Lighthouse Investment Partners LLC Increases Position in State Street Corporation $STT

Lighthouse Investment Partners LLC grew its holdings in shares of State Street Corporation (NYSE:STT) by 237.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 35,269 shares of the asset manager’s stock after buying an additional 24,823 shares during the quarter. Lighthouse Investment Partners LLC’s holdings in State Street were worth $4,092,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. True Wealth Design LLC increased its stake in State Street by 166.3% in the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock worth $29,000 after purchasing an additional 158 shares during the period. JPL Wealth Management LLC purchased a new stake in shares of State Street during the third quarter valued at $29,000. Flagship Wealth Advisors LLC purchased a new stake in shares of State Street during the third quarter valued at $35,000. SJS Investment Consulting Inc. grew its holdings in shares of State Street by 2,142.9% in the third quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock worth $36,000 after purchasing an additional 300 shares during the last quarter. Finally, Ameriflex Group Inc. grew its holdings in shares of State Street by 102.5% in the third quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager’s stock worth $37,000 after purchasing an additional 161 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on STT. Truist Financial set a $136.00 price objective on shares of State Street in a report on Tuesday, January 20th. Weiss Ratings restated a “buy (b)” rating on shares of State Street in a research note on Wednesday, January 21st. Wall Street Zen raised shares of State Street from a “sell” rating to a “hold” rating in a research report on Saturday, January 17th. Morgan Stanley lowered their price target on State Street from $168.00 to $164.00 and set an “overweight” rating for the company in a report on Tuesday, January 20th. Finally, Citigroup began coverage on State Street in a research note on Monday, February 23rd. They issued a “buy” rating and a $150.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $135.83.

State Street Stock Down 1.0%

State Street stock opened at $120.11 on Tuesday. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $137.05. The business has a fifty day moving average price of $128.66 and a 200-day moving average price of $122.13. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.61. The stock has a market capitalization of $33.48 billion, a price-to-earnings ratio of 12.76, a PEG ratio of 1.06 and a beta of 1.43.

State Street (NYSE:STT) last announced its earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.15. State Street had a return on equity of 13.46% and a net margin of 13.02%.The company had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same period in the prior year, the company posted $2.60 EPS. The firm’s quarterly revenue was up 7.5% compared to the same quarter last year. 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 announced a quarterly dividend, which will be paid on Monday, April 13th. Investors of record on Wednesday, April 1st will be paid a $0.84 dividend. The ex-dividend date is Wednesday, April 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.8%. State Street’s dividend payout ratio (DPR) is 35.71%.

Insiders Place Their Bets

In other State Street news, EVP John Plansky sold 16,100 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the sale, the executive vice president owned 56,162 shares of the company’s stock, valued at approximately $6,982,059.84. The trade was a 22.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.29% of the company’s stock.

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.