Abich Financial Wealth Management LLC Has $138,000 Stock Holdings in State Street Co. (NYSE:STT)

Abich Financial Wealth Management LLC lifted its stake in State Street Co. (NYSE:STT) by 28.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,870 shares of the asset manager’s stock after acquiring an additional 418 shares during the quarter. Abich Financial Wealth Management LLC’s holdings in State Street were worth $138,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of STT. LRI Investments LLC acquired a new position in shares of State Street in the first quarter worth $25,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of State Street in the second quarter worth $27,000. Norwood Financial Corp acquired a new position in shares of State Street in the first quarter worth $35,000. Versant Capital Management Inc increased its stake in shares of State Street by 411.9% in the second quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock worth $38,000 after acquiring an additional 416 shares during the last quarter. Finally, Accent Capital Management LLC acquired a new position in shares of State Street in the fourth quarter worth $39,000. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Stock Down 0.2 %

STT stock opened at $88.91 on Wednesday. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.54. State Street Co. has a 52-week low of $62.78 and a 52-week high of $89.49. The company has a 50-day moving average of $83.47 and a two-hundred day moving average of $77.79. The stock has a market capitalization of $26.55 billion, a price-to-earnings ratio of 16.65, a price-to-earnings-growth ratio of 1.44 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 earnings per share for the quarter, beating 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 business had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. During the same quarter last year, the company earned $2.17 earnings per share. The firm’s revenue was up 2.6% on a year-over-year basis. As a group, equities research analysts anticipate that State Street Co. will post 8.15 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. Investors of record on Tuesday, October 1st will be paid a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.42%. The ex-dividend date is Tuesday, October 1st. This is a boost from State Street’s previous quarterly dividend of $0.69. State Street’s dividend payout ratio (DPR) is presently 51.69%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports 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 report on Wednesday, July 17th. Bank of America upped their price objective on shares of State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a report on Wednesday, July 17th. The Goldman Sachs Group upped their price objective on shares of State Street from $89.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Evercore ISI upped their price objective on shares of State Street from $88.00 to $91.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Finally, Royal Bank of Canada upped their price objective on shares of State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $89.46.

State Street Company 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.