AlphaQuest LLC Raises Stock Holdings in State Street Corporation $STT

AlphaQuest LLC increased its position in State Street Corporation (NYSE:STT) by 293.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 19,441 shares of the asset manager’s stock after buying an additional 14,497 shares during the period. AlphaQuest LLC’s holdings in State Street were worth $2,508,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in STT. Brighton Jones LLC purchased a new position in shares of State Street during the 4th quarter valued at about $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of State Street by 2.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock valued at $2,885,000 after buying an additional 918 shares during the last quarter. NewEdge Advisors LLC raised its stake in shares of State Street by 105.2% during the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock valued at $913,000 after buying an additional 5,226 shares during the last quarter. Empowered Funds LLC raised its stake in shares of State Street by 220.1% during the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock valued at $2,065,000 after buying an additional 15,996 shares during the last quarter. Finally, Woodline Partners LP raised its stake in shares of State Street by 38.4% during the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock valued at $2,182,000 after buying an additional 6,767 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Transactions at State Street

In other news, EVP Michael L. Richards sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total transaction of $461,670.00. Following the transaction, the executive vice president directly owned 43,522 shares in the company, valued at $6,697,600.58. The trade was a 6.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John Plansky sold 16,100 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total value of $2,001,552.00. Following 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 28,711 shares of company stock worth $3,933,032 in the last ninety days. Insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Morgan Stanley lifted their price objective on State Street from $155.00 to $166.00 and gave the company an “overweight” rating in a research note on Monday, April 20th. Citigroup lifted their price objective on State Street from $150.00 to $172.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Truist Financial lifted their price target on State Street from $136.00 to $150.00 and gave the company a “hold” rating in a research note on Monday, April 20th. Barclays set a $165.00 price target on State Street in a research note on Monday, April 20th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of State Street in a research note on Monday, April 20th. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, State Street currently has a consensus rating of “Moderate Buy” and an average price target of $158.57.

State Street Trading Up 2.9%

STT stock opened at $158.49 on Wednesday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. State Street Corporation has a 12-month low of $94.72 and a 12-month high of $158.86. The stock has a market cap of $43.87 billion, a price-to-earnings ratio of 16.07, a PEG ratio of 0.84 and a beta of 1.45. The business’s 50-day moving average is $141.12 and its 200 day moving average is $131.49.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The company had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same period in the previous year, the firm posted $2.04 EPS. State Street’s revenue was up 15.6% compared to the same quarter last year. On average, sell-side analysts anticipate that State Street Corporation will post 12.35 EPS for the current fiscal year.

State Street Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Wednesday, July 1st. State Street’s payout ratio is currently 34.08%.

State Street Company Profile

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.