ExodusPoint Capital Management LP Makes New Investment in State Street Corporation $STT

ExodusPoint Capital Management LP acquired a new position in shares of State Street Corporation (NYSE:STT) in the fourth quarter, according to its most recent disclosure with the SEC. The firm acquired 122,775 shares of the asset manager’s stock, valued at approximately $15,839,000.

Other hedge funds also recently added to or reduced their stakes in the company. Wilkerson Advisory Group LLC acquired a new stake in State Street during the 4th quarter worth approximately $29,000. JPL Wealth Management LLC acquired a new stake in State Street during the 3rd quarter worth approximately $29,000. Board of the Pension Protection Fund acquired a new stake in State Street during the 4th quarter worth approximately $39,000. Measured Wealth Private Client Group LLC acquired a new stake in State Street during the 3rd quarter worth approximately $35,000. Finally, Ameriflex Group Inc. lifted its position in State Street by 102.5% during the 3rd quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager’s stock worth $37,000 after acquiring an additional 161 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at State Street

In related news, EVP Michael L. Richards sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total value of $461,670.00. Following the completion of the transaction, the executive vice president directly owned 43,522 shares of the company’s stock, valued at $6,697,600.58. This trade represents a 6.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Hanley Ronald P. O sold 14,553 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $2,260,808.55. Following the completion of the transaction, the chief executive officer directly owned 255,512 shares of the company’s stock, valued at $39,693,789.20. The trade was a 5.39% 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. Over the last quarter, insiders sold 37,876 shares of company stock valued at $5,866,583. Company insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

STT has been the subject of a number of analyst reports. Keefe, Bruyette & Woods increased their target price on State Street from $157.00 to $175.00 and gave the stock an “outperform” rating in a research note on Monday, April 20th. Seaport Research Partners reissued a “buy” rating and set a $170.00 target price on shares of State Street in a research note on Monday, April 20th. Argus increased their target price on State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a research note on Tuesday, April 21st. Royal Bank Of Canada increased their target price on State Street from $135.00 to $155.00 and gave the stock a “sector perform” rating in a research note on Monday, April 20th. Finally, Citigroup increased their target price on State Street from $150.00 to $172.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Three analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $158.57.

State Street Stock Performance

Shares of STT stock opened at $171.19 on Wednesday. The company has a market cap of $47.38 billion, a price-to-earnings ratio of 17.36, a price-to-earnings-growth ratio of 0.92 and a beta of 1.43. The stock has a 50 day simple moving average of $152.45 and a 200-day simple moving average of $136.31. State Street Corporation has a 12-month low of $96.16 and a 12-month high of $172.63. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The firm had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same period last year, the business posted $2.04 EPS. State Street’s quarterly revenue was up 15.6% on a year-over-year basis. On average, equities analysts forecast that State Street Corporation will post 12.35 EPS for the current year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Wednesday, July 1st. State Street’s dividend payout ratio (DPR) is presently 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.