NEOS Investment Management LLC Increases Stock Position in State Street Corporation $STT

NEOS Investment Management LLC raised its position in shares of State Street Corporation (NYSE:STT) by 43.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,328 shares of the asset manager’s stock after buying an additional 10,949 shares during the quarter. NEOS Investment Management LLC’s holdings in State Street were worth $4,184,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brown Advisory Inc. increased its position in State Street by 0.5% in the second quarter. Brown Advisory Inc. now owns 17,224 shares of the asset manager’s stock worth $1,832,000 after purchasing an additional 93 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its stake in State Street by 38.2% during the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager’s stock worth $39,000 after acquiring an additional 94 shares during the last quarter. Global Retirement Partners LLC raised its position in State Street by 7.7% during the third quarter. Global Retirement Partners LLC now owns 1,470 shares of the asset manager’s stock valued at $171,000 after purchasing an additional 105 shares during the period. Security National Bank of SO Dak lifted its position in State Street by 0.5% in the second quarter. Security National Bank of SO Dak now owns 21,528 shares of the asset manager’s stock worth $2,289,000 after buying an additional 105 shares during the last quarter. Finally, Harbour Investments Inc. lifted its holdings in shares of State Street by 11.7% in the 2nd quarter. Harbour Investments Inc. now owns 1,012 shares of the asset manager’s stock worth $108,000 after acquiring an additional 106 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

State Street Stock Performance

STT stock opened at $127.82 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.59. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $137.05. The business has a 50-day moving average price of $130.08 and a 200 day moving average price of $120.41. The company has a market capitalization of $35.70 billion, a P/E ratio of 13.58, a PEG ratio of 1.14 and a beta of 1.43.

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

State Street Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st will be issued a $0.84 dividend. The ex-dividend date is Wednesday, April 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.6%. State Street’s dividend payout ratio (DPR) is currently 35.71%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on STT shares. Wall Street Zen raised shares of State Street from a “sell” rating to a “hold” rating in a research report on Saturday, January 17th. Zacks Research downgraded State Street from a “strong-buy” rating to a “hold” rating in a report on Monday, December 1st. TD Cowen restated a “buy” rating on shares of State Street in a report on Wednesday, January 7th. Loop Capital set a $144.00 price objective on State Street in a research report on Tuesday, January 6th. Finally, Morgan Stanley decreased their target price on State Street from $168.00 to $164.00 and set an “overweight” rating for the company in a research report on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $135.83.

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.