Oak Thistle LLC Invests $393,000 in State Street Co. (NYSE:STT)

Oak Thistle LLC bought a new position in State Street Co. (NYSE:STT) in the 2nd quarter, according to its most recent disclosure with the SEC. The firm bought 5,310 shares of the asset manager’s stock, valued at approximately $393,000.

Several other institutional investors and hedge funds have also recently modified their holdings of STT. Symmetry Partners LLC grew its stake in shares of State Street by 3.5% in the first quarter. Symmetry Partners LLC now owns 3,802 shares of the asset manager’s stock worth $294,000 after acquiring an additional 130 shares during the period. HB Wealth Management LLC grew its position in State Street by 3.4% during the first quarter. HB Wealth Management LLC now owns 4,309 shares of the asset manager’s stock valued at $333,000 after buying an additional 140 shares during the period. Massmutual Trust Co. FSB ADV grew its position in State Street by 9.3% during the second quarter. Massmutual Trust Co. FSB ADV now owns 1,739 shares of the asset manager’s stock valued at $129,000 after buying an additional 148 shares during the period. Tompkins Financial Corp grew its position in State Street by 28.3% during the first quarter. Tompkins Financial Corp now owns 680 shares of the asset manager’s stock valued at $53,000 after buying an additional 150 shares during the period. Finally, Mather Group LLC. grew its position in State Street by 10.9% during the second quarter. Mather Group LLC. now owns 1,613 shares of the asset manager’s stock valued at $125,000 after buying an additional 158 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

STT has been the subject of several recent research reports. Citigroup boosted their target price on shares of State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Monday, July 22nd. Bank of America boosted their target price on shares of State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a research report on Wednesday, July 17th. Evercore ISI boosted their target price on shares of State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Keefe, Bruyette & Woods cut their target price on shares of State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a research report on Thursday, June 27th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of State Street from $80.00 to $79.00 and set a “hold” rating on the stock in a report on Thursday, August 15th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $88.89.

State Street Price Performance

STT stock opened at $83.67 on Tuesday. State Street Co. has a one year low of $62.78 and a one year high of $87.26. The company’s fifty day moving average price is $81.29 and its 200-day moving average price is $76.78. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.54 and a current ratio of 0.54. The company has a market capitalization of $25.21 billion, a PE ratio of 15.67, a price-to-earnings-growth ratio of 1.35 and a beta of 1.48.

State Street (NYSE:STT) last released its earnings results on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $3.15 billion. During the same quarter in the previous year, the firm earned $2.17 earnings per share. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. On average, equities analysts anticipate that State Street Co. will post 8.14 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently declared 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 an increase 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 yield of 3.63%. State Street’s dividend payout ratio is presently 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.