Massachusetts Financial Services Co. MA Lowers Position in State Street Co. (NYSE:STT)

Massachusetts Financial Services Co. MA decreased its position in State Street Co. (NYSE:STT) by 95.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,982 shares of the asset manager’s stock after selling 61,563 shares during the period. Massachusetts Financial Services Co. MA’s holdings in State Street were worth $221,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Symmetry Partners LLC boosted its holdings in shares of State Street by 3.5% in the first quarter. Symmetry Partners LLC now owns 3,802 shares of the asset manager’s stock valued at $294,000 after acquiring an additional 130 shares in the last quarter. HB Wealth Management LLC lifted its stake in shares of State Street by 3.4% in the first quarter. HB Wealth Management LLC now owns 4,309 shares of the asset manager’s stock valued at $333,000 after purchasing an additional 140 shares during the period. Massmutual Trust Co. FSB ADV lifted its stake in shares of State Street by 9.3% in the second quarter. Massmutual Trust Co. FSB ADV now owns 1,739 shares of the asset manager’s stock valued at $129,000 after purchasing an additional 148 shares during the period. Tompkins Financial Corp lifted its stake in shares of State Street by 28.3% in the first quarter. Tompkins Financial Corp now owns 680 shares of the asset manager’s stock valued at $53,000 after purchasing an additional 150 shares during the period. Finally, Mather Group LLC. lifted its stake in shares of State Street by 10.9% in the second quarter. Mather Group LLC. now owns 1,613 shares of the asset manager’s stock valued at $125,000 after purchasing an additional 158 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Wells Fargo & Company raised their price objective on shares of State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Evercore ISI raised their price objective on shares of State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Royal Bank of Canada lifted their target price on shares of State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 17th. Morgan Stanley lifted their target price on shares of State Street from $90.00 to $93.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 17th. Finally, Barclays lifted their target price on shares of State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $89.46.

State Street Stock Performance

NYSE:STT opened at $89.13 on Tuesday. The firm has a 50 day simple moving average of $83.39 and a 200-day simple moving average of $77.67. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.54. The firm has a market cap of $26.85 billion, a PE ratio of 16.69, a P/E/G 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 $89.49.

State Street (NYSE:STT) last posted its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. The business had revenue of $3.19 billion during the quarter, compared to analyst estimates 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 quarter in the previous year, the business posted $2.17 earnings per share. On average, equities analysts expect 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 issued a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.41%. This is an increase from State Street’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Tuesday, October 1st. State Street’s payout ratio is presently 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.