds have significantly increased their stakes in State Street, reflecting strong institutional interest, with 87.44% of the stock owned by such investors.
• State Street plans to pay a quarterly dividend of $0.84, increasing from the previous $0.76, contributing to a 3.0% yield for investors.

Caxton Associates LLP acquired a new position in shares of State Street Corporation (NYSE:STT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 15,789 shares of the asset manager's stock, valued at approximately $1,414,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Assetmark Inc. lifted its position in shares of State Street by 61.9% during the 1st quarter. Assetmark Inc. now owns 934 shares of the asset manager's stock worth $84,000 after buying an additional 357 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of State Street by 1.6% during the 1st quarter. Principal Financial Group Inc. now owns 339,406 shares of the asset manager's stock worth $30,387,000 after buying an additional 5,242 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of State Street by 127.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager's stock worth $2,728,000 after buying an additional 17,201 shares during the last quarter. Index Fund Advisors Inc. bought a new stake in shares of State Street during the 1st quarter worth $505,000. Finally, Bank of New York Mellon Corp lifted its position in shares of State Street by 6.0% during the 1st quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager's stock worth $195,764,000 after buying an additional 123,259 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Michael L. Richards sold 990 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the sale, the executive vice president owned 41,332 shares of the company's stock, valued at $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.29% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

STT has been the subject of several research reports. Bank of America increased their target price on State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research report on Wednesday, July 16th. Morgan Stanley increased their target price on State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Truist Financial increased their target price on State Street from $116.00 to $125.00 and gave the company a "buy" rating in a research report on Thursday, August 14th. Citigroup upgraded State Street from a "neutral" rating to a "buy" rating and increased their target price for the company from $115.00 to $130.00 in a research report on Friday, September 5th. Finally, Wells Fargo & Company increased their target price on State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $114.18.

State Street Trading Down 0.5%

Shares of STT traded down $0.54 during mid-day trading on Friday, reaching $112.40. 1,068,213 shares of the company were exchanged, compared to its average volume of 1,686,478. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $116.37. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. The stock has a market capitalization of $31.89 billion, a PE ratio of 12.59, a PEG ratio of 1.10 and a beta of 1.50. The business has a 50 day simple moving average of $111.35 and a two-hundred day simple moving average of $98.98.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%.The company had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. During the same period last year, the company earned $2.15 earnings per share. The firm's revenue was up 2.9% compared to the same quarter last year. On average, analysts predict that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. This is a positive change from State Street's previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. State Street's dividend payout ratio is 37.63%.

State Street Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.