Y Intercept Hong Kong Ltd Purchases 3,169 Shares of State Street Corporation $STT

Y Intercept Hong Kong Ltd raised its position in shares of State Street Corporation (NYSE:STT) by 8.7% during the 1st quarter, Holdings Channel reports. The fund owned 39,443 shares of the asset manager’s stock after purchasing an additional 3,169 shares during the period. Y Intercept Hong Kong Ltd’s holdings in State Street were worth $4,992,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of STT. Wilkerson Advisory Group LLC purchased a new position in shares of State Street in the fourth quarter valued at $29,000. JPL Wealth Management LLC purchased a new stake in State Street during the third quarter valued at $29,000. Phillip James Consulting Co. purchased a new stake in State Street during the fourth quarter valued at $30,000. Reflection Asset Management bought a new position in State Street during the fourth quarter valued at $35,000. Finally, Measured Wealth Private Client Group LLC bought a new position in State Street during the third quarter valued at $35,000. 87.44% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on STT. Morgan Stanley boosted their target price on shares of State Street from $166.00 to $183.00 and gave the stock an “overweight” rating in a report on Monday, June 29th. Bank of America upgraded State Street from an “underperform” rating to a “neutral” rating and set a $143.00 price target for the company in a research report on Monday, April 6th. Barclays set a $165.00 price objective on State Street in a research note on Monday, April 20th. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, May 28th. Finally, Zacks Research cut State Street from a “strong-buy” rating to a “hold” rating in a report on Monday, June 22nd. One analyst has 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, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $166.84.

Insiders Place Their Bets

In other news, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $2,260,808.55. Following the sale, the chief executive officer directly owned 255,512 shares in the company, valued at approximately $39,693,789.20. This represents a 5.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Bradford Hu sold 9,212 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $1,431,084.20. Following the sale, the executive vice president directly owned 59,552 shares of the company’s stock, valued at $9,251,403.20. This represents a 13.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 37,876 shares of company stock valued at $5,866,583. Corporate insiders own 0.27% of the company’s stock.

State Street Price Performance

STT stock opened at $170.57 on Monday. State Street Corporation has a 12 month low of $101.98 and a 12 month high of $175.46. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. The company has a 50-day moving average price of $159.83 and a 200 day moving average price of $140.59. The stock has a market cap of $47.21 billion, a PE ratio of 17.30, a P/E/G ratio of 0.92 and a beta of 1.42.

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

State Street Dividend Announcement

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

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.