Diversified Trust Co Increases Holdings in State Street Co. (NYSE:STT)

Diversified Trust Co increased its stake in shares of State Street Co. (NYSE:STT) by 252.7% during the 1st quarter, Holdings Channel reports. The fund owned 38,848 shares of the asset manager’s stock after purchasing an additional 27,832 shares during the quarter. Diversified Trust Co’s holdings in State Street were worth $3,004,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of STT. Kestra Advisory Services LLC grew its holdings in State Street by 29.3% during the third quarter. Kestra Advisory Services LLC now owns 6,193 shares of the asset manager’s stock worth $415,000 after acquiring an additional 1,403 shares during the period. Dark Forest Capital Management LP acquired a new stake in State Street during the third quarter worth about $265,000. LPL Financial LLC grew its holdings in State Street by 6.5% during the third quarter. LPL Financial LLC now owns 96,148 shares of the asset manager’s stock worth $6,438,000 after acquiring an additional 5,864 shares during the period. Bank of Nova Scotia grew its holdings in State Street by 8.1% in the third quarter. Bank of Nova Scotia now owns 110,659 shares of the asset manager’s stock valued at $7,410,000 after purchasing an additional 8,322 shares during the period. Finally, AQR Capital Management LLC grew its holdings in State Street by 122.8% in the third quarter. AQR Capital Management LLC now owns 884,742 shares of the asset manager’s stock valued at $59,242,000 after purchasing an additional 487,671 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Stock Performance

Shares of State Street stock opened at $73.56 on Tuesday. State Street Co. has a one year low of $62.78 and a one year high of $79.90. The company has a market cap of $22.16 billion, a price-to-earnings ratio of 13.78, a PEG ratio of 1.29 and a beta of 1.49. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.61 and a current ratio of 0.61. The business’s 50 day moving average price is $74.31 and its 200 day moving average price is $74.66.

State Street (NYSE:STT) last announced its quarterly earnings data on Friday, April 12th. The asset manager reported $1.69 EPS for the quarter, topping analysts’ consensus estimates of $1.48 by $0.21. State Street had a return on equity of 12.03% and a net margin of 9.62%. The firm had revenue of $3.14 billion for the quarter, compared to the consensus estimate of $3.06 billion. On average, research analysts predict that State Street Co. will post 7.94 EPS for the current year.

State Street Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Monday, July 1st will be given a $0.69 dividend. The ex-dividend date is Monday, July 1st. This represents a $2.76 dividend on an annualized basis and a yield of 3.75%. State Street’s dividend payout ratio is currently 51.69%.

Analysts Set New Price Targets

Several brokerages have commented on STT. Morgan Stanley reissued an “equal weight” rating and issued a $90.00 price objective on shares of State Street in a report on Wednesday, June 12th. Keefe, Bruyette & Woods dropped their price objective on State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a report on Thursday, June 27th. JPMorgan Chase & Co. raised their price objective on State Street from $79.50 to $80.50 in a report on Friday, April 12th. Royal Bank of Canada reissued a “sector perform” rating and issued a $85.00 price objective on shares of State Street in a report on Monday. Finally, Evercore ISI raised their target price on State Street from $85.00 to $88.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $83.88.

About State Street

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.