Huntington National Bank decreased its position in shares of State Street Corp (NYSE:STT) by 8.0% during the second quarter, according to its most recent filing with the SEC. The firm owned 16,994 shares of the asset manager’s stock after selling 1,470 shares during the period. Huntington National Bank’s holdings in State Street were worth $1,080,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Perennial Advisors LLC purchased a new position in shares of State Street during the 1st quarter worth approximately $25,000. Liberty Wealth Management LLC boosted its position in shares of State Street by 1,180.5% in the 1st quarter. Liberty Wealth Management LLC now owns 525 shares of the asset manager’s stock worth $28,000 after purchasing an additional 484 shares in the last quarter. Ellevest Inc. boosted its position in shares of State Street by 70.4% in the 1st quarter. Ellevest Inc. now owns 726 shares of the asset manager’s stock worth $39,000 after purchasing an additional 300 shares in the last quarter. Ninety One SA PTY Ltd bought a new stake in shares of State Street in the 1st quarter worth approximately $44,000. Finally, JNBA Financial Advisors boosted its position in shares of State Street by 28.2% in the 1st quarter. JNBA Financial Advisors now owns 1,006 shares of the asset manager’s stock worth $54,000 after purchasing an additional 221 shares in the last quarter. Hedge funds and other institutional investors own 89.66% of the company’s stock.
Several research firms recently issued reports on STT. ValuEngine cut State Street from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 2nd. Royal Bank of Canada restated a “hold” rating and issued a $70.00 price objective on shares of State Street in a research note on Sunday, April 19th. JPMorgan Chase & Co. cut their price target on State Street from $65.00 to $63.00 and set a “neutral” rating for the company in a research note on Wednesday, May 6th. UBS Group increased their price target on shares of State Street from $56.00 to $59.00 and gave the company a “neutral” rating in a report on Monday, April 20th. Finally, Wolfe Research downgraded shares of State Street from an “outperform” rating to a “peer perform” rating and set a $72.00 price objective for the company. in a research note on Thursday, July 9th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $75.74.
Shares of NYSE:STT traded up $0.29 during trading hours on Friday, reaching $63.79. The stock had a trading volume of 2,300,584 shares, compared to its average volume of 2,016,443. State Street Corp has a 1 year low of $42.10 and a 1 year high of $85.89. The firm’s 50 day moving average is $63.13 and its 200-day moving average is $64.17. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.59 and a current ratio of 0.54. The stock has a market capitalization of $22.45 billion, a price-to-earnings ratio of 9.06, a P/E/G ratio of 1.09 and a beta of 1.53.
State Street (NYSE:STT) last announced its quarterly earnings data on Friday, July 17th. The asset manager reported $1.86 EPS for the quarter, beating the Zacks’ consensus estimate of $1.63 by $0.23. The company had revenue of $2.94 billion for the quarter, compared to the consensus estimate of $2.86 billion. State Street had a net margin of 20.27% and a return on equity of 12.74%. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.45 EPS. Analysts forecast that State Street Corp will post 6.45 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, July 16th. Investors of record on Wednesday, July 1st were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date of this dividend was Tuesday, June 30th. State Street’s dividend payout ratio (DPR) is 33.71%.
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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