Picton Mahoney Asset Management Buys 4,822 Shares of State Street Corporation (NYSE:STT)

Key Points

• Picton Mahoney Asset Management significantly increased its stake in State Street Corporation by 34,442.9% during Q1, holding 4,836 shares worth approximately $433,000.
• State Street reported Q2 earnings of $2.53 per share, exceeding analyst estimates and showing a 2.9% increase in revenue year-over-year.
• The company has declared a quarterly dividend of $0.84 per share, up from $0.76, reflecting a 2.97% yield based on the annual payout.

Picton Mahoney Asset Management boosted its position in State Street Corporation (NYSE:STT - Free Report) by 34,442.9% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,836 shares of the asset manager's stock after purchasing an additional 4,822 shares during the quarter. Picton Mahoney Asset Management's holdings in State Street were worth $433,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. First Pacific Financial bought a new stake in shares of State Street during the 1st quarter worth about $25,000. Larson Financial Group LLC raised its position in shares of 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 buying an additional 118 shares in the last quarter. Coppell Advisory Solutions LLC raised its position in shares of 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 buying an additional 412 shares in the last quarter. Golden State Wealth Management LLC raised its position in shares of 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 buying an additional 310 shares in the last quarter. Finally, MV Capital Management Inc. raised its position in shares of State Street by 98.4% during the 1st quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock worth $45,000 after buying an additional 251 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 990 shares of the company's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the sale, the executive vice president owned 41,332 shares of the company's stock, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Elizabeth Schaefer sold 1,300 shares of the company's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total transaction of $117,936.00. Following the completion of the sale, the chief accounting officer directly owned 7,354 shares in the company, valued at approximately $667,154.88. The trade was a 15.02% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.29% of the company's stock.

State Street Stock Performance

Shares of State Street stock traded down $3.20 on Friday, reaching $108.55. The stock had a trading volume of 1,984,159 shares, compared to its average volume of 2,338,531. The stock has a market cap of $30.96 billion, a P/E ratio of 12.16, a price-to-earnings-growth ratio of 1.24 and a beta of 1.48. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $114.28. The business's 50-day moving average price is $104.11 and its two-hundred day moving average price is $96.23. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57.

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 analysts' expectations of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. 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 company earned $2.15 EPS. On average, sell-side analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be issued a $0.84 dividend. This is a boost 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 annualized dividend and a yield of 3.1%. State Street's payout ratio is presently 34.04%.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Barclays dropped their target price on shares of State Street from $127.00 to $120.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Bank of America boosted their target price on shares of State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a report on Wednesday, July 16th. The Goldman Sachs Group boosted their target price on shares of State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Citigroup lifted their target price on shares of State Street from $100.00 to $115.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Finally, Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $112.00.

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.