Capital International Investors Boosts Stock Holdings in State Street Co. (NYSE:STT)

Capital International Investors increased its position in shares of State Street Co. (NYSE:STT) by 0.5% in the first quarter, HoldingsChannel.com reports. The firm owned 6,626,753 shares of the asset manager’s stock after acquiring an additional 31,314 shares during the quarter. Capital International Investors’ holdings in State Street were worth $512,381,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. HB Wealth Management LLC boosted its stake in shares of State Street by 23.0% during the fourth quarter. HB Wealth Management LLC now owns 4,169 shares of the asset manager’s stock worth $323,000 after buying an additional 779 shares during the period. Raymond James & Associates increased its holdings in State Street by 9.7% in the fourth quarter. Raymond James & Associates now owns 81,817 shares of the asset manager’s stock valued at $6,338,000 after buying an additional 7,228 shares in the last quarter. CVA Family Office LLC purchased a new position in State Street in the fourth quarter valued at about $27,000. Raymond James Financial Services Advisors Inc. increased its holdings in State Street by 1.3% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 175,952 shares of the asset manager’s stock valued at $13,629,000 after buying an additional 2,333 shares in the last quarter. Finally, Trust Co of the South purchased a new position in State Street in the fourth quarter valued at about $320,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on STT. Citigroup increased their target price on shares of State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Monday. Royal Bank of Canada increased their target price on shares of State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft increased their target price on shares of State Street from $75.00 to $80.00 and gave the company a “hold” rating in a report on Wednesday, July 17th. Wolfe Research reiterated an “underperform” rating and issued a $73.00 price target on shares of State Street in a research report on Monday, July 8th. Finally, Morgan Stanley increased their price target on shares of State Street from $90.00 to $93.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $88.96.

State Street Trading Up 0.5 %

NYSE STT traded up $0.41 during mid-day trading on Friday, reaching $85.30. 1,509,828 shares of the stock were exchanged, compared to its average volume of 2,301,795. State Street Co. has a 1-year low of $62.78 and a 1-year high of $86.24. The business’s fifty day simple moving average is $76.02 and its 200 day simple moving average is $74.94. The stock has a market capitalization of $25.70 billion, a PE ratio of 15.97, a PEG ratio of 1.29 and a beta of 1.48. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.61 and a current ratio of 0.54.

State Street (NYSE:STT) last announced its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. State Street had a net margin of 8.98% and a return on equity of 11.78%. The firm had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. During the same quarter last year, the business earned $2.17 earnings per share. State Street’s revenue was up 2.6% compared to the same quarter last year. On average, research analysts anticipate that State Street Co. will post 8.12 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be issued a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.56%. The ex-dividend date of this dividend is Tuesday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.69. State Street’s dividend payout ratio (DPR) is 51.69%.

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.