Newport Trust Company LLC Sells 40,328 Shares of State Street Co. (NYSE:STT)

Newport Trust Company LLC lessened its holdings in shares of State Street Co. (NYSE:STT) by 2.3% during the 2nd quarter, HoldingsChannel reports. The firm owned 1,729,523 shares of the asset manager’s stock after selling 40,328 shares during the period. Newport Trust Company LLC’s holdings in State Street were worth $127,985,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Bridges Investment Management Inc. lifted its stake in State Street by 407.7% in the second quarter. Bridges Investment Management Inc. now owns 36,679 shares of the asset manager’s stock valued at $2,714,000 after buying an additional 29,454 shares in the last quarter. Benjamin F. Edwards & Company Inc. lifted its position in State Street by 5.4% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,514 shares of the asset manager’s stock valued at $186,000 after acquiring an additional 129 shares in the last quarter. XTX Topco Ltd boosted its stake in State Street by 646.9% in the 2nd quarter. XTX Topco Ltd now owns 21,691 shares of the asset manager’s stock worth $1,605,000 after purchasing an additional 18,787 shares during the period. Mathes Company Inc. increased its holdings in State Street by 3.3% during the 2nd quarter. Mathes Company Inc. now owns 21,975 shares of the asset manager’s stock worth $1,626,000 after purchasing an additional 700 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC raised its stake in shares of State Street by 10.2% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 34,774 shares of the asset manager’s stock valued at $2,573,000 after purchasing an additional 3,230 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Trading Up 2.4 %

Shares of NYSE:STT opened at $89.28 on Friday. State Street Co. has a 52-week low of $62.78 and a 52-week high of $89.42. 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 $26.66 billion, a P/E ratio of 16.72, a price-to-earnings-growth ratio of 1.38 and a beta of 1.48. The company has a 50-day simple moving average of $82.99 and a 200 day simple moving average of $77.38.

State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. The company had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. The business’s revenue was up 2.6% on a year-over-year basis. During the same period last year, the firm posted $2.17 earnings per share. Sell-side analysts forecast that State Street Co. will post 8.15 earnings per share for the current year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be issued a $0.76 dividend. This is an increase from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend is Tuesday, October 1st. State Street’s payout ratio is currently 51.69%.

Analyst Ratings Changes

STT has been the subject of several recent research reports. The Goldman Sachs Group increased their price objective on State Street from $89.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Royal Bank of Canada upped their price target on State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 17th. Evercore ISI lifted their price objective on shares of State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Citigroup increased their target price on shares of State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. Finally, Keefe, Bruyette & Woods lowered their price target on shares of State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a research note on Thursday, June 27th. Two equities research 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 company has an average rating of “Hold” and an average price target of $88.89.

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.