NEOS Investment Management LLC Increases Stock Holdings in State Street Corporation $STT

NEOS Investment Management LLC raised its holdings in State Street Corporation (NYSE:STT) by 43.1% in the third quarter, HoldingsChannel reports. The institutional investor owned 36,328 shares of the asset manager’s stock after acquiring an additional 10,949 shares during the quarter. NEOS Investment Management LLC’s holdings in State Street were worth $4,184,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the stock. True Wealth Design LLC lifted its position in State Street by 166.3% during the 3rd quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock worth $29,000 after acquiring an additional 158 shares during the period. Flagship Wealth Advisors LLC purchased a new position in State Street during the 3rd quarter worth approximately $35,000. SJS Investment Consulting Inc. lifted its stake in State Street by 2,142.9% during the 3rd quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock valued at $36,000 after acquiring an additional 300 shares during the period. Annis Gardner Whiting Capital Advisors LLC boosted its holdings in shares of State Street by 38.2% in the 3rd quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager’s stock valued at $39,000 after acquiring an additional 94 shares during the last quarter. Finally, City Holding Co. acquired a new stake in shares of State Street in the third quarter worth $47,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analyst Ratings Changes

STT has been the subject of a number of research reports. The Goldman Sachs Group reaffirmed a “buy” rating on shares of State Street in a report on Tuesday, January 6th. Loop Capital set a $144.00 target price on State Street in a report on Tuesday, January 6th. Wall Street Zen upgraded State Street from a “sell” rating to a “hold” rating in a research report on Saturday, January 17th. Morgan Stanley decreased their target price 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. Finally, Citigroup lifted their price objective on shares of State Street from $136.00 to $150.00 and gave the company a “buy” rating in a report on Tuesday, December 30th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $135.83.

State Street Price Performance

Shares of NYSE STT opened at $127.82 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.61. The firm has a fifty day moving average of $130.08 and a 200 day moving average of $120.41. The firm has a market cap of $35.70 billion, a PE ratio of 13.58, a PEG ratio of 1.14 and a beta of 1.43. State Street Corporation has a one year low of $72.81 and a one year high of $137.05.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, January 16th. The asset manager reported $2.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.15. The business had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.57 billion. State Street had a net margin of 13.02% and a return on equity of 13.46%. The company’s revenue was up 7.5% compared to the same quarter last year. During the same period last year, the firm posted $2.60 earnings per share. As a group, research analysts predict that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, April 13th. Investors of record on Wednesday, April 1st will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Wednesday, April 1st. State Street’s payout ratio is presently 35.71%.

About State Street

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.