State Street Co. (NYSE:STT) Position Raised by Rhumbline Advisers

Rhumbline Advisers raised its stake in State Street Co. (NYSE:STT) by 8.1% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 645,628 shares of the asset manager’s stock after buying an additional 48,286 shares during the quarter. Rhumbline Advisers owned approximately 0.21% of State Street worth $47,776,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in STT. LRI Investments LLC bought a new stake in State Street in the first quarter valued at $25,000. Norwood Financial Corp acquired a new position in shares of State Street during the first quarter valued at $35,000. Versant Capital Management Inc increased its holdings in shares of State Street by 411.9% during the second quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock valued at $38,000 after purchasing an additional 416 shares during the period. Accent Capital Management LLC acquired a new position in shares of State Street during the fourth quarter valued at $39,000. Finally, Quarry LP acquired a new position in shares of State Street during the fourth quarter valued at $39,000. 87.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on STT. Evercore ISI raised their price target on State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Wolfe Research reissued an “underperform” rating and set a $73.00 price target on shares of State Street in a report on Monday, July 8th. Barclays raised their price target on State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Morgan Stanley raised their price target on State Street from $90.00 to $93.00 and gave the company an “equal weight” rating in a report on Wednesday, July 17th. Finally, Royal Bank of Canada raised their price target on State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a report on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, State Street presently has a consensus rating of “Hold” and an average target price of $88.89.

State Street Trading Down 0.8 %

NYSE:STT opened at $85.19 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. State Street Co. has a 1-year low of $62.78 and a 1-year high of $87.26. The firm has a market capitalization of $25.66 billion, a price-to-earnings ratio of 15.95, a price-to-earnings-growth ratio of 1.41 and a beta of 1.48. The stock has a fifty day simple moving average of $80.91 and a 200 day simple moving average of $76.56.

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, beating 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 analyst estimates of $3.15 billion. During the same quarter last year, the company posted $2.17 EPS. State Street’s revenue for the quarter was up 2.6% on a year-over-year basis. Sell-side analysts forecast that State Street Co. will post 8.13 earnings per share for the current year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be given a $0.76 dividend. This is a positive change from State Street’s previous quarterly dividend of $0.69. The ex-dividend date is Tuesday, October 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.57%. State Street’s dividend payout ratio (DPR) is 56.93%.

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.