Hsbc Holdings PLC Lowers Holdings in State Street Corporation $STT

Hsbc Holdings PLC lowered its holdings in State Street Corporation (NYSE:STT) by 12.1% in the fourth quarter, HoldingsChannel reports. The firm owned 750,419 shares of the asset manager’s stock after selling 103,568 shares during the quarter. Hsbc Holdings PLC’s holdings in State Street were worth $97,003,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Wilkerson Advisory Group LLC purchased a new position in State Street in the 4th quarter valued at approximately $29,000. Phillip James Consulting Co. acquired a new position in shares of State Street in the fourth quarter worth $30,000. JPL Wealth Management LLC purchased a new stake in shares of State Street during the third quarter worth $29,000. Reflection Asset Management purchased a new stake in shares of State Street during the fourth quarter worth $35,000. Finally, Board of the Pension Protection Fund acquired a new stake in shares of State Street in the fourth quarter valued at $39,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, COO Mostapha Tahiri sold 9,611 shares of the business’s stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the completion of the sale, the chief operating officer owned 64,642 shares in the company, valued at approximately $9,885,701.06. The trade was a 12.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP W. Bradford Hu sold 9,212 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $1,431,084.20. Following the completion of the transaction, the executive vice president owned 59,552 shares of the company’s stock, valued at approximately $9,251,403.20. The trade was a 13.40% decrease in their position. 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 ninety days, insiders sold 37,876 shares of company stock valued at $5,866,583. 0.27% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Morgan Stanley lifted their target price on State Street from $155.00 to $166.00 and gave the company an “overweight” rating in a report on Monday, April 20th. Barclays set a $165.00 price target on State Street in a research report on Monday, April 20th. Evercore set a $158.00 price objective on State Street and gave the company an “outperform” rating in a research note on Monday, April 20th. Wells Fargo & Company boosted their price objective on State Street from $162.00 to $171.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. Finally, Royal Bank Of Canada upped their target price on shares of State Street from $135.00 to $155.00 and gave the stock a “sector perform” rating in a research note on Monday, April 20th. Three investment 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’s stock. According to data from MarketBeat, State Street has a consensus rating of “Moderate Buy” and an average target price of $158.57.

State Street Price Performance

State Street stock opened at $168.72 on Monday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. The company has a fifty day simple moving average of $154.68 and a 200-day simple moving average of $137.39. The stock has a market cap of $46.70 billion, a P/E ratio of 17.11, a price-to-earnings-growth ratio of 0.92 and a beta of 1.43. State Street Corporation has a 12-month low of $99.00 and a 12-month high of $174.66.

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

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be paid a dividend of $0.84 per share. The ex-dividend date is Wednesday, July 1st. This represents a $3.36 annualized dividend and a yield of 2.0%. State Street’s payout ratio is presently 34.08%.

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.