Hudson Edge Investment Partners Inc. Has $8.45 Million Stock Holdings in State Street Corporation $STT

Key Points

• Hudson Edge Investment Partners Inc. increased its holdings in State Street Corporation by 6.5% during the second quarter, bringing the total value of its holdings to $8.45 million, making State Street the 9th largest position in its portfolio.
• State Street recently announced a quarterly dividend increase to $0.84 per share, scheduled for payment on October 14th, which represents a 2.9% dividend yield.
• The company reported better-than-expected earnings for the last quarter, with $2.53 EPS and revenues of $3.47 billion, surpassing analysts' expectations.

Hudson Edge Investment Partners Inc. increased its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 6.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 79,461 shares of the asset manager's stock after acquiring an additional 4,881 shares during the quarter. State Street comprises 1.4% of Hudson Edge Investment Partners Inc.'s portfolio, making the stock its 9th biggest holding. Hudson Edge Investment Partners Inc.'s holdings in State Street were worth $8,450,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Brighton Jones LLC acquired a new stake in shares of State Street during the 4th quarter worth about $296,000. Wealth Enhancement Advisory Services LLC raised its holdings in State Street by 14.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 33,006 shares of the asset manager's stock valued at $3,240,000 after acquiring an additional 4,220 shares during the period. GAMMA Investing LLC raised its holdings in State Street by 10,172.7% in the 1st quarter. GAMMA Investing LLC now owns 328,933 shares of the asset manager's stock valued at $29,449,000 after acquiring an additional 325,731 shares during the period. Merit Financial Group LLC lifted its position in State Street by 45.3% during the first quarter. Merit Financial Group LLC now owns 5,846 shares of the asset manager's stock worth $523,000 after acquiring an additional 1,822 shares during the last quarter. Finally, Vest Financial LLC bought a new stake in shares of State Street during the first quarter worth approximately $8,715,000. Institutional investors and hedge funds own 87.44% of the company's stock.

Insider Buying and Selling at State Street

In related news, EVP Michael L. Richards sold 990 shares of the firm's 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 sale, the executive vice president directly 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 filing with the SEC, which is available through this link. 0.29% of the stock is currently owned by corporate insiders.

State Street Stock Performance

Shares of State Street stock opened at $115.21 on Friday. The company has a 50 day moving average of $112.77 and a 200-day moving average of $101.18. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $118.06. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The company has a market cap of $32.69 billion, a PE ratio of 12.90, a price-to-earnings-growth ratio of 1.10 and a beta of 1.46.

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

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be issued a dividend of $0.84 per share. This is an increase from State Street's previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.9%. State Street's payout ratio is presently 37.63%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. The Goldman Sachs Group set a $128.00 target price on State Street in a research note on Tuesday. TD Cowen initiated coverage on State Street in a report on Thursday, September 25th. They set a "buy" rating for the company. Truist Financial boosted their target price on shares of State Street from $125.00 to $133.00 and gave the company a "buy" rating in a research report on Thursday. Bank of America upped their price target 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. Finally, Wells Fargo & Company lifted their price objective on shares of State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Nine equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, State Street has an average rating of "Moderate Buy" and a consensus target price of $122.00.

About State Street

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.

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