State Street Co. (NYSE:STT) Shares Purchased by Shell Asset Management Co.

Shell Asset Management Co. grew its stake in shares of State Street Co. (NYSE:STT) by 21.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 19,088 shares of the asset manager’s stock after buying an additional 3,387 shares during the period. Shell Asset Management Co.’s holdings in State Street were worth $1,476,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of State Street by 4.5% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 941,404 shares of the asset manager’s stock worth $72,789,000 after purchasing an additional 40,835 shares during the period. Mitsubishi UFJ Trust & Banking Corp boosted its stake in State Street by 3.3% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 198,891 shares of the asset manager’s stock worth $15,376,000 after buying an additional 6,363 shares during the last quarter. M&G Plc purchased a new stake in State Street in the 1st quarter valued at about $7,626,000. Public Employees Retirement Association of Colorado increased its stake in shares of State Street by 298.6% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 37,888 shares of the asset manager’s stock valued at $2,935,000 after acquiring an additional 28,382 shares during the last quarter. Finally, Federated Hermes Inc. lifted its holdings in shares of State Street by 4.9% during the 4th quarter. Federated Hermes Inc. now owns 270,342 shares of the asset manager’s stock worth $20,941,000 after acquiring an additional 12,594 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on STT. Argus increased their target price on State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. Wolfe Research restated an “underperform” rating and issued a $73.00 price objective on shares of State Street in a report on Monday, July 8th. Bank of America boosted their target price on State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a report on Wednesday, July 17th. Barclays raised their price target on shares of State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Finally, Wells Fargo & Company lifted their price target on shares of State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $88.96.

State Street Stock Performance

NYSE STT traded up $0.37 during trading hours on Friday, reaching $85.26. The company’s stock had a trading volume of 211,996 shares, compared to its average volume of 2,292,719. The company has a current ratio of 0.54, a quick ratio of 0.61 and a debt-to-equity ratio of 0.89. The business has a 50-day simple moving average of $75.87 and a 200 day simple moving average of $74.89. State Street Co. has a 52 week low of $62.78 and a 52 week high of $86.24. The stock has a market cap of $25.69 billion, a PE ratio of 15.89, a PEG ratio of 1.29 and a beta of 1.48.

State Street (NYSE:STT) last issued its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 11.78% and a net margin of 8.98%. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period last year, the company earned $2.17 earnings per share. Equities research analysts predict that State Street Co. will post 8.12 earnings per share for the current fiscal year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be given a $0.76 dividend. This is a boost from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a yield of 3.57%. The ex-dividend date of this dividend is Tuesday, October 1st. State Street’s dividend payout ratio (DPR) is currently 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.