Dimensional Fund Advisors LP Has $224.47 Million Position in State Street Co. (NYSE:STT)

Dimensional Fund Advisors LP boosted its holdings in State Street Co. (NYSE:STT) by 9.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,033,544 shares of the asset manager’s stock after buying an additional 259,729 shares during the quarter. Dimensional Fund Advisors LP owned approximately 1.02% of State Street worth $224,466,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Capital Wealth Planning LLC acquired a new position in shares of State Street during the second quarter worth $211,000. Thoroughbred Financial Services LLC acquired a new position in State Street during the 2nd quarter worth about $398,000. Federated Hermes Inc. grew its position in shares of State Street by 51.1% in the 2nd quarter. Federated Hermes Inc. now owns 549,304 shares of the asset manager’s stock valued at $40,648,000 after buying an additional 185,797 shares during the last quarter. Meeder Advisory Services Inc. increased its stake in shares of State Street by 30.1% in the second quarter. Meeder Advisory Services Inc. now owns 5,208 shares of the asset manager’s stock valued at $385,000 after buying an additional 1,206 shares during the period. Finally, American Century Companies Inc. raised its position in shares of State Street by 1.5% during the second quarter. American Century Companies Inc. now owns 350,156 shares of the asset manager’s stock worth $25,912,000 after acquiring an additional 5,066 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Price Performance

Shares of NYSE:STT opened at $87.16 on Thursday. State Street Co. has a twelve month low of $62.78 and a twelve month high of $88.18. The stock’s 50 day moving average is $82.73 and its 200-day moving average is $77.30. 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 capitalization of $26.26 billion, a price-to-earnings ratio of 16.32, a PEG ratio of 1.34 and a beta of 1.48.

State Street (NYSE:STT) last issued 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. State Street had a net margin of 8.98% and a return on equity of 11.78%. The firm had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. During the same period last year, the company earned $2.17 earnings per share. The business’s revenue was up 2.6% on a year-over-year basis. Sell-side analysts forecast that State Street Co. will post 8.14 EPS for the current fiscal year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders 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. This represents a $3.04 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date is Tuesday, October 1st. State Street’s payout ratio is currently 56.93%.

Analysts Set New Price Targets

Several brokerages recently commented on STT. Citigroup upped their target price on State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Monday, July 22nd. Morgan Stanley increased their price objective on shares of State Street from $90.00 to $93.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 17th. Keefe, Bruyette & Woods dropped 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. Deutsche Bank Aktiengesellschaft decreased their price target on State Street from $80.00 to $79.00 and set a “hold” rating for the company in a report on Thursday, August 15th. Finally, The Goldman Sachs Group boosted their price objective on State Street from $89.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Two research 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. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price 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.