State Street Co. (NYSE:STT) Shares Purchased by Quarry LP

Quarry LP boosted its stake in shares of State Street Co. (NYSE:STT) by 1,174.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,765 shares of the asset manager’s stock after purchasing an additional 2,548 shares during the quarter. Quarry LP’s holdings in State Street were worth $205,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Benjamin F. Edwards & Company Inc. increased its holdings in State Street by 5.4% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,514 shares of the asset manager’s stock worth $186,000 after purchasing an additional 129 shares during the period. Symmetry Partners LLC increased its holdings in State Street by 3.5% during the 1st quarter. Symmetry Partners LLC now owns 3,802 shares of the asset manager’s stock worth $294,000 after purchasing an additional 130 shares during the period. HB Wealth Management LLC increased its holdings in State Street by 3.4% during the 1st quarter. HB Wealth Management LLC now owns 4,309 shares of the asset manager’s stock worth $333,000 after purchasing an additional 140 shares during the period. Massmutual Trust Co. FSB ADV increased its holdings in State Street by 9.3% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,739 shares of the asset manager’s stock worth $129,000 after purchasing an additional 148 shares during the period. Finally, Tompkins Financial Corp increased its holdings in State Street by 28.3% during the 1st quarter. Tompkins Financial Corp now owns 680 shares of the asset manager’s stock worth $53,000 after purchasing an additional 150 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Up 0.3 %

NYSE:STT opened at $88.47 on Tuesday. The stock’s 50 day moving average price is $83.78 and its 200 day moving average price is $78.23. The company has a market capitalization of $26.65 billion, a PE ratio of 16.57, a P/E/G ratio of 1.44 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 52-week low of $62.78 and a 52-week high of $89.49.

State Street (NYSE:STT) last released its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. State Street had a return on equity of 11.78% and a net margin of 8.98%. The firm had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter last year, the business posted $2.17 EPS. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. On average, research analysts anticipate that State Street Co. will post 8.15 EPS for the current 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 given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.44%. This is a boost from State Street’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Tuesday, October 1st. State Street’s dividend payout ratio (DPR) is presently 56.93%.

Analysts Set New Price Targets

Several brokerages have weighed in on STT. Barclays upped their price target on State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Evercore ISI increased their price objective on State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods dropped their price objective on State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a report on Thursday, June 27th. Morgan Stanley increased their price objective on State Street from $93.00 to $100.00 and gave the company an “equal weight” rating in a report on Monday. Finally, Citigroup increased their price objective on State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Monday, July 22nd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $90.11.

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.