Edmond DE Rothschild Holding S.A. Takes Position in State Street Corporation $STT

Edmond DE Rothschild Holding S.A. bought a new stake in State Street Corporation (NYSE:STT) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 4,000 shares of the asset manager’s stock, valued at approximately $678,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC acquired a new position in State Street during the fourth quarter worth approximately $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in State Street by 2.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock valued at $2,885,000 after buying an additional 918 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in shares of State Street by 105.2% in the first quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock valued at $913,000 after acquiring an additional 5,226 shares during the period. Empowered Funds LLC boosted its holdings in shares of State Street by 220.1% in the first quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock valued at $2,065,000 after acquiring an additional 15,996 shares during the period. Finally, Woodline Partners LP grew its position in shares of State Street by 38.4% during the first quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock worth $2,182,000 after acquiring 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

Shares of NYSE STT opened at $183.36 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59. The stock has a fifty day moving average price of $179.71 and a 200 day moving average price of $153.55. State Street Corporation has a 1-year low of $104.64 and a 1-year high of $195.18. The company has a market cap of $50.37 billion, a PE ratio of 16.17, a P/E/G ratio of 0.76 and a beta of 1.41.

State Street (NYSE:STT) last announced its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.34 by $0.31. The company had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. State Street’s revenue was up 23.3% compared to the same quarter last year. During the same period in the previous year, the company posted $2.04 EPS. Sell-side analysts forecast that State Street Corporation will post 13.75 EPS for the current year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be issued a $0.92 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a dividend yield of 2.0%. State Street’s payout ratio is presently 29.63%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on STT shares. Morgan Stanley lifted their target price on shares of State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Royal Bank Of Canada raised their price objective on shares of State Street from $155.00 to $196.00 and gave the stock a “sector perform” rating in a research report on Friday, July 17th. UBS Group set a $176.00 price objective on shares of State Street in a research note on Friday, June 26th. JPMorgan Chase & Co. upped their target price on shares of State Street from $176.50 to $187.00 and gave the company a “neutral” rating in a report on Tuesday, August 4th. Finally, Truist Financial reiterated a “hold” rating and set a $191.00 target price (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, State Street currently has an average rating of “Moderate Buy” and an average price target of $185.38.

Insider Transactions at State Street

In related news, EVP W. Bradford Hu sold 9,758 shares of the firm’s stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the sale, the executive vice president owned 49,794 shares in the company, valued at $9,187,988.88. This trade represents a 16.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the firm’s stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the completion of the sale, the chief executive officer owned 240,959 shares of the company’s stock, valued at approximately $44,377,419.03. The trade was a 5.70% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 49,576 shares of company stock worth $8,415,875 over the last ninety days. 0.27% of the stock is currently owned by company insiders.

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.