HBK Investments L P bought a new stake in shares of State Street Corp (NYSE:STT) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 111,500 shares of the asset manager’s stock, valued at approximately $10,884,000.
Several other institutional investors have also made changes to their positions in STT. Livingston Group Asset Management CO operating as Southport Capital Management grew its stake in shares of State Street by 13.6% during the 4th quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 4,534 shares of the asset manager’s stock worth $443,000 after acquiring an additional 542 shares during the period. Puzo Michael J grew its stake in shares of State Street by 7.8% during the 4th quarter. Puzo Michael J now owns 7,599 shares of the asset manager’s stock worth $743,000 after acquiring an additional 550 shares during the period. Covenant Asset Management LLC grew its stake in shares of State Street by 3.8% during the 4th quarter. Covenant Asset Management LLC now owns 15,382 shares of the asset manager’s stock worth $1,501,000 after acquiring an additional 564 shares during the period. Ledyard National Bank grew its stake in shares of State Street by 12.1% during the 4th quarter. Ledyard National Bank now owns 5,703 shares of the asset manager’s stock worth $557,000 after acquiring an additional 615 shares during the period. Finally, Evergreen Capital Management LLC grew its stake in shares of State Street by 1.8% during the 3rd quarter. Evergreen Capital Management LLC now owns 34,775 shares of the asset manager’s stock worth $3,322,000 after acquiring an additional 629 shares during the period. 89.15% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently weighed in on STT. Morgan Stanley increased their price target on State Street from $105.00 to $114.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 25th. Vining Sparks reiterated a “buy” rating and set a $120.00 price target on shares of State Street in a research note on Monday, January 8th. ValuEngine upgraded State Street from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Barclays increased their price target on State Street from $104.00 to $120.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Finally, Keefe, Bruyette & Woods set a $120.00 price target on State Street and gave the stock a “buy” rating in a research note on Tuesday, January 23rd. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $108.33.
State Street (NYSE:STT) last issued its earnings results on Tuesday, January 23rd. The asset manager reported $1.61 EPS for the quarter, missing the consensus estimate of $1.71 by ($0.10). The company had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $2.98 billion. State Street had a return on equity of 13.41% and a net margin of 17.94%. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.48 EPS. equities analysts expect that State Street Corp will post 7.68 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Monday, April 2nd will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Thursday, March 29th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.57%. State Street’s dividend payout ratio (DPR) is presently 32.12%.
In other news, CEO Joseph L. Hooley sold 33,568 shares of State Street stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $102.65, for a total transaction of $3,445,755.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Andrew P. Kuritzkes sold 10,248 shares of State Street stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $108.17, for a total value of $1,108,526.16. The disclosure for this sale can be found here. In the last quarter, insiders have sold 49,531 shares of company stock valued at $5,146,169. Corporate insiders own 0.71% of the company’s stock.
State Street Profile
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.
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