State Street Corp (STT) Holdings Raised by Cubist Systematic Strategies LLC
Cubist Systematic Strategies LLC boosted its position in State Street Corp (NYSE:STT) by 40.8% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 10,535 shares of the asset manager’s stock after purchasing an additional 3,051 shares during the period. Cubist Systematic Strategies LLC’s holdings in State Street were worth $1,007,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of STT. Zions Bancorporation grew its position in shares of State Street by 318.0% during the 3rd quarter. Zions Bancorporation now owns 1,045 shares of the asset manager’s stock valued at $100,000 after acquiring an additional 795 shares during the period. Parallel Advisors LLC grew its position in shares of State Street by 18.0% during the 2nd quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock valued at $105,000 after acquiring an additional 172 shares during the period. Penserra Capital Management LLC bought a new position in shares of State Street during the 2nd quarter valued at approximately $107,000. Bronfman E.L. Rothschild L.P. grew its position in shares of State Street by 15.3% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,266 shares of the asset manager’s stock valued at $114,000 after acquiring an additional 168 shares during the period. Finally, Eagle Asset Management Inc. bought a new position in shares of State Street during the 2nd quarter valued at approximately $200,000. 88.12% of the stock is owned by institutional investors and hedge funds.
In related news, Chairman Joseph L. Hooley sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $92.60, for a total transaction of $2,315,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Andrew Erickson sold 354 shares of the company’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $92.00, for a total transaction of $32,568.00. The disclosure for this sale can be found here. Insiders have sold a total of 28,724 shares of company stock worth $2,659,741 over the last 90 days. 0.71% of the stock is currently owned by corporate insiders.
State Street (NYSE:STT) last announced its quarterly earnings results on Monday, October 23rd. The asset manager reported $1.71 EPS for the quarter, beating the Zacks’ consensus estimate of $1.61 by $0.10. The company had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $2.94 billion. State Street had a net margin of 20.56% and a return on equity of 13.03%. State Street’s revenue was up 7.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.35 EPS. research analysts predict that State Street Corp will post 6.25 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 17th. Investors of record on Tuesday, January 2nd will be paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date of this dividend is Friday, December 29th. State Street’s payout ratio is currently 29.12%.
A number of research analysts have recently weighed in on STT shares. Zacks Investment Research downgraded shares of State Street from a “buy” rating to a “hold” rating in a research report on Tuesday, August 29th. Morgan Stanley increased their target price on shares of State Street from $90.00 to $105.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 24th. Keefe, Bruyette & Woods set a $93.00 target price on shares of State Street and gave the company a “hold” rating in a research report on Monday, August 28th. Finally, Royal Bank of Canada reduced their target price on shares of State Street from $104.00 to $95.00 and set a “sector perform” rating for the company in a research report on Tuesday, October 24th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $97.60.
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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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