Bridges Investment Management Inc. Purchases 29,454 Shares of State Street Co. (NYSE:STT)

Bridges Investment Management Inc. grew its position in shares of State Street Co. (NYSE:STT) by 407.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 36,679 shares of the asset manager’s stock after buying an additional 29,454 shares during the period. Bridges Investment Management Inc.’s holdings in State Street were worth $2,714,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. LRI Investments LLC acquired a new stake in State Street during the first quarter worth approximately $25,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of State Street during the 2nd quarter worth $27,000. Norwood Financial Corp bought a new position in shares of State Street in the first quarter worth $35,000. Versant Capital Management Inc raised its stake 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 purchasing an additional 416 shares in the last quarter. Finally, Accent Capital Management LLC bought a new stake in State Street during the fourth quarter worth about $39,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on STT. Wolfe Research restated an “underperform” rating and issued a $73.00 target price on shares of State Street in a research report on Monday, July 8th. Bank of America boosted their price objective on shares of State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a research report on Wednesday, July 17th. The Goldman Sachs Group raised their target price on State Street from $89.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Evercore ISI boosted their price target on State Street from $88.00 to $91.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Finally, Wells Fargo & Company raised their price objective on State Street from $91.00 to $98.00 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 given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, State Street presently has an average rating of “Hold” and a consensus target price of $88.89.

State Street Stock Performance

NYSE:STT opened at $88.50 on Friday. The stock’s 50-day moving average is $83.19 and its 200-day moving average is $77.48. The stock has a market cap of $26.43 billion, a P/E ratio of 16.57, a price-to-earnings-growth ratio of 1.38 and a beta of 1.48. State Street Co. has a 1-year low of $62.78 and a 1-year high of $89.42. 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 announced its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. The company’s revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the company posted $2.17 EPS. Equities research analysts anticipate that State Street Co. will post 8.15 earnings per share 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 issued a dividend of $0.76 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a yield of 3.44%. State Street’s payout ratio is presently 51.69%.

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.