Headlands Technologies LLC Decreases Holdings in State Street Corporation (NYSE:STT)

Key Points

• Headlands Technologies LLC reduced its stake in State Street Corporation by 54.7%, holding 5,193 shares valued at $465,000 at the end of the first quarter.
• State Street increased its quarterly dividend to $0.84 per share, up from a previous $0.76, with the ex-dividend date set for October 1st.
• Analysts have raised their price targets for State Street, with Goldman Sachs setting a new price objective at $111.00 and several others giving the stock various ratings, including "buy" and "hold".

Headlands Technologies LLC decreased its position in State Street Corporation (NYSE:STT - Free Report) by 54.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,193 shares of the asset manager's stock after selling 6,268 shares during the quarter. Headlands Technologies LLC's holdings in State Street were worth $465,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in STT. Meeder Advisory Services Inc. increased its holdings in shares of State Street by 2.0% in the 1st quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager's stock valued at $515,000 after acquiring an additional 114 shares during the period. Sequoia Financial Advisors LLC increased its stake in State Street by 2.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager's stock valued at $395,000 after buying an additional 118 shares during the period. Larson Financial Group LLC increased its stake in State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after buying an additional 118 shares during the period. MassMutual Private Wealth & Trust FSB increased its stake in State Street by 13.1% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,157 shares of the asset manager's stock valued at $104,000 after buying an additional 134 shares during the period. Finally, UMB Bank n.a. increased its stake in State Street by 8.4% in the 1st quarter. UMB Bank n.a. now owns 2,272 shares of the asset manager's stock valued at $203,000 after buying an additional 176 shares during the period. Institutional investors and hedge funds own 87.44% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Keefe, Bruyette & Woods dropped their price objective on shares of State Street from $118.00 to $113.00 and set an "outperform" rating on the stock in a research note on Monday, April 21st. Morgan Stanley boosted their price objective on shares of State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Bank of America boosted their price objective on shares of State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research note on Wednesday, July 16th. Wells Fargo & Company boosted their target price on shares of State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Finally, Citigroup raised their price objective on shares of State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $112.00.

Insiders Place Their Bets

In other news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total value of $108,197.10. Following the transaction, the executive vice president directly owned 41,332 shares of the company's stock, valued at $4,517,174.28. The trade was a 2.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.29% of the stock is currently owned by corporate insiders.

State Street Price Performance

NYSE:STT traded down $1.27 during trading hours on Monday, reaching $109.81. 1,685,834 shares of the company traded hands, compared to its average volume of 2,097,569. The firm's 50-day moving average is $105.47 and its 200-day moving average is $96.61. The stock has a market cap of $31.15 billion, a P/E ratio of 12.30, a P/E/G ratio of 1.23 and a beta of 1.48. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $114.28.

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

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be paid a dividend of $0.84 per share. This is an increase from State Street's previous quarterly dividend of $0.76. This represents a $3.36 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Wednesday, October 1st. State Street's payout ratio is 34.04%.

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.