1,188,087 Shares in State Street Corporation $STT Acquired by Hsbc Holdings PLC

Hsbc Holdings PLC bought a new stake in State Street Corporation (NYSE:STT) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,188,087 shares of the asset manager’s stock, valued at approximately $201,634,000. Hsbc Holdings PLC owned approximately 0.43% of State Street as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Bell Investment Advisors Inc acquired a new stake in State Street during the second quarter worth about $28,000. Wilkerson Advisory Group LLC purchased a new stake in shares of State Street during the 4th quarter valued at approximately $29,000. JPL Wealth Management LLC acquired a new position in State Street in the third quarter valued at approximately $29,000. Phillip James Consulting Co. acquired a new position in State Street in the fourth quarter valued at approximately $30,000. Finally, Elevation Wealth Partners LLC grew its position in State Street by 153.6% in the second quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after acquiring an additional 106 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on STT. Zacks Research upgraded State Street from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. JPMorgan Chase & Co. raised their price objective on State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 4th. Royal Bank Of Canada boosted their price objective on shares of State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a report on Friday, July 17th. Morgan Stanley lifted their price target on shares of State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Finally, Bank of America boosted their price target on shares of State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, State Street currently has an average rating of “Moderate Buy” and an average target price of $185.38.

Insider Activity at State Street

In related news, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the completion of the transaction, the executive vice president owned 41,827 shares in the company, valued at $6,781,829.78. The trade was a 3.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP W. Bradford Hu sold 9,758 shares of the stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the completion of the sale, the executive vice president directly owned 49,794 shares in the company, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 25,811 shares of company stock valued at $4,723,982 over the last 90 days. 0.27% of the stock is owned by corporate insiders.

State Street Stock Performance

NYSE:STT opened at $193.12 on Wednesday. State Street Corporation has a 52 week low of $104.64 and a 52 week high of $195.18. The company has a fifty day simple moving average of $181.03 and a two-hundred day simple moving average of $154.80. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The company has a market cap of $53.05 billion, a price-to-earnings ratio of 17.03, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41.

State Street (NYSE:STT) last released its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. State Street had a return on equity of 15.26% and a net margin of 15.02%.The firm had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same period last year, the business posted $2.04 earnings per share. State Street’s revenue was up 23.3% compared to the same quarter last year. As a group, equities analysts anticipate that State Street Corporation will post 13.75 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be paid a dividend of $0.92 per share. The ex-dividend date is Thursday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.9%. State Street’s payout ratio is currently 29.63%.

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.