Freestone Capital Holdings LLC Takes Position in State Street Corporation $STT

Key Points

• Freestone Capital Holdings acquired a new Q4 stake of 21,128 shares in State Street (NYSE:STT) worth about $2.73 million, while institutional investors now own roughly 87.44% of the company.
• State Street beat Q4 expectations with EPS of $2.97 versus $2.82 and revenue of $3.67 billion (up 7.5% year‑over‑year), and analysts forecast about $9.68 in EPS for the current fiscal year.
• The firm recently paid a quarterly dividend of $0.84 (annualized $3.36) for a 2.4% yield, trades at a P/E of ~15.1 with a market cap of ~$39.3 billion, and carries a consensus rating of Moderate Buy (average target $140.50).

Freestone Capital Holdings LLC acquired a new stake in shares of State Street Corporation (NYSE:STT - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 21,128 shares of the asset manager's stock, valued at approximately $2,726,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in STT. True Wealth Design LLC raised its stake in State Street by 166.3% in the 3rd quarter. True Wealth Design LLC now owns 253 shares of the asset manager's stock worth $29,000 after acquiring an additional 158 shares during the last quarter. JPL Wealth Management LLC acquired a new stake in State Street during the 3rd quarter worth about $29,000. Flagship Wealth Advisors LLC acquired a new stake in State Street during the 3rd quarter worth about $35,000. Measured Wealth Private Client Group LLC acquired a new stake in State Street during the 3rd quarter worth about $35,000. Finally, SJS Investment Consulting Inc. grew its position in shares of State Street by 2,142.9% during the 3rd quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager's stock valued at $36,000 after acquiring an additional 300 shares during the period. Hedge funds and other institutional investors own 87.44% of the company's stock.

State Street Stock Up 0.1%

State Street stock opened at $141.79 on Wednesday. State Street Corporation has a twelve month low of $75.50 and a twelve month high of $142.76. The stock's fifty day simple moving average is $127.95 and its 200-day simple moving average is $124.46. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $39.28 billion, a P/E ratio of 15.07, a P/E/G ratio of 0.92 and a beta of 1.37.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings data on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, topping analysts' consensus estimates of $2.82 by $0.15. The business had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.57 billion. State Street had a return on equity of 13.46% and a net margin of 13.02%.The company's revenue was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.60 earnings per share. As a group, equities analysts expect that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 13th. Investors of record on Wednesday, April 1st were paid a dividend of $0.84 per share. The ex-dividend date was Wednesday, April 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.4%. State Street's payout ratio is presently 35.71%.

Insider Activity at State Street

In related news, EVP John Plansky sold 16,100 shares of the business's stock in a transaction on Wednesday, March 11th. The shares were 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 approximately $6,982,059.84. The trade was a 22.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.29% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. The Goldman Sachs Group restated a "buy" rating on shares of State Street in a research report on Tuesday, January 6th. Loop Capital set a $144.00 target price on shares of State Street in a research note on Tuesday, January 6th. Truist Financial set a $136.00 target price on shares of State Street in a research note on Tuesday, January 20th. Bank of America raised shares of State Street from an "underperform" rating to a "neutral" rating and set a $143.00 price target on the stock in a research report on Monday, April 6th. Finally, Citigroup initiated coverage on shares of State Street in a research report on Monday, February 23rd. They set a "buy" rating and a $150.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, State Street currently has a consensus rating of "Moderate Buy" and an average target price of $140.50.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.