Federated Hermes Inc. Buys 185,797 Shares of State Street Co. (NYSE:STT)

Federated Hermes Inc. increased its stake in State Street Co. (NYSE:STT) by 51.1% during the second quarter, Holdings Channel.com reports. The firm owned 549,304 shares of the asset manager’s stock after purchasing an additional 185,797 shares during the quarter. Federated Hermes Inc.’s holdings in State Street were worth $40,648,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of STT. Norges Bank bought a new stake in State Street during the fourth quarter valued at about $147,421,000. LSV Asset Management raised its holdings in State Street by 30.6% during the second quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock valued at $390,897,000 after acquiring an additional 1,238,251 shares during the period. Jacobs Levy Equity Management Inc. raised its holdings in State Street by 541.2% during the first quarter. Jacobs Levy Equity Management Inc. now owns 751,641 shares of the asset manager’s stock valued at $58,117,000 after acquiring an additional 634,422 shares during the period. SG Americas Securities LLC raised its holdings in State Street by 430.5% during the first quarter. SG Americas Securities LLC now owns 735,136 shares of the asset manager’s stock valued at $56,841,000 after acquiring an additional 596,567 shares during the period. Finally, Balyasny Asset Management L.P. raised its holdings in State Street by 57.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,563,964 shares of the asset manager’s stock valued at $121,145,000 after acquiring an additional 573,016 shares during the period. 87.44% of the stock is owned by institutional investors.

State Street Price Performance

Shares of STT stock opened at $83.28 on Friday. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.54. The company has a market capitalization of $25.09 billion, a P/E ratio of 15.60, a P/E/G ratio of 1.34 and a beta of 1.48. The company’s 50-day simple moving average is $82.01 and its two-hundred day simple moving average is $77.03. State Street Co. has a one year low of $62.78 and a one year high of $87.26.

State Street (NYSE:STT) last issued its earnings results on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. The business had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.15 billion. State Street had a net margin of 8.98% and a return on equity of 11.78%. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.17 EPS. As a group, equities analysts anticipate that State Street Co. will post 8.14 EPS for the current year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be paid a $0.76 dividend. This is an increase from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 dividend on an annualized basis and a yield of 3.65%. The ex-dividend date is Tuesday, October 1st. State Street’s dividend payout ratio is currently 56.93%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Bank of America raised their price target on State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a report on Wednesday, July 17th. Morgan Stanley raised their price objective on State Street from $90.00 to $93.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 17th. Citigroup raised their price objective on State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Monday, July 22nd. Barclays raised their price objective on State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Finally, Royal Bank of Canada raised their price objective on State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, State Street currently has a consensus rating of “Hold” and a consensus target price of $88.89.

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.