Hsbc Holdings PLC Has $69.22 Million Position in State Street Corporation $STT

Hsbc Holdings PLC lessened its stake in State Street Corporation (NYSE:STT) by 9.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 650,822 shares of the asset manager’s stock after selling 66,478 shares during the quarter. Hsbc Holdings PLC owned about 0.23% of State Street worth $69,219,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. grew its stake in shares of State Street by 20.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,333 shares of the asset manager’s stock worth $1,630,000 after purchasing an additional 2,648 shares during the last quarter. Groupama Asset Managment bought a new position in shares of State Street during the second quarter worth about $1,202,000. State Board of Administration of Florida Retirement System lifted its stake in shares of State Street by 1.1% in the second quarter. State Board of Administration of Florida Retirement System now owns 294,726 shares of the asset manager’s stock worth $31,341,000 after acquiring an additional 3,310 shares during the period. Elevation Point Wealth Partners LLC bought a new stake in State Street in the second quarter valued at approximately $52,000. Finally, Quadrant Capital Group LLC increased its position in State Street by 49.7% during the 2nd quarter. Quadrant Capital Group LLC now owns 11,383 shares of the asset manager’s stock valued at $1,210,000 after purchasing an additional 3,781 shares during the period. 87.44% of the stock is currently owned by institutional investors.

Insider Transactions at State Street

In related news, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction on Monday, October 27th. The stock was sold at an average price of $117.24, for a total value of $175,860.00. Following the completion of the sale, the executive vice president directly owned 38,626 shares of the company’s stock, valued at approximately $4,528,512.24. This represents a 3.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.29% of the company’s stock.

State Street Price Performance

Shares of NYSE STT opened at $119.02 on Friday. The stock has a market cap of $33.24 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 1.24 and a beta of 1.47. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.57 and a current ratio of 0.59. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $122.69. The firm’s 50-day simple moving average is $115.75 and its 200 day simple moving average is $109.83.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, October 17th. The asset manager reported $2.78 EPS for the quarter, topping the consensus estimate of $2.57 by $0.21. State Street had a return on equity of 13.37% and a net margin of 13.14%.The firm had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.43 billion. During the same period in the prior year, the business posted $2.26 earnings per share. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. As a group, research analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on STT shares. Citigroup boosted their price objective on State Street from $130.00 to $136.00 and gave the company a “buy” rating in a research note on Friday, October 24th. Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 3rd. The Goldman Sachs Group boosted their target price on State Street from $109.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a research note on Wednesday, October 8th. Finally, Evercore ISI raised their price objective on State Street from $117.00 to $128.00 and gave the company an “outperform” rating in a research note on Tuesday, September 30th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $125.92.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.