Y Intercept Hong Kong Ltd acquired a new stake in State Street Corporation (NYSE:STT - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,594 shares of the asset manager's stock, valued at approximately $232,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in STT. Invesco Ltd. boosted its holdings in State Street by 5.7% in the fourth quarter. Invesco Ltd. now owns 7,510,570 shares of the asset manager's stock valued at $737,162,000 after acquiring an additional 406,396 shares during the last quarter. Geode Capital Management LLC boosted its holdings in State Street by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 7,193,687 shares of the asset manager's stock valued at $704,238,000 after acquiring an additional 24,617 shares during the last quarter. FMR LLC boosted its holdings in State Street by 14.2% in the fourth quarter. FMR LLC now owns 6,983,607 shares of the asset manager's stock valued at $685,441,000 after acquiring an additional 870,849 shares during the last quarter. Northern Trust Corp boosted its holdings in State Street by 15.7% in the fourth quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager's stock valued at $407,166,000 after acquiring an additional 563,790 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in State Street by 10.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,664,062 shares of the asset manager's stock valued at $261,478,000 after acquiring an additional 242,493 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.
Analysts Set New Price Targets
A number of research analysts have commented on STT shares. Keefe, Bruyette & Woods reduced their price objective on State Street from $118.00 to $113.00 and set an "outperform" rating on the stock in a research note on Monday, April 21st. Citigroup boosted their price objective on State Street from $100.00 to $115.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Truist Financial reduced their price objective on State Street from $122.00 to $116.00 and set a "buy" rating on the stock in a research note on Wednesday, July 16th. Bank of America boosted their price objective on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a research note on Wednesday, July 16th. Finally, Morgan Stanley boosted their price objective on State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $112.00.
Get Our Latest Stock Report on STT
Insider Activity
In other news, EVP Michael L. Richards sold 990 shares of the company's 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 transaction, the executive vice president directly owned 41,332 shares of the company's stock, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Elizabeth Schaefer sold 1,300 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total value of $117,936.00. Following the transaction, the chief accounting officer directly owned 7,354 shares of the company's stock, valued at $667,154.88. This trade represents a 15.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.29% of the stock is owned by insiders.
State Street Stock Down 2.9%
Shares of NYSE:STT traded down $3.20 during trading on Friday, hitting $108.55. The company's stock had a trading volume of 1,984,159 shares, compared to its average volume of 2,338,531. 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 company has a market capitalization of $30.96 billion, a PE ratio of 12.16, a PEG ratio of 1.21 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 stock's 50-day moving average price is $104.11 and its two-hundred day moving average price is $96.23.
State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share 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 analyst estimates of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%. State Street's quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the company earned $2.15 earnings per share. As a group, sell-side analysts expect that State Street Corporation will post 9.68 EPS for the current year.
State Street Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be issued a $0.84 dividend. This is an increase from State Street's previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Wednesday, October 1st. State Street's dividend payout ratio is presently 34.04%.
State Street Profile
(
Free Report)
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.
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