Dimensional Fund Advisors LP Purchases 259,729 Shares of State Street Co. (NYSE:STT)

Dimensional Fund Advisors LP lifted its position in shares of State Street Co. (NYSE:STT) by 9.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,033,544 shares of the asset manager’s stock after purchasing an additional 259,729 shares during the period. Dimensional Fund Advisors LP’s holdings in State Street were worth $224,466,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Capital Wealth Planning LLC purchased a new stake in State Street in the 2nd quarter valued at about $211,000. Thoroughbred Financial Services LLC bought a new position in shares of State Street in the second quarter valued at approximately $398,000. Federated Hermes Inc. increased its position in shares of State Street by 51.1% during the second quarter. Federated Hermes Inc. now owns 549,304 shares of the asset manager’s stock valued at $40,648,000 after acquiring an additional 185,797 shares during the last quarter. Meeder Advisory Services Inc. lifted its holdings in State Street by 30.1% during the second quarter. Meeder Advisory Services Inc. now owns 5,208 shares of the asset manager’s stock worth $385,000 after acquiring an additional 1,206 shares during the period. Finally, American Century Companies Inc. boosted its position in State Street by 1.5% in the second quarter. American Century Companies Inc. now owns 350,156 shares of the asset manager’s stock worth $25,912,000 after purchasing an additional 5,066 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Royal Bank of Canada raised their target price 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. Keefe, Bruyette & Woods decreased their price objective on shares of State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a report on Thursday, June 27th. Morgan Stanley boosted their target price on shares of State Street from $90.00 to $93.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 17th. Citigroup raised their price target on shares of State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, July 22nd. Finally, Barclays upped their price objective on State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Two investment 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. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $88.89.

State Street Price Performance

State Street stock opened at $87.16 on Thursday. 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 one year low of $62.78 and a one year high of $88.18. The firm has a market capitalization of $26.26 billion, a P/E ratio of 16.32, a PEG ratio of 1.34 and a beta of 1.48. The business has a fifty day moving average price of $82.73 and a 200-day moving average price of $77.30.

State Street (NYSE:STT) last announced its quarterly 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 return on equity of 11.78% and a net margin of 8.98%. The firm had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.15 billion. During the same period in the prior year, the business posted $2.17 earnings per share. The company’s revenue was up 2.6% on a year-over-year basis. As a group, equities research analysts forecast that State Street Co. will post 8.14 EPS for the current year.

State Street Increases Dividend

The company 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. The ex-dividend date is Tuesday, October 1st. This is a boost from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a yield of 3.49%. State Street’s dividend payout ratio is currently 56.93%.

About State Street

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.