Caxton Associates LLP Invests $514,000 in State Street Corporation $STT

Caxton Associates LLP purchased a new position in shares of State Street Corporation (NYSE:STT) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 4,062 shares of the asset manager’s stock, valued at approximately $514,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Regents of The University of California raised its position in State Street by 211.2% in the 4th quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock valued at $1,123,186,000 after purchasing an additional 5,908,370 shares during the last quarter. Norges Bank bought a new stake in shares of State Street during the fourth quarter worth $303,483,000. Pinebridge Investments LLC bought a new stake in shares of State Street during the fourth quarter worth $178,705,000. Victory Capital Management Inc. increased its stake in shares of State Street by 30.8% in the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock valued at $588,227,000 after buying an additional 1,074,174 shares in the last quarter. Finally, Two Sigma Investments LP increased its stake in shares of 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 in the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

STT has been the subject of a number of research analyst reports. Truist Financial reaffirmed a “hold” rating and issued a $191.00 price target (up from $176.00) on shares of State Street in a report on Friday, July 17th. Weiss Ratings upgraded shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. Evercore set a $200.00 target price on shares of State Street in a research note on Monday, July 20th. Citigroup upped their target price on shares of State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, July 17th. Finally, The Goldman Sachs Group increased their price target on shares of State Street from $168.00 to $194.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, State Street presently has an average rating of “Moderate Buy” and a consensus target price of $184.72.

Insider Transactions at State Street

In related news, EVP W. Bradford Hu sold 9,212 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $1,431,084.20. Following the transaction, the executive vice president directly owned 59,552 shares in the company, valued at $9,251,403.20. This represents a 13.40% decrease in their ownership of the stock. The sale 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 firm’s stock in a transaction that occurred on Monday, June 8th. The shares were 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 approximately $6,781,829.78. The trade was a 3.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 25,265 shares of company stock worth $3,935,103 in the last quarter. 0.27% of the stock is owned by company insiders.

State Street Trading Down 0.4%

Shares of STT opened at $184.59 on Tuesday. The stock’s fifty day simple moving average is $169.67 and its 200-day simple moving average is $146.44. The firm has a market capitalization of $51.09 billion, a PE ratio of 16.28, a price-to-earnings-growth ratio of 0.77 and a beta of 1.42. State Street Corporation has a 12-month low of $104.64 and a 12-month high of $192.51. The company has a quick ratio of 0.57, a current ratio of 0.59 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last announced its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, topping analysts’ consensus estimates of $3.34 by $0.31. The firm had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The company’s revenue was up 23.3% on a year-over-year basis. During the same period last year, the company earned $2.04 earnings per share. As a group, research analysts predict that State Street Corporation will post 13.68 earnings per share for the current year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be paid a $0.92 dividend. This is a boost from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 annualized dividend and a dividend yield of 2.0%. State Street’s payout ratio is 32.45%.

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.