State Street Co. (NYSE:STT) Stake Reduced by Fulton Bank N.A.

Fulton Bank N.A. cut its stake in shares of State Street Co. (NYSE:STT) by 2.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,558 shares of the asset manager’s stock after selling 162 shares during the quarter. Fulton Bank N.A.’s holdings in State Street were worth $492,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Sei Investments Co. grew its stake in State Street by 2.0% during the 4th quarter. Sei Investments Co. now owns 431,132 shares of the asset manager’s stock valued at $33,395,000 after acquiring an additional 8,249 shares in the last quarter. Putnam Investments LLC lifted its holdings in State Street by 5.8% in the 4th quarter. Putnam Investments LLC now owns 2,343,254 shares of the asset manager’s stock worth $181,508,000 after purchasing an additional 129,493 shares during the last quarter. Point72 Europe London LLP boosted its holdings in shares of State Street by 51.0% during the 4th quarter. Point72 Europe London LLP now owns 119,116 shares of the asset manager’s stock worth $9,227,000 after buying an additional 40,216 shares during the period. Point72 Hong Kong Ltd acquired a new stake in shares of State Street in the fourth quarter valued at about $10,136,000. Finally, Pitcairn Co. grew its holdings in State Street by 3.0% in the 4th quarter. Pitcairn Co. now owns 46,470 shares of the asset manager’s stock valued at $3,600,000 after buying an additional 1,371 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on STT. Evercore ISI raised their price target on shares of State Street from $88.00 to $91.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Barclays upped their target price on shares of State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Wolfe Research reiterated an “underperform” rating and issued a $73.00 price objective on shares of State Street in a research report on Monday, July 8th. The Goldman Sachs Group boosted their target price on shares of State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Finally, Wells Fargo & Company upped their price target on State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $90.11.

State Street Trading Up 1.3 %

NYSE STT opened at $88.57 on Wednesday. The firm has a market cap of $26.68 billion, a P/E ratio of 16.59, a P/E/G ratio of 1.33 and a beta of 1.48. State Street Co. has a one year low of $62.78 and a one year high of $89.49. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.54. The stock’s 50-day moving average is $84.01 and its 200-day moving average is $78.69.

State Street (NYSE:STT) last issued its quarterly 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. State Street had a net margin of 8.98% and a return on equity of 11.78%. The company had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. During the same period last year, the business earned $2.17 EPS. The business’s quarterly revenue was up 2.6% on a year-over-year basis. Sell-side analysts anticipate that State Street Co. will post 8.16 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently declared 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 is a positive change from State Street’s previous quarterly dividend of $0.69. The ex-dividend date is Tuesday, October 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.43%. State Street’s payout ratio is 56.93%.

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.