Point72 Europe London LLP Invests $6.71 Million in State Street Corporation $STT

Key Points

• Point72 Europe London LLP invested approximately $6.71 million in State Street Corporation by acquiring 74,900 shares, according to a recent SEC filing.
• State Street's quarterly earnings showed an EPS of $2.53, surpassing estimates and reflecting a 2.9% year-over-year revenue increase.
• The company announced an increased quarterly dividend of $0.84 per share, up from the previous $0.76, with a yield of 2.9%.

Point72 Europe London LLP purchased a new stake in State Street Corporation (NYSE:STT - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 74,900 shares of the asset manager's stock, valued at approximately $6,706,000.

A number of other hedge funds and other institutional investors have also modified their holdings of STT. Meeder Advisory Services Inc. increased its position in shares of State Street by 2.0% during the first quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager's stock valued at $515,000 after purchasing an additional 114 shares during the period. Sequoia Financial Advisors LLC increased its position in shares of State Street by 2.7% during the first quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager's stock valued at $395,000 after purchasing an additional 118 shares during the period. Larson Financial Group LLC increased its position in shares of State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after purchasing an additional 118 shares during the period. Smartleaf Asset Management LLC increased its position in shares of State Street by 5.9% during the first quarter. Smartleaf Asset Management LLC now owns 2,257 shares of the asset manager's stock valued at $201,000 after purchasing an additional 126 shares during the period. Finally, MassMutual Private Wealth & Trust FSB increased its position in shares of State Street by 13.1% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,157 shares of the asset manager's stock valued at $104,000 after purchasing an additional 134 shares during the period. Institutional investors and hedge funds own 87.44% of the company's stock.

State Street Trading Down 0.4%

NYSE:STT traded down $0.43 during mid-day trading on Wednesday, hitting $112.83. The company had a trading volume of 1,575,198 shares, compared to its average volume of 1,464,996. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $116.37. The business's fifty day moving average is $110.54 and its two-hundred day moving average is $98.24. 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 firm has a market cap of $32.01 billion, a P/E ratio of 12.64, a P/E/G ratio of 1.13 and a beta of 1.50.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, topping the consensus estimate 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 in the prior year, the company earned $2.15 earnings per share. The company's revenue for the quarter was up 2.9% compared to the same quarter last year. As a group, research analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The firm 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 $0.84 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.76. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. State Street's payout ratio is 34.04%.

Insider Activity

In related news, EVP Michael L. Richards sold 990 shares of State Street 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 directly owned 41,332 shares of the company's stock, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.29% of the stock is currently owned by insiders.

Analyst Ratings Changes

STT has been the topic of a number of analyst reports. Morgan Stanley upped their price target on State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Cfra Research upgraded State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. Bank of America upped their price target on State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research report on Wednesday, July 16th. The Goldman Sachs Group increased their target price on State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Finally, Citigroup increased their target price on State Street from $100.00 to $115.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Seven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $112.82.

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.