Rathbones Group PLC Sells 4,242 Shares of State Street Co. (NYSE:STT)

Rathbones Group PLC lessened its stake in shares of State Street Co. (NYSE:STT) by 6.4% during the second quarter, Holdings Channel.com reports. The firm owned 62,446 shares of the asset manager’s stock after selling 4,242 shares during the period. Rathbones Group PLC’s holdings in State Street were worth $4,621,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in STT. LRI Investments LLC acquired a new stake in State Street in the first quarter valued at approximately $25,000. Ashton Thomas Private Wealth LLC bought a new stake in State Street during the 2nd quarter valued at $27,000. Norwood Financial Corp acquired a new position in State Street during the first quarter worth $35,000. Versant Capital Management Inc lifted its stake in shares of 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 buying an additional 416 shares in the last quarter. Finally, Accent Capital Management LLC acquired a new position in shares of State Street during the fourth quarter valued at about $39,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

STT has been the topic of a number of analyst reports. Keefe, Bruyette & Woods lowered their target price on shares of State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a report on Thursday, June 27th. Morgan Stanley upped their price target on State Street from $90.00 to $93.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 17th. Royal Bank of Canada raised their price objective on State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 17th. Bank of America boosted their price target on shares of State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a report on Wednesday, July 17th. Finally, The Goldman Sachs Group boosted their target price on State Street from $89.00 to $98.00 and gave the stock 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 issued a buy rating to the company’s stock. According to MarketBeat.com, State Street has a consensus rating of “Hold” and an average price target of $88.89.

State Street Stock Performance

NYSE:STT opened at $83.28 on Monday. The company has a market capitalization of $24.87 billion, a P/E ratio of 15.60, a P/E/G ratio of 1.34 and a beta of 1.48. The business has a fifty day simple moving average of $82.01 and a two-hundred day simple moving average of $77.06. 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 1 year low of $62.78 and a 1 year high of $87.26.

State Street (NYSE:STT) last announced its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. The business had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.15 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the business posted $2.17 EPS. On average, analysts expect that State Street Co. will post 8.14 earnings per share for the current year.

State Street Increases Dividend

The firm also recently declared 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 boost from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date is Tuesday, October 1st. State Street’s dividend 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.