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

ExodusPoint Capital Management LP purchased a new position in shares of State Street Corporation (NYSE:STT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 122,775 shares of the asset manager’s stock, valued at approximately $15,839,000.

Other large investors also recently bought and sold shares of the company. Wilkerson Advisory Group LLC purchased a new stake in State Street during the 4th quarter worth about $29,000. JPL Wealth Management LLC acquired a new position in shares of State Street during the 3rd quarter worth about $29,000. Measured Wealth Private Client Group LLC acquired a new position in shares of State Street during the 3rd quarter worth about $35,000. Ameriflex Group Inc. boosted its position in shares of 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 in the last quarter. Finally, Board of the Pension Protection Fund acquired a new position in shares of State Street during the 4th quarter worth about $39,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Transactions at State Street

In related news, COO Mostapha Tahiri sold 9,611 shares of the company’s stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total value of $1,469,810.23. Following the completion of the sale, the chief operating officer directly owned 64,642 shares of the company’s stock, valued at $9,885,701.06. This represents a 12.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $2,260,808.55. Following the sale, 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 37,876 shares of company stock valued at $5,866,583 in the last 90 days. Company insiders own 0.27% of the company’s stock.

State Street Stock Up 2.3%

Shares of NYSE STT opened at $171.19 on Wednesday. The stock has a market cap of $47.38 billion, a PE ratio of 17.36, a price-to-earnings-growth ratio of 0.92 and a beta of 1.43. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. State Street Corporation has a 52-week low of $96.16 and a 52-week high of $172.63. The business has a 50-day moving average price of $152.45 and a 200 day moving average price of $136.31.

State Street (NYSE:STT) last announced its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.64 by $0.20. The firm had revenue of $3.80 billion during 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%.The business’s revenue was up 15.6% on a year-over-year basis. During the same period in the prior year, the firm earned $2.04 EPS. Equities research analysts forecast that State Street Corporation will post 12.35 earnings per share for the current year.

State Street Dividend Announcement

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

Analysts Set New Price Targets

Several research firms have recently issued reports on STT. JPMorgan Chase & Co. upped their price objective on State Street from $137.50 to $158.50 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Evercore set a $158.00 price objective on State Street and gave the stock an “outperform” rating in a research report on Monday, April 20th. Keefe, Bruyette & Woods upped their price objective on State Street from $157.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, April 20th. Barclays set a $165.00 price objective on State Street in a research report on Monday, April 20th. Finally, Argus upped their price objective on State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a research report on Tuesday, April 21st. Three equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, State Street presently has an average rating of “Moderate Buy” and a consensus target price of $158.57.

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.