Hsbc Holdings PLC Reduces Holdings in State Street Corporation $STT

Hsbc Holdings PLC lowered its holdings in shares of State Street Corporation (NYSE:STT) by 12.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 750,419 shares of the asset manager’s stock after selling 103,568 shares during the period. Hsbc Holdings PLC’s holdings in State Street were worth $97,003,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Brighton Jones LLC purchased a new stake in shares of State Street in the fourth quarter valued at $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in 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 worth $2,885,000 after purchasing an additional 918 shares in the last quarter. NewEdge Advisors LLC increased its position in State Street by 105.2% during the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock worth $913,000 after purchasing an additional 5,226 shares in the last quarter. Empowered Funds LLC raised its stake in State Street by 220.1% in the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock valued at $2,065,000 after purchasing an additional 15,996 shares during the last quarter. Finally, Woodline Partners LP raised its stake in State Street by 38.4% in the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock valued at $2,182,000 after purchasing an additional 6,767 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Price Performance

STT opened at $170.57 on Friday. State Street Corporation has a 1 year low of $101.98 and a 1 year high of $175.46. The company’s 50 day simple moving average is $159.83 and its 200 day simple moving average is $140.51. The stock has a market capitalization 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 debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.57.

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

State Street Announces Dividend

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

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the transaction, the executive vice president owned 41,827 shares of the company’s stock, valued at approximately $6,781,829.78. This trade represents a 3.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP W. Bradford Hu sold 9,212 shares of State Street stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $1,431,084.20. Following the transaction, the executive vice president owned 59,552 shares in the company, valued at $9,251,403.20. The trade was a 13.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 37,876 shares of company stock worth $5,866,583 over the last three months. 0.27% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on STT shares. Royal Bank Of Canada raised their price target on shares of State Street from $135.00 to $155.00 and gave the stock a “sector perform” rating in a research note on Monday, April 20th. Wells Fargo & Company boosted their price objective on shares of State Street from $171.00 to $196.00 and gave the company an “overweight” rating in a research report on Wednesday, June 24th. Seaport Research Partners reissued a “buy” rating and set a $170.00 price objective on shares of State Street in a research note on Monday, April 20th. Zacks Research lowered shares of State Street from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd. Finally, Citigroup lifted their target price on shares of State Street from $172.00 to $193.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, State Street has a consensus rating of “Moderate Buy” and an average target price of $166.84.

State Street 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.