Hsbc Holdings PLC Sells 124,593 Shares of State Street Co. (NYSE:STT)

Hsbc Holdings PLC lowered its holdings in shares of 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 & Exchange Commission. The firm owned 1,198,477 shares of the asset manager’s stock after selling 124,593 shares during the quarter. Hsbc Holdings PLC owned 0.40% of State Street worth $88,515,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the business. LRI Investments LLC purchased a new stake in shares of State Street during the first quarter valued at $25,000. Ashton Thomas Private Wealth LLC purchased a new stake in State Street in the 2nd quarter valued at about $27,000. Norwood Financial Corp bought a new position in State Street in the 1st quarter worth about $35,000. Accent Capital Management LLC purchased a new position in shares of State Street during the fourth quarter worth approximately $39,000. Finally, Quarry LP bought a new stake in shares of State Street during the fourth quarter valued at approximately $39,000. Institutional investors own 87.44% of the company’s stock.

State Street Price Performance

Shares of STT opened at $89.28 on Friday. The company has a 50 day moving average of $82.99 and a two-hundred day moving average of $77.38. The company has a market cap of $26.66 billion, a price-to-earnings ratio of 16.72, a price-to-earnings-growth ratio of 1.38 and a beta of 1.48. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. State Street Co. has a twelve month low of $62.78 and a twelve month high of $89.42.

State Street (NYSE:STT) last announced 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 the consensus estimate 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 in the previous year, the business earned $2.17 EPS. As a group, analysts predict that State Street Co. will post 8.15 earnings per share 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. Investors of record on Tuesday, October 1st will be given a $0.76 dividend. This is a positive change from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a dividend yield of 3.41%. The ex-dividend date is Tuesday, October 1st. State Street’s dividend payout ratio (DPR) is presently 51.69%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on STT. Wells Fargo & Company increased their price objective on State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Morgan Stanley raised their price target on State Street from $90.00 to $93.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 17th. Royal Bank of Canada upped their price objective on shares of State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft cut their target price on shares of State Street from $80.00 to $79.00 and set a “hold” rating on the stock in a research report on Thursday, August 15th. Finally, Bank of America upped their price target on shares of State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 17th. Two equities research 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. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $88.89.

About State Street

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.