Hudson Bay Capital Management LP Invests $10.80 Million in State Street Co. (NYSE:STT)

Hudson Bay Capital Management LP bought a new position in shares of State Street Co. (NYSE:STT) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 110,017 shares of the asset manager’s stock, valued at approximately $10,798,000.

Several other hedge funds have also made changes to their positions in STT. Norges Bank acquired a new stake in shares of State Street during the fourth quarter worth about $161,021,000. Price T Rowe Associates Inc. MD boosted its stake in shares of State Street by 236.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager’s stock worth $226,642,000 after buying an additional 1,622,408 shares during the period. FMR LLC boosted its stake in shares of State Street by 14.2% during the fourth quarter. FMR LLC now owns 6,983,607 shares of the asset manager’s stock worth $685,441,000 after buying an additional 870,849 shares during the period. Azora Capital LP acquired a new stake in shares of State Street during the fourth quarter worth about $80,294,000. Finally, Northern Trust Corp raised its holdings in State Street by 15.7% during the fourth quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager’s stock worth $407,166,000 after purchasing an additional 563,790 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Insider Activity

In other news, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total value of $1,081,500.00. Following the sale, the director now directly owns 100,023 shares in the company, valued at $10,002,300. This represents a 9.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total transaction of $368,536.35. Following the completion of the sale, the executive vice president now owns 50,816 shares in the company, valued at $5,054,667.52. This represents a 6.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,820 shares of company stock worth $1,567,972 over the last ninety days. 0.29% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

STT has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $103.00 price target (down from $104.00) on shares of State Street in a report on Wednesday, January 22nd. Citigroup cut their price target on shares of State Street from $105.00 to $100.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Keefe, Bruyette & Woods cut their price target on shares of State Street from $118.00 to $113.00 and set an “outperform” rating for the company in a report on Monday, April 21st. Evercore ISI cut their price target on shares of State Street from $109.00 to $106.00 and set an “outperform” rating for the company in a report on Tuesday, April 1st. Finally, StockNews.com cut shares of State Street from a “buy” rating to a “hold” rating in a report on Friday, March 7th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $102.15.

State Street Trading Down 0.3%

Shares of State Street stock opened at $93.81 on Monday. State Street Co. has a 12-month low of $70.20 and a 12-month high of $103.00. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The stock has a market cap of $26.75 billion, a PE ratio of 11.38, a price-to-earnings-growth ratio of 1.11 and a beta of 1.42. The company has a 50-day moving average of $86.36 and a two-hundred day moving average of $93.64.

State Street (NYSE:STT) last released its quarterly earnings results on Thursday, April 17th. The asset manager reported $2.04 EPS for the quarter, beating the consensus estimate of $1.98 by $0.06. The business had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.30 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. During the same period in the prior year, the business earned $1.69 earnings per share. On average, research analysts anticipate that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st were given a $0.76 dividend. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.24%. State Street’s dividend payout ratio is presently 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.