Newport Trust Company LLC Has $127.99 Million Stock Holdings in State Street Co. (NYSE:STT)

Newport Trust Company LLC reduced its holdings in shares of State Street Co. (NYSE:STT) by 2.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,729,523 shares of the asset manager’s stock after selling 40,328 shares during the period. Newport Trust Company LLC owned about 0.58% of State Street worth $127,985,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. LRI Investments LLC acquired a new stake in State Street during the first quarter valued at approximately $25,000. Ashton Thomas Private Wealth LLC bought a new stake in State Street in the second quarter valued at $27,000. Norwood Financial Corp acquired a new position in State Street during the first quarter worth $35,000. Accent Capital Management LLC bought a new position in shares of State Street during the fourth quarter valued at $39,000. Finally, Quarry LP acquired a new stake in shares of State Street in the 4th quarter valued at $39,000. Institutional investors own 87.44% of the company’s stock.

Analysts Set New Price Targets

STT has been the subject of several analyst reports. Barclays lifted 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. Wolfe Research restated an “underperform” rating and set a $73.00 target price on shares of State Street in a report on Monday, July 8th. Wells Fargo & Company raised their price objective 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. Keefe, Bruyette & Woods dropped their target price on shares of State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a research note on Thursday, June 27th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on shares of State Street from $80.00 to $79.00 and set a “hold” rating on the stock in a research note on Thursday, August 15th. Two 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.com, the company currently has a consensus rating of “Hold” and a consensus target price of $88.89.

State Street Stock Up 2.4 %

Shares of State Street stock opened at $89.28 on Friday. The business has a fifty day simple moving average of $82.99 and a 200 day simple moving average of $77.38. The stock has a market cap of $26.66 billion, a PE 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 12 month low of $62.78 and a 12 month high of $89.42.

State Street (NYSE:STT) last posted its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.12. The company had revenue of $3.19 billion during 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 company’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.17 EPS. Research analysts predict that State Street Co. will post 8.15 EPS for the current year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be issued a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a yield of 3.41%. State Street’s dividend payout ratio (DPR) is 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.