Rathbones Group PLC Sells 4,242 Shares of State Street Co. (NYSE:STT)

Rathbones Group PLC lessened its stake in shares of State Street Co. (NYSE:STT) by 6.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 62,446 shares of the asset manager’s stock after selling 4,242 shares during the period. Rathbones Group PLC’s holdings in State Street were worth $4,621,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Thoroughbred Financial Services LLC bought a new position in State Street in the 2nd quarter valued at about $398,000. Federated Hermes Inc. raised its position in State Street by 51.1% during the second quarter. Federated Hermes Inc. now owns 549,304 shares of the asset manager’s stock valued at $40,648,000 after purchasing an additional 185,797 shares in the last quarter. Meeder Advisory Services Inc. lifted its stake in State Street by 30.1% during the second quarter. Meeder Advisory Services Inc. now owns 5,208 shares of the asset manager’s stock worth $385,000 after purchasing an additional 1,206 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of State Street by 1.5% in the 2nd quarter. American Century Companies Inc. now owns 350,156 shares of the asset manager’s stock valued at $25,912,000 after purchasing an additional 5,066 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its stake in shares of State Street by 7.7% in the 2nd quarter. Daiwa Securities Group Inc. now owns 41,478 shares of the asset manager’s stock valued at $3,070,000 after purchasing an additional 2,976 shares during the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Stock Up 0.8 %

Shares of NYSE:STT opened at $83.28 on Monday. The firm has a market cap of $24.87 billion, a P/E ratio of 15.60, a P/E/G ratio of 1.34 and a beta of 1.48. State Street Co. has a 12-month low of $62.78 and a 12-month high of $87.26. The business has a fifty day simple moving average of $82.01 and a 200 day simple moving average of $77.06. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89.

State Street (NYSE:STT) last posted its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. The company had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.17 earnings per share. Analysts predict that State Street Co. will post 8.14 earnings per share for the current year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be paid a $0.76 dividend. This is a positive change from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date is Tuesday, October 1st. State Street’s dividend payout ratio is currently 51.69%.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Barclays raised their price objective on State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Wells Fargo & Company raised their price target on shares of State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of State Street from $80.00 to $79.00 and set a “hold” rating for the company in a research report on Thursday, August 15th. Wolfe Research restated an “underperform” rating and issued a $73.00 target price on shares of State Street in a research report on Monday, July 8th. Finally, Royal Bank of Canada upped their price target on shares of State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $88.89.

State Street Company 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.