Edgestream Partners L.P. Increases Stake in State Street Co. (NYSE:STT)

Edgestream Partners L.P. boosted its stake in shares of State Street Co. (NYSE:STT) by 44.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 30,745 shares of the asset manager’s stock after purchasing an additional 9,499 shares during the period. Edgestream Partners L.P.’s holdings in State Street were worth $2,377,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in State Street by 4.5% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 941,404 shares of the asset manager’s stock valued at $72,789,000 after acquiring an additional 40,835 shares during the period. M&G Plc purchased a new position in shares of State Street during the 1st quarter valued at approximately $7,626,000. Public Employees Retirement Association of Colorado lifted its stake in shares of State Street by 298.6% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 37,888 shares of the asset manager’s stock valued at $2,935,000 after purchasing an additional 28,382 shares during the period. Federated Hermes Inc. boosted its holdings in State Street by 4.9% during the fourth quarter. Federated Hermes Inc. now owns 270,342 shares of the asset manager’s stock worth $20,941,000 after buying an additional 12,594 shares in the last quarter. Finally, Mackenzie Financial Corp grew its position in State Street by 19.9% during the fourth quarter. Mackenzie Financial Corp now owns 181,856 shares of the asset manager’s stock valued at $14,087,000 after buying an additional 30,124 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on STT shares. Wells Fargo & Company upped their price objective on shares of State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft raised their price objective on State Street from $75.00 to $80.00 and gave the company a “hold” rating in a report on Wednesday, July 17th. UBS Group upped their target price on State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a research note on Friday, April 12th. Keefe, Bruyette & Woods dropped their price target on shares of State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a research note on Thursday, June 27th. Finally, Citigroup upped their price objective on shares of State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $88.96.

State Street Trading Up 0.3 %

Shares of State Street stock traded up $0.26 during mid-day trading on Tuesday, hitting $84.26. The stock had a trading volume of 243,901 shares, compared to its average volume of 2,296,639. The firm has a 50-day moving average of $75.47 and a two-hundred day moving average of $74.73. The firm has a market cap of $25.38 billion, a P/E ratio of 15.80, a price-to-earnings-growth ratio of 1.31 and a beta of 1.49. The company has a quick ratio of 0.61, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. State Street Co. has a 12-month low of $62.78 and a 12-month high of $86.24.

State Street (NYSE:STT) last released its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. State Street had a return on equity of 11.78% and a net margin of 8.98%. The business had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. During the same period in the prior year, the business posted $2.17 EPS. The company’s revenue was up 2.6% compared to the same quarter last year. Sell-side analysts forecast that State Street Co. will post 8.11 earnings per share for the current year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be paid a dividend of $0.76 per share. This is a positive change from State Street’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $3.04 annualized dividend and a yield of 3.61%. State Street’s dividend payout ratio is presently 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.