Jump Financial LLC Acquires 251,323 Shares of State Street Corporation $STT

Key Points

• Jump Financial LLC significantly increased its holdings in State Street Corporation by 4,090.5% during the first quarter, owning 257,467 shares valued at approximately $23 million.
• State Street is set to pay a quarterly dividend of $0.84 per share, up from $0.76, with the ex-dividend date on October 1st.
• The company recently reported earnings of $2.53 per share for the last quarter, surpassing analysts' expectations of $2.36, with revenue up 2.9% from the previous year.

Jump Financial LLC increased its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 4,090.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 257,467 shares of the asset manager's stock after purchasing an additional 251,323 shares during the quarter. Jump Financial LLC owned approximately 0.09% of State Street worth $23,051,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. First Pacific Financial acquired a new position in State Street during the 1st quarter worth approximately $25,000. Capital Analysts LLC increased its position in State Street by 3,914.3% during the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock worth $25,000 after purchasing an additional 274 shares in the last quarter. Larson Financial Group LLC increased its position in State Street by 40.8% during the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after purchasing an additional 118 shares in the last quarter. Coppell Advisory Solutions LLC increased its position in State Street by 2,942.9% during the 4th quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock worth $42,000 after purchasing an additional 412 shares in the last quarter. Finally, Golden State Wealth Management LLC increased its position in State Street by 186.7% during the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock worth $43,000 after purchasing an additional 310 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Wells Fargo & Company upped their price objective 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. Evercore ISI upped their price target on shares of State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. Cfra Research upgraded shares of State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. Morgan Stanley upped their price target on shares of State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Finally, The Goldman Sachs Group upped their price target on shares of State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Seven analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $112.82.

Insider Transactions at State Street

In related news, EVP Michael L. Richards sold 990 shares of the stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction 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. This represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.29% of the stock is currently owned by corporate insiders.

State Street Trading Down 0.5%

Shares of STT traded down $0.55 during trading hours on Monday, hitting $114.93. 1,551,280 shares of the stock were exchanged, compared to its average volume of 1,532,551. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $115.87. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. The business has a 50-day moving average of $108.73 and a 200-day moving average of $97.55. The firm has a market capitalization of $32.61 billion, a P/E ratio of 12.87, a price-to-earnings-growth ratio of 1.13 and a beta of 1.48.

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

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be paid a dividend of $0.84 per share. This is a boost from State Street's previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 1st. State Street's payout ratio is currently 34.04%.

State Street Company 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.