Hudson Edge Investment Partners Inc. Boosts Stake in State Street Corporation $STT

Hudson Edge Investment Partners Inc. lifted its stake in shares of State Street Corporation (NYSE:STT) by 6.5% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 79,461 shares of the asset manager’s stock after buying an additional 4,881 shares during the period. State Street comprises approximately 1.4% of Hudson Edge Investment Partners Inc.’s investment portfolio, making the stock its 9th biggest position. Hudson Edge Investment Partners Inc.’s holdings in State Street were worth $8,450,000 as of its most recent filing with the SEC.

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

Insider Buying and Selling

In other news, EVP Michael L. Richards sold 990 shares of the business’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 sale, the executive vice president owned 41,332 shares in the company, valued at $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.29% of the company’s stock.

State Street Trading Up 1.6%

NYSE:STT opened at $115.21 on Friday. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $118.06. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $32.69 billion, a price-to-earnings ratio of 12.90, a PEG ratio of 1.10 and a beta of 1.46. The firm has a fifty day simple moving average of $112.77 and a two-hundred day simple moving average of $101.18.

State Street (NYSE:STT) 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 for the quarter, compared to analyst estimates of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.15 earnings per share. Analysts expect that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be issued a $0.84 dividend. The ex-dividend date is Wednesday, October 1st. 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 2.9%. State Street’s dividend payout ratio is currently 37.63%.

Analysts Set New Price Targets

A number of brokerages have recently commented on STT. Bank of America lifted their price target on shares of State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a report on Wednesday, July 16th. TD Cowen initiated coverage on State Street in a report on Thursday, September 25th. They set a “buy” rating on the stock. Truist Financial increased their price target on State Street from $125.00 to $133.00 and gave the company a “buy” rating in a research note on Thursday. Morgan Stanley restated an “overweight” rating and set a $162.00 price objective on shares of State Street in a research report on Monday. Finally, Wells Fargo & Company increased their target price on shares of State Street from $113.00 to $121.00 and gave the company an “overweight” rating in a research report on Tuesday, July 8th. Nine investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $122.00.

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.