Point72 Asia Hong Kong Ltd raised its stake in shares of State Street Corp (NYSE:STT) by 4,011.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,947 shares of the asset manager’s stock after purchasing an additional 3,851 shares during the period. Point72 Asia Hong Kong Ltd’s holdings in State Street were worth $394,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently bought and sold shares of STT. NuWave Investment Management LLC purchased a new position in State Street during the fourth quarter valued at $107,000. Motco lifted its holdings in State Street by 246.8% during the first quarter. Motco now owns 1,068 shares of the asset manager’s stock valued at $107,000 after purchasing an additional 760 shares in the last quarter. Delpha Capital Management LLC purchased a new position in State Street during the fourth quarter valued at $113,000. Focused Wealth Management Inc purchased a new position in State Street during the fourth quarter valued at $117,000. Finally, Financial Gravity Companies Inc. purchased a new position in State Street during the fourth quarter valued at $137,000. 87.98% of the stock is currently owned by institutional investors and hedge funds.
In related news, EVP Karen C. Keenan sold 851 shares of the firm’s stock in a transaction dated Wednesday, May 16th. The shares were sold at an average price of $100.78, for a total transaction of $85,763.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jeff D. Conway sold 288 shares of the firm’s stock in a transaction dated Wednesday, May 16th. The stock was sold at an average price of $100.78, for a total transaction of $29,024.64. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.
Several equities analysts have issued reports on STT shares. Deutsche Bank decreased their price objective on shares of State Street from $114.00 to $108.00 and set a “hold” rating on the stock in a report on Friday, April 6th. Zacks Investment Research raised shares of State Street from a “hold” rating to a “buy” rating and set a $110.00 price objective on the stock in a report on Thursday, May 3rd. Sandler O’Neill reaffirmed a “hold” rating and set a $104.00 price objective on shares of State Street in a report on Monday, April 9th. Keefe, Bruyette & Woods set a $115.00 price objective on shares of State Street and gave the company a “buy” rating in a report on Wednesday, April 4th. Finally, ValuEngine downgraded shares of State Street from a “buy” rating to a “hold” rating in a report on Monday, April 2nd. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $111.29.
Shares of State Street opened at $98.36 on Thursday, according to MarketBeat.com. The stock has a market capitalization of $36.63 billion, a PE ratio of 16.50, a price-to-earnings-growth ratio of 1.29 and a beta of 1.27. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.57. State Street Corp has a 52 week low of $86.80 and a 52 week high of $114.27.
State Street (NYSE:STT) last issued its earnings results on Friday, April 20th. The asset manager reported $1.62 EPS for the quarter, beating the Zacks’ consensus estimate of $1.58 by $0.04. State Street had a net margin of 19.07% and a return on equity of 14.23%. The business had revenue of $3.02 billion during the quarter, compared to analysts’ expectations of $3 billion. During the same period in the prior year, the business earned $1.21 earnings per share. The company’s quarterly revenue was up 13.2% compared to the same quarter last year. equities research analysts predict that State Street Corp will post 7.78 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 17th. Investors of record on Monday, July 2nd will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.71%. The ex-dividend date is Friday, June 29th. State Street’s payout ratio is currently 28.19%.
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; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; 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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