State Street Corp (STT) Holdings Raised by Point72 Asia Hong Kong Ltd
Point72 Asia Hong Kong Ltd raised its stake in shares of State Street Corp (NYSE:STT) by 4,011.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,947 shares of the asset manager’s stock after acquiring an additional 3,851 shares during the period. Point72 Asia Hong Kong Ltd’s holdings in State Street were worth $394,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. NuWave Investment Management LLC acquired a new stake in shares of State Street during the fourth quarter valued at about $107,000. Motco increased its position in shares of 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 acquiring an additional 760 shares during the last quarter. Delpha Capital Management LLC acquired a new stake in shares of State Street during the fourth quarter valued at about $113,000. Focused Wealth Management Inc acquired a new stake in shares of State Street during the fourth quarter valued at about $117,000. Finally, Financial Gravity Companies Inc. acquired a new stake in shares of State Street during the fourth quarter valued at about $137,000. Institutional investors and hedge funds own 87.98% of the company’s stock.
In related news, insider Jeff D. Conway sold 288 shares of State Street stock in a transaction that occurred on Wednesday, May 16th. The shares were sold at an average price of $100.78, for a total value of $29,024.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Karen C. Keenan sold 851 shares of State Street stock in a transaction that occurred on Wednesday, May 16th. The stock was sold at an average price of $100.78, for a total transaction of $85,763.78. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.
State Street (NYSE:STT) last issued its quarterly earnings results on Friday, April 20th. The asset manager reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.04. State Street had a net margin of 19.07% and a return on equity of 14.23%. The company had revenue of $3.02 billion during the quarter, compared to the consensus estimate of $3 billion. During the same quarter in the previous year, the firm earned $1.21 earnings per share. The firm’s quarterly revenue was up 13.2% on a year-over-year basis. equities research analysts anticipate that State Street Corp will post 7.78 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 17th. Investors of record on Monday, July 2nd will be paid a $0.42 dividend. The ex-dividend date of this dividend is Friday, June 29th. This represents a $1.68 dividend on an annualized basis and a yield of 1.71%. State Street’s dividend payout ratio is currently 28.19%.
STT has been the subject of several recent research reports. Zacks Investment Research raised shares of State Street from a “hold” rating to a “buy” rating and set a $110.00 price objective for the company in a research note on Thursday, May 3rd. Deutsche Bank raised shares of State Street from a “hold” rating to a “buy” rating and set a $108.00 price objective for the company in a research note on Monday, April 23rd. Keefe, Bruyette & Woods set a $115.00 price objective on shares of State Street and gave the company a “buy” rating in a research note on Wednesday, April 4th. ValuEngine lowered shares of State Street from a “buy” rating to a “hold” rating in a research note on Monday, April 2nd. Finally, Sandler O’Neill reissued a “hold” rating and issued a $104.00 price objective on shares of State Street in a research note on Monday, April 9th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. State Street currently has a consensus rating of “Buy” and an average price target of $111.29.
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; 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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