State Street Co. (NYSE:STT) Holdings Lowered by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC trimmed its stake in shares of State Street Co. (NYSE:STT) by 1.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 165,345 shares of the asset manager’s stock after selling 2,758 shares during the quarter. Chevy Chase Trust Holdings LLC owned about 0.05% of State Street worth $12,236,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in STT. abrdn plc raised its position in shares of State Street by 17.9% during the 4th quarter. abrdn plc now owns 516,854 shares of the asset manager’s stock worth $40,036,000 after buying an additional 78,499 shares in the last quarter. Lindbrook Capital LLC grew its stake in shares of State Street by 80.0% in the 4th quarter. Lindbrook Capital LLC now owns 1,422 shares of the asset manager’s stock worth $110,000 after purchasing an additional 632 shares during the last quarter. Signaturefd LLC grew its stake in shares of State Street by 10.1% in the 4th quarter. Signaturefd LLC now owns 6,919 shares of the asset manager’s stock worth $536,000 after purchasing an additional 636 shares during the last quarter. CWM LLC grew its stake in shares of State Street by 6.1% in the 4th quarter. CWM LLC now owns 6,270 shares of the asset manager’s stock worth $486,000 after purchasing an additional 358 shares during the last quarter. Finally, Handelsbanken Fonder AB grew its stake in shares of State Street by 9.8% in the 4th quarter. Handelsbanken Fonder AB now owns 125,464 shares of the asset manager’s stock worth $9,718,000 after purchasing an additional 11,152 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

STT has been the topic of several analyst reports. Wolfe Research reissued an “underperform” rating and issued a $73.00 target price on shares of State Street in a research report on Monday, July 8th. Evercore ISI boosted their price objective on shares of State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a research report 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 company a “sector perform” rating in a research note on Wednesday, July 17th. Morgan Stanley lifted their target price on shares of State Street from $90.00 to $93.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 17th. Finally, The Goldman Sachs Group lifted their target price on shares of State Street from $89.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $88.89.

State Street Trading Up 0.4 %

Shares of NYSE STT traded up $0.36 during mid-day trading on Wednesday, hitting $80.78. The company’s stock had a trading volume of 573,039 shares, compared to its average volume of 2,221,308. The stock has a market cap of $24.12 billion, a price-to-earnings ratio of 15.12, a price-to-earnings-growth ratio of 1.25 and a beta of 1.48. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.54. State Street Co. has a one year low of $62.78 and a one year high of $86.25. The company’s fifty day simple moving average is $77.86 and its 200-day simple moving average is $75.57.

State Street (NYSE:STT) last issued its 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 company 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%. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter last year, the firm earned $2.17 EPS. On average, sell-side analysts anticipate that State Street Co. will post 8.15 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be paid a dividend of $0.76 per share. This is a positive change from State Street’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $3.04 annualized dividend and a yield of 3.76%. State Street’s dividend payout ratio (DPR) is presently 51.69%.

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.