Hsbc Holdings PLC Cuts Holdings in State Street Co. (NYSE:STT)

Hsbc Holdings PLC cut its stake in State Street Co. (NYSE:STT - Free Report) by 9.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 681,195 shares of the asset manager's stock after selling 68,155 shares during the quarter. Hsbc Holdings PLC owned approximately 0.23% of State Street worth $66,873,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Wilmington Savings Fund Society FSB purchased a new stake in State Street during the third quarter worth $1,125,000. Synovus Financial Corp boosted its stake in shares of State Street by 10.3% during the 3rd quarter. Synovus Financial Corp now owns 13,321 shares of the asset manager's stock worth $1,179,000 after acquiring an additional 1,247 shares in the last quarter. Peapack Gladstone Financial Corp grew its position in shares of State Street by 2.0% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 5,283 shares of the asset manager's stock valued at $467,000 after acquiring an additional 103 shares during the period. Franklin Resources Inc. raised its holdings in State Street by 13.8% in the 3rd quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager's stock worth $306,116,000 after purchasing an additional 408,792 shares during the period. Finally, Inspire Trust Co. N.A. raised its holdings in State Street by 5.9% in the 3rd quarter. Inspire Trust Co. N.A. now owns 35,776 shares of the asset manager's stock worth $3,165,000 after purchasing an additional 2,000 shares during the period. Hedge funds and other institutional investors own 87.44% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on STT. Barclays cut their price objective on State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. The Goldman Sachs Group set a $98.00 price objective on shares of State Street and gave the company a "buy" rating in a report on Thursday, April 17th. Truist Financial lowered their price objective on State Street from $89.00 to $85.00 and set a "hold" rating on the stock in a report on Monday, April 21st. Bank of America increased their price objective on State Street from $98.00 to $99.00 and gave the company an "underperform" rating in a research note on Wednesday, April 2nd. Finally, Evercore ISI decreased their price objective on State Street from $109.00 to $106.00 and set an "outperform" rating on the stock in a report on Tuesday, April 1st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, State Street currently has a consensus rating of "Hold" and a consensus target price of $102.15.

Insiders Place Their Bets

In related news, Director Gregory L. Summe sold 10,815 shares of the firm's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the completion of the transaction, the director now directly owns 100,023 shares in the company, valued at $10,002,300. This trade represents a 9.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Ann Fogarty sold 3,705 shares of the business's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction of $368,536.35. Following the sale, the executive vice president now owns 50,816 shares in the company, valued at $5,054,667.52. This trade represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.29% of the stock is currently owned by insiders.

State Street Trading Up 0.9 %

Shares of State Street stock traded up $0.75 during mid-day trading on Tuesday, hitting $88.32. The stock had a trading volume of 1,338,811 shares, compared to its average volume of 2,151,082. The firm has a market cap of $25.49 billion, a P/E ratio of 10.72, a price-to-earnings-growth ratio of 1.11 and a beta of 1.42. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. The firm has a 50-day moving average of $87.57 and a two-hundred day moving average of $93.69. State Street Co. has a 12-month low of $70.20 and a 12-month high of $103.00.

State Street (NYSE:STT - Get Free Report) last posted its earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $0.06. State Street had a return on equity of 12.60% and a net margin of 12.14%. The company had revenue of $3.28 billion during the quarter, compared to analysts' expectations of $3.30 billion. During the same quarter last year, the firm earned $1.69 earnings per share. Sell-side analysts forecast that State Street Co. will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st were given a $0.76 dividend. The ex-dividend date was Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.44%. State Street's payout ratio is currently 34.12%.

State Street Profile

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.