Lighthouse Investment Partners LLC Raises Stock Holdings in State Street Corporation $STT

Lighthouse Investment Partners LLC boosted its position in shares of State Street Corporation (NYSE:STT) by 237.6% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 35,269 shares of the asset manager’s stock after acquiring an additional 24,823 shares during the quarter. Lighthouse Investment Partners LLC’s holdings in State Street were worth $4,092,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Regents of The University of California purchased a new position in shares of State Street in the third quarter worth about $324,576,000. Norges Bank acquired a new stake in shares of State Street during the second quarter worth about $256,367,000. Two Sigma Investments LP boosted its position in State Street by 261.0% in the third quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager’s stock valued at $141,277,000 after buying an additional 880,507 shares during the last quarter. First Trust Advisors LP boosted its position in State Street by 36.8% in the third quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager’s stock valued at $318,754,000 after buying an additional 738,456 shares during the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new position in State Street in the 3rd quarter worth approximately $62,092,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Down 1.0%

State Street stock opened at $120.11 on Tuesday. The firm has a market cap of $33.48 billion, a PE ratio of 12.76, a P/E/G ratio of 1.06 and a beta of 1.43. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $137.05. The stock’s 50 day simple moving average is $128.66 and its two-hundred day simple moving average is $122.13. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last posted its earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, beating the consensus estimate of $2.82 by $0.15. State Street had a net margin of 13.02% and a return on equity of 13.46%. The firm had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.57 billion. During the same period in the previous year, the firm earned $2.60 EPS. The business’s quarterly revenue was up 7.5% on a year-over-year basis. Analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st will be issued a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.8%. State Street’s payout ratio is presently 35.71%.

Insiders Place Their Bets

In other State Street news, EVP John Plansky sold 16,100 shares of the company’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total value of $2,001,552.00. Following the completion of the transaction, the executive vice president owned 56,162 shares in the company, valued at approximately $6,982,059.84. This represents a 22.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

STT has been the subject of several research reports. Loop Capital set a $144.00 price objective on shares of State Street in a research note on Tuesday, January 6th. The Goldman Sachs Group reiterated a “buy” rating on shares of State Street in a research note on Tuesday, January 6th. Wall Street Zen raised shares of State Street from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. TD Cowen restated a “buy” rating on shares of State Street in a research report on Wednesday, January 7th. Finally, Citigroup initiated coverage on shares of State Street in a report on Monday, February 23rd. They issued a “buy” rating and a $150.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, State Street currently has a consensus rating of “Moderate Buy” and a consensus target price of $135.83.

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.