Hussman Strategic Advisors Inc. Invests $1.22 Million in State Street Corporation $STT

Hussman Strategic Advisors Inc. purchased a new position in shares of State Street Corporation (NYSE:STT) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 10,500 shares of the asset manager’s stock, valued at approximately $1,218,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of STT. Invesco Ltd. raised its position in shares of State Street by 4.7% during the 2nd quarter. Invesco Ltd. now owns 8,566,237 shares of the asset manager’s stock valued at $910,934,000 after acquiring an additional 381,547 shares during the last quarter. Dodge & Cox grew its stake in shares of State Street by 1.1% during the second quarter. Dodge & Cox now owns 7,412,414 shares of the asset manager’s stock worth $788,236,000 after purchasing an additional 80,855 shares during the period. Geode Capital Management LLC increased its holdings in State Street by 0.4% in the second quarter. Geode Capital Management LLC now owns 7,412,130 shares of the asset manager’s stock valued at $784,930,000 after purchasing an additional 27,098 shares during the last quarter. Nordea Investment Management AB increased its holdings in State Street by 7.8% in the third quarter. Nordea Investment Management AB now owns 2,451,703 shares of the asset manager’s stock valued at $283,343,000 after purchasing an additional 178,136 shares during the last quarter. Finally, Norges Bank acquired a new position in State Street in the second quarter valued at about $256,367,000. 87.44% of the stock is owned by institutional investors.

State Street Price Performance

Shares of NYSE STT opened at $128.12 on Thursday. The company has a fifty day moving average price of $126.91 and a 200 day moving average price of $118.18. The firm has a market cap of $35.78 billion, a PE ratio of 13.61, a PEG ratio of 1.12 and a beta of 1.43. The company has a current ratio of 0.61, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $137.05.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 EPS for the quarter, beating analysts’ consensus estimates of $2.82 by $0.15. The company had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.57 billion. State Street had a return on equity of 13.46% and a net margin of 13.02%.The company’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the previous year, the company posted $2.60 earnings per share. Research analysts predict that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, January 12th. Shareholders of record on Friday, January 2nd were given a dividend of $0.84 per share. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $3.36 dividend on an annualized basis and a yield of 2.6%. State Street’s dividend payout ratio is 35.71%.

Wall Street Analyst Weigh In

STT has been the subject of several analyst reports. Wells Fargo & Company boosted their target price on State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a research report on Monday, October 20th. TD Cowen reissued a “buy” rating on shares of State Street in a research note on Wednesday, January 7th. Zacks Research downgraded shares of State Street from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 1st. Citigroup increased their target price on shares of State Street from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday, December 30th. Finally, Morgan Stanley decreased their price target on shares of State Street from $168.00 to $164.00 and set an “overweight” rating for the company in a report on Tuesday, January 20th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, State Street currently has a consensus rating of “Moderate Buy” and a consensus price target of $135.83.

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.