Security National Bank of Sioux City Iowa IA Lowers Stock Holdings in State Street Co. (NYSE:STT)

Security National Bank of Sioux City Iowa IA cut its holdings in shares of State Street Co. (NYSE:STT) by 1.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,594 shares of the asset manager’s stock after selling 371 shares during the period. Security National Bank of Sioux City Iowa IA’s holdings in State Street were worth $1,598,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. LRI Investments LLC acquired a new position in State Street during the 1st quarter worth $25,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of State Street during the second quarter worth about $27,000. Norwood Financial Corp purchased a new stake in shares of State Street during the first quarter worth approximately $35,000. Versant Capital Management Inc raised its holdings in State Street by 411.9% in the second quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock valued at $38,000 after acquiring an additional 416 shares in the last quarter. Finally, Accent Capital Management LLC purchased a new position in State Street in the fourth quarter worth approximately $39,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Performance

Shares of STT opened at $88.20 on Friday. The company’s 50 day simple moving average is $83.61 and its 200-day simple moving average is $77.93. The firm has a market cap of $26.57 billion, a PE ratio of 16.52, a price-to-earnings-growth ratio of 1.44 and a beta of 1.48. State Street Co. has a 12-month low of $62.78 and a 12-month high of $89.49. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.89.

State Street (NYSE:STT) last issued its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. The firm had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. State Street had a net margin of 8.98% and a return on equity of 11.78%. State Street’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.17 EPS. As a group, equities analysts predict that State Street Co. will post 8.15 EPS 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 issued a dividend of $0.76 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.45%. This is a positive change from State Street’s previous quarterly dividend of $0.69. State Street’s dividend payout ratio (DPR) is currently 56.93%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods reduced their price objective on shares of State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a report on Thursday, June 27th. Wells Fargo & Company raised their price target on State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft upped their price objective on State Street from $79.00 to $87.00 and gave the stock a “hold” rating in a research report on Monday, September 23rd. Bank of America raised their target price on State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 17th. Finally, Royal Bank of Canada upped 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 company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $89.61.

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.