Dupont Capital Management Corp lowered its stake in shares of State Street Corp (NYSE:STT) by 34.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,021 shares of the asset manager’s stock after selling 4,842 shares during the quarter. Dupont Capital Management Corp’s holdings in State Street were worth $573,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of STT. Candriam Luxembourg S.C.A. increased its position in State Street by 181.6% during the 2nd quarter. Candriam Luxembourg S.C.A. now owns 123,973 shares of the asset manager’s stock worth $7,879,000 after purchasing an additional 79,947 shares in the last quarter. Winslow Evans & Crocker Inc. increased its position in State Street by 7.1% during the 2nd quarter. Winslow Evans & Crocker Inc. now owns 9,357 shares of the asset manager’s stock worth $595,000 after purchasing an additional 621 shares in the last quarter. Strs Ohio increased its position in State Street by 233.7% during the 2nd quarter. Strs Ohio now owns 627,036 shares of the asset manager’s stock worth $39,848,000 after purchasing an additional 439,132 shares in the last quarter. Denali Advisors LLC increased its position in State Street by 286.4% during the 2nd quarter. Denali Advisors LLC now owns 17,000 shares of the asset manager’s stock worth $1,080,000 after purchasing an additional 12,600 shares in the last quarter. Finally, Janney Capital Management LLC increased its position in State Street by 24.7% during the 2nd quarter. Janney Capital Management LLC now owns 13,276 shares of the asset manager’s stock worth $844,000 after purchasing an additional 2,633 shares in the last quarter. 89.66% of the stock is owned by institutional investors.
STT has been the subject of a number of research analyst reports. Zacks Investment Research raised shares of State Street from a “hold” rating to a “strong-buy” rating and set a $72.00 target price for the company in a research report on Tuesday, July 28th. Deutsche Bank decreased their price target on State Street from $68.00 to $67.00 and set a “hold” rating for the company in a report on Thursday, July 9th. JPMorgan Chase & Co. decreased their price target on State Street from $65.00 to $63.00 and set a “neutral” rating for the company in a report on Wednesday, May 6th. Wolfe Research cut State Street from an “outperform” rating to a “peer perform” rating and set a $72.00 price target for the company. in a report on Thursday, July 9th. Finally, Credit Suisse Group increased their target price on State Street from $64.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, July 20th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $75.74.
Shares of STT opened at $63.79 on Friday. The firm has a market capitalization of $22.35 billion, a price-to-earnings ratio of 9.62, a price-to-earnings-growth ratio of 1.08 and a beta of 1.53. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.59 and a current ratio of 0.54. State Street Corp has a one year low of $42.10 and a one year high of $85.89. The stock’s fifty day moving average is $63.13 and its 200-day moving average is $64.17.
State Street (NYSE:STT) last issued its quarterly earnings results on Friday, July 17th. The asset manager reported $1.86 EPS for the quarter, beating analysts’ consensus estimates of $1.63 by $0.23. The company had revenue of $2.94 billion for the quarter, compared to analyst estimates of $2.86 billion. State Street had a return on equity of 12.74% and a net margin of 20.27%. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period last year, the company earned $1.45 earnings per share. Analysts forecast that State Street Corp will post 6.45 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, July 16th. Investors of record on Wednesday, July 1st were paid a dividend of $0.52 per share. The ex-dividend date was Tuesday, June 30th. This represents a $2.08 annualized dividend and a yield of 3.26%. State Street’s dividend payout ratio is currently 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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