Atomi Financial Group Inc. Buys Shares of 3,064 State Street Co. (NYSE:STT)

Atomi Financial Group Inc. purchased a new position in shares of State Street Co. (NYSE:STT) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 3,064 shares of the asset manager’s stock, valued at approximately $271,000.

A number of other hedge funds also recently modified their holdings of the stock. LRI Investments LLC purchased a new stake in State Street in the first quarter worth $25,000. Ashton Thomas Private Wealth LLC bought a new position in shares of State Street during the 2nd quarter worth $27,000. Norwood Financial Corp purchased a new stake in State Street in the 1st quarter worth about $35,000. Quarry LP bought a new stake in State Street in the 4th quarter valued at about $39,000. Finally, Accent Capital Management LLC purchased a new stake in State Street during the fourth quarter valued at about $39,000. Institutional investors own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. 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 note on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of State Street from $79.00 to $87.00 and gave the company a “hold” rating in a report on Monday, September 23rd. Bank of America raised their price target on State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a report on Wednesday, July 17th. Morgan Stanley boosted their price objective on State Street from $93.00 to $100.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Finally, Evercore ISI increased 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. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $90.11.

State Street Price Performance

Shares of NYSE:STT opened at $89.83 on Friday. State Street Co. has a one year low of $62.78 and a one year high of $90.80. 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 capitalization of $26.83 billion, a price-to-earnings ratio of 16.89, a PEG ratio of 1.30 and a beta of 1.48. The company’s fifty day moving average price is $84.43 and its 200-day moving average price is $79.04.

State Street (NYSE:STT) last released its quarterly earnings results 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. State Street had a return on equity of 11.78% and a net margin of 8.98%. The business had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter last year, the business posted $2.17 earnings per share. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, equities research analysts anticipate that State Street Co. will post 8.14 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were paid a $0.76 dividend. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $3.04 annualized dividend and a yield of 3.38%. This is a positive change from State Street’s previous quarterly dividend of $0.69. State Street’s dividend payout ratio is currently 57.14%.

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.