State Street Co. (NYSE:STT) Shares Acquired by Bridges Investment Management Inc.

Bridges Investment Management Inc. grew its stake in shares of State Street Co. (NYSE:STT) by 407.7% in the second quarter, according to its most recent filing with the SEC. The fund owned 36,679 shares of the asset manager’s stock after acquiring an additional 29,454 shares during the period. Bridges Investment Management Inc.’s holdings in State Street were worth $2,714,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. Sumitomo Mitsui Trust Holdings Inc. grew its position in 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 in the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted 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 acquiring an additional 6,363 shares in the last quarter. M&G Plc acquired a new stake in State Street during the 1st quarter worth about $7,626,000. Public Employees Retirement Association of Colorado grew its stake in 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 in the last quarter. Finally, Cetera Investment Advisers increased its holdings in shares of State Street by 127.8% in the 1st quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock valued at $3,433,000 after purchasing an additional 24,906 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Down 0.9 %

STT stock opened at $88.50 on Friday. The business’s 50 day moving average is $83.19 and its 200-day moving average is $77.48. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.89. The firm has a market cap of $26.43 billion, a P/E ratio of 16.57, a P/E/G ratio of 1.38 and a beta of 1.48. State Street Co. has a 1-year low of $62.78 and a 1-year high of $89.42.

State Street (NYSE:STT) last released its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 11.78% and a net margin of 8.98%. State Street’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the prior year, the company earned $2.17 EPS. Equities analysts anticipate that State Street Co. will post 8.15 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. Shareholders of record on Tuesday, October 1st will be given a dividend of $0.76 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 dividend on an annualized basis and a yield of 3.44%. State Street’s dividend payout ratio is presently 51.69%.

Wall Street Analyst Weigh In

A number of research analysts have commented on STT shares. Evercore ISI raised their price target on shares of State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Bank of America boosted their price target on State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 17th. Citigroup raised their price objective on State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. Royal Bank of Canada upped their target price on State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 17th. Finally, Morgan Stanley lifted their price target on shares of State Street from $90.00 to $93.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $88.89.

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.