Y Intercept Hong Kong Ltd Raises Stake in State Street Corporation $STT

Y Intercept Hong Kong Ltd raised its holdings in shares of State Street Corporation (NYSE:STT) by 8.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 39,443 shares of the asset manager’s stock after acquiring an additional 3,169 shares during the period. Y Intercept Hong Kong Ltd’s holdings in State Street were worth $4,992,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Nordea Investment Management AB increased its position in shares of State Street by 15.4% during the 4th quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager’s stock valued at $367,041,000 after purchasing an additional 377,568 shares during the last quarter. Clean Yield Group grew its position in State Street by 8,247.4% during the fourth quarter. Clean Yield Group now owns 19,199 shares of the asset manager’s stock valued at $2,477,000 after buying an additional 18,969 shares during the period. Concurrent Investment Advisors LLC bought a new stake in State Street during the fourth quarter valued at approximately $1,959,000. Heritage Family Offices LLP purchased a new stake in State Street during the fourth quarter valued at approximately $1,220,000. Finally, IFM Investors Pty Ltd raised its position in State Street by 9.7% in the first quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager’s stock worth $10,699,000 after acquiring an additional 7,469 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Weiss Ratings upgraded shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, May 28th. Seaport Research Partners reaffirmed a “buy” rating and issued a $170.00 target price on shares of State Street in a report on Monday, April 20th. Argus lifted their target price on State Street from $140.00 to $168.00 and gave the company a “buy” rating in a research report on Tuesday, April 21st. Citigroup upped their price target on State Street from $172.00 to $193.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Finally, Barclays set a $165.00 price objective on State Street in a research note on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, State Street presently has a consensus rating of “Moderate Buy” and an average price target of $166.84.

State Street Price Performance

NYSE:STT opened at $170.57 on Monday. The business’s 50-day simple moving average is $159.83 and its two-hundred day simple moving average is $140.59. State Street Corporation has a 52 week low of $101.98 and a 52 week high of $175.46. The stock has a market cap of $47.21 billion, a PE ratio of 17.30, a P/E/G ratio of 0.92 and a beta of 1.42. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The firm had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the prior year, the company posted $2.04 earnings per share. The business’s quarterly revenue was up 15.6% compared to the same quarter last year. As a group, analysts forecast that State Street Corporation will post 12.53 EPS for the current fiscal year.

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 2.0%. The ex-dividend date is Wednesday, July 1st. State Street’s dividend payout ratio is presently 34.08%.

Insider Activity at State Street

In other news, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the sale, the chief executive officer owned 255,512 shares in the company, valued at $39,693,789.20. This trade represents a 5.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $162.14, for a total transaction of $243,210.00. Following the completion of the transaction, the executive vice president directly owned 41,827 shares in the company, valued at $6,781,829.78. This trade represents a 3.46% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 37,876 shares of company stock valued at $5,866,583. Corporate insiders own 0.27% of the company’s stock.

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.