Vinva Investment Management Ltd Boosts Stake in State Street Corporation $STT

Key Points

• Vinva Investment Management Ltd boosted its stake in State Street by 10.7% in Q3 to 155,548 shares—about 0.06% of the company—worth roughly $18.24 million.
• State Street reported an earnings beat ($2.97 EPS vs. $2.82 expected) and $3.67B revenue (up 7.5% YoY), and holds a consensus analyst rating of "Moderate Buy" with an average price target of $135.83.
• The company announced a quarterly dividend of $0.84 (annualized $3.36, ~2.8% yield) and roughly 87.4% of its shares are owned by hedge funds and other institutional investors.

Vinva Investment Management Ltd lifted its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 10.7% in the third quarter, according to its most recent filing with the SEC. The fund owned 155,548 shares of the asset manager's stock after acquiring an additional 15,047 shares during the period. Vinva Investment Management Ltd owned approximately 0.06% of State Street worth $18,238,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. True Wealth Design LLC raised its position in State Street by 166.3% during the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager's stock valued at $29,000 after purchasing an additional 158 shares in the last quarter. Flagship Wealth Advisors LLC purchased a new position in shares of State Street in the 3rd quarter worth about $35,000. SJS Investment Consulting Inc. boosted its holdings in shares of State Street by 2,142.9% in the 3rd quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager's stock worth $36,000 after purchasing an additional 300 shares in the last quarter. Ameriflex Group Inc. increased its position in shares of State Street by 102.5% during the 3rd quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager's stock valued at $37,000 after purchasing an additional 161 shares during the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC increased its position in shares of State Street by 38.2% during the 3rd quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager's stock valued at $39,000 after purchasing an additional 94 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on STT shares. Loop Capital set a $144.00 target price on State Street in a research report on Tuesday, January 6th. Zacks Research cut shares of State Street from a "strong-buy" rating to a "hold" rating in a research report on Monday, December 1st. TD Cowen reissued a "buy" rating on shares of State Street in a research note on Wednesday, January 7th. Citigroup initiated coverage on shares of State Street in a report on Monday, February 23rd. They issued a "buy" rating and a $150.00 price objective for the company. Finally, Morgan Stanley cut their price objective on shares of State Street from $168.00 to $164.00 and set an "overweight" rating for the company in a research note on Tuesday, January 20th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, State Street has a consensus rating of "Moderate Buy" and an average price target of $135.83.

State Street Trading Down 3.4%

Shares of STT stock opened at $120.85 on Friday. The stock has a market capitalization of $33.68 billion, a PE ratio of 12.84, a P/E/G ratio of 1.06 and a beta of 1.43. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $137.05. The business has a 50-day moving average of $129.61 and a 200 day moving average of $121.73. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.61.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.15. State Street had a return on equity of 13.46% and a net margin of 13.02%.The business had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same period last year, the company earned $2.60 EPS. State Street's revenue for the quarter was up 7.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, April 13th. Investors of record on Wednesday, April 1st will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Wednesday, April 1st. State Street's payout ratio is presently 35.71%.

State Street Company Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.

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