Axiom Advisory LLC Boosts Holdings in State Street Co. (NYSE:STT)

Axiom Advisory LLC grew its position in shares of State Street Co. (NYSE:STT) by 1.6% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 16,640 shares of the asset manager’s stock after buying an additional 260 shares during the quarter. Axiom Advisory LLC’s holdings in State Street were worth $1,372,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of State Street by 4.5% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 941,404 shares of the asset manager’s stock valued at $72,789,000 after buying an additional 40,835 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of State Street by 3.3% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 198,891 shares of the asset manager’s stock worth $15,376,000 after purchasing an additional 6,363 shares during the period. M&G Plc purchased a new position in shares of State Street in the 1st quarter valued at about $7,626,000. Cetera Investment Advisers lifted its stake in shares of State Street by 127.8% in the first quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock valued at $3,433,000 after purchasing an additional 24,906 shares during the period. Finally, FORA Capital LLC boosted its holdings in State Street by 549.0% during the first quarter. FORA Capital LLC now owns 27,425 shares of the asset manager’s stock worth $2,121,000 after buying an additional 23,199 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on STT. The Goldman Sachs Group increased their target price on shares of State Street from $98.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Evercore ISI lifted their price objective on State Street from $88.00 to $91.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Citigroup boosted their target price on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Deutsche Bank Aktiengesellschaft raised their price target on State Street from $79.00 to $87.00 and gave the company a “hold” rating in a research report on Monday, September 23rd. Finally, Keefe, Bruyette & Woods decreased 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 research report on Thursday, June 27th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $90.11.

State Street Price Performance

State Street stock opened at $88.57 on Wednesday. The stock has a market capitalization of $26.68 billion, a P/E ratio of 16.59, a P/E/G ratio of 1.33 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 debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.54. The firm’s 50-day moving average is $84.01 and its two-hundred day moving average is $78.69.

State Street (NYSE:STT) last announced its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. The firm had revenue of $3.19 billion for 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%. State Street’s revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the business earned $2.17 earnings per share. Equities analysts predict that State Street Co. will post 8.16 earnings per share for the current year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be given a $0.76 dividend. The ex-dividend date is Tuesday, October 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.43%. This is an increase from State Street’s previous quarterly dividend of $0.69. State Street’s payout ratio is currently 56.93%.

State Street 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.