Trexquant Investment LP Trims Stock Holdings in State Street Corporation $STT

Key Points

• Trexquant Investment LP has significantly reduced its holdings in State Street Corporation (STT) by 94.8%, selling over 177,000 shares and leaving it with only about 9,786 shares valued at $876,000.
• State Street recently reported a 2.53 EPS for the quarter, exceeding estimates, and announced an increase in its quarterly dividend from $0.76 to $0.84, yielding approximately 3.0%.
• Multiple brokerages have raised their target prices for State Street, indicating a positive outlook on the stock, with most analysts rating it as a "Moderate Buy."

Trexquant Investment LP lowered its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 94.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,786 shares of the asset manager's stock after selling 177,551 shares during the period. Trexquant Investment LP's holdings in State Street were worth $876,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of STT. Eastern Bank raised its holdings in shares of State Street by 6,967.4% during the 1st quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock valued at $267,646,000 after buying an additional 2,947,153 shares during the period. Nuveen LLC acquired a new position in State Street during the 1st quarter worth $93,016,000. Invesco Ltd. boosted its position in State Street by 9.0% during the 1st quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager's stock worth $732,775,000 after acquiring an additional 674,120 shares during the period. Miller Howard Investments Inc. NY bought a new stake in shares of State Street in the 1st quarter worth $42,504,000. Finally, Allianz Asset Management GmbH raised its position in shares of State Street by 404.7% during the first quarter. Allianz Asset Management GmbH now owns 586,052 shares of the asset manager's stock worth $52,469,000 after purchasing an additional 469,936 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity 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 shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the transaction, the executive vice president 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 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 Stock Performance

Shares of State Street stock traded up $1.80 on Thursday, hitting $112.57. The stock had a trading volume of 565,997 shares, compared to its average volume of 2,050,750. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. The stock has a market cap of $31.94 billion, a price-to-earnings ratio of 12.61, a price-to-earnings-growth ratio of 1.10 and a beta of 1.50. The business's 50 day moving average is $111.25 and its two-hundred day moving average is $98.78. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $116.37.

State Street (NYSE:STT - Get Free Report) last released its earnings results 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 firm had revenue of $3.47 billion during the quarter, compared to analysts' expectations of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%.The company's quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the company earned $2.15 earnings per share. Analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be paid a $0.84 dividend. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 annualized dividend and a dividend yield of 3.0%. This is a boost from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio (DPR) is 34.04%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Wells Fargo & Company upped their price target on State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. The Goldman Sachs Group upped their price target on State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Truist Financial increased their target price on State Street from $116.00 to $125.00 and gave the company a "buy" rating in a research note on Thursday, August 14th. Bank of America raised their price objective on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a research report on Wednesday, July 16th. Finally, Citigroup raised State Street from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $115.00 to $130.00 in a report on Friday, September 5th. Eight equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $114.18.

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.