Bradley Foster & Sargent Inc. CT Reduces Stock Position in State Street Co. (NYSE:STT)

Bradley Foster & Sargent Inc. CT cut its stake in State Street Co. (NYSE:STT) by 28.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 41,636 shares of the asset manager’s stock after selling 16,241 shares during the period. Bradley Foster & Sargent Inc. CT’s holdings in State Street were worth $3,081,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in STT. LRI Investments LLC purchased a new position in shares of State Street during the 1st quarter worth approximately $25,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of State Street during the 2nd quarter worth approximately $27,000. Norwood Financial Corp purchased a new position in shares of State Street during the 1st quarter worth approximately $35,000. Accent Capital Management LLC purchased a new position in shares of State Street during the 4th quarter worth approximately $39,000. Finally, Quarry LP purchased a new position in shares of State Street during the 4th quarter worth approximately $39,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Stock Up 0.5 %

Shares of STT opened at $87.16 on Thursday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. The firm has a market cap of $26.26 billion, a PE ratio of 16.32, a price-to-earnings-growth ratio of 1.34 and a beta of 1.48. The company’s fifty day moving average is $82.73 and its two-hundred day moving average is $77.30. State Street Co. has a fifty-two week low of $62.78 and a fifty-two week high of $88.18.

State Street (NYSE:STT) last posted its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.12. The business 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 business’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.17 EPS. Analysts forecast that State Street Co. will post 8.14 earnings per share for the current 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 issued 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 is Tuesday, October 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.49%. State Street’s payout ratio is presently 56.93%.

Wall Street Analyst Weigh In

STT has been the subject of a number of recent research reports. Wells Fargo & Company raised their price objective on shares of State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods decreased 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 research report on Thursday, June 27th. Royal Bank of Canada raised 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 report on Wednesday, July 17th. The Goldman Sachs Group raised their target price on shares of State Street from $89.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Finally, Evercore ISI raised their target price on shares of State Street from $88.00 to $91.00 and gave the stock an “outperform” 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 given a buy rating to the company’s stock. Based on data from MarketBeat, State Street presently has an average rating of “Hold” and an average price target of $88.89.

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.