Kidder Stephen W decreased its stake in shares of State Street Corp (NYSE:STT) by 16.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,765 shares of the asset manager’s stock after selling 725 shares during the period. Kidder Stephen W’s holdings in State Street were worth $210,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of STT. Dimensional Fund Advisors LP lifted its holdings in State Street by 14.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,628,598 shares of the asset manager’s stock worth $102,738,000 after acquiring an additional 201,989 shares in the last quarter. Geode Capital Management LLC lifted its holdings in State Street by 14.5% during the fourth quarter. Geode Capital Management LLC now owns 4,748,395 shares of the asset manager’s stock worth $298,936,000 after acquiring an additional 600,360 shares in the last quarter. Legacy Advisors LLC bought a new position in State Street during the first quarter worth about $80,000. Addenda Capital Inc. lifted its holdings in State Street by 5.8% during the first quarter. Addenda Capital Inc. now owns 78,141 shares of the asset manager’s stock worth $5,174,000 after acquiring an additional 4,288 shares in the last quarter. Finally, Metropolis Capital Ltd lifted its holdings in State Street by 13.1% during the first quarter. Metropolis Capital Ltd now owns 830,975 shares of the asset manager’s stock worth $54,686,000 after acquiring an additional 96,315 shares in the last quarter. Institutional investors own 89.45% of the company’s stock.
Several research analysts have weighed in on the company. Royal Bank of Canada reduced their target price on State Street from $80.00 to $65.00 and set a “sector perform” rating on the stock in a report on Wednesday, June 19th. Wells Fargo & Co reduced their target price on State Street from $75.00 to $63.00 and set a “market perform” rating on the stock in a report on Wednesday, June 12th. Raymond James lifted their target price on State Street from $68.00 to $72.00 and gave the stock a “strong-buy” rating in a report on Monday, July 22nd. Buckingham Research reduced their target price on State Street from $83.00 to $67.00 and set a “buy” rating on the stock in a report on Wednesday, June 12th. Finally, UBS Group lifted their target price on State Street from $58.00 to $59.00 and gave the stock a “neutral” rating in a report on Monday, July 8th. Four analysts have rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $69.42.
Shares of State Street stock traded up $0.07 during trading on Friday, reaching $55.66. The stock had a trading volume of 2,670,322 shares, compared to its average volume of 3,844,349. The company has a market cap of $20.71 billion, a P/E ratio of 7.71, a price-to-earnings-growth ratio of 0.89 and a beta of 1.43. The business’s fifty day simple moving average is $56.65. State Street Corp has a 52 week low of $53.53 and a 52 week high of $90.20. The company has a quick ratio of 0.45, a current ratio of 0.48 and a debt-to-equity ratio of 0.52.
State Street (NYSE:STT) last issued its quarterly earnings results on Friday, July 19th. The asset manager reported $1.45 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.05. The company had revenue of $2.87 billion for the quarter, compared to analyst estimates of $2.86 billion. State Street had a return on equity of 12.13% and a net margin of 17.66%. The company’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same period in the previous year, the company posted $2.05 earnings per share. On average, analysts anticipate that State Street Corp will post 5.84 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, July 16th. Stockholders of record on Monday, July 1st were issued a $0.47 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.38%. State Street’s dividend payout ratio (DPR) is 26.04%.
State Street Company Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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