Massachusetts Financial Services Co. MA Reduces Holdings in State Street Co. (NYSE:STT)

Massachusetts Financial Services Co. MA decreased its position in State Street Co. (NYSE:STT) by 95.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,982 shares of the asset manager’s stock after selling 61,563 shares during the period. Massachusetts Financial Services Co. MA’s holdings in State Street were worth $221,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in STT. Capital Wealth Planning LLC purchased a new position in shares of State Street during the 2nd quarter worth approximately $211,000. Thoroughbred Financial Services LLC purchased a new position in shares of State Street during the 2nd quarter worth approximately $398,000. Federated Hermes Inc. boosted its position in shares of State Street by 51.1% during the 2nd quarter. Federated Hermes Inc. now owns 549,304 shares of the asset manager’s stock worth $40,648,000 after purchasing an additional 185,797 shares during the period. Meeder Advisory Services Inc. boosted its position in shares of State Street by 30.1% during the 2nd quarter. Meeder Advisory Services Inc. now owns 5,208 shares of the asset manager’s stock worth $385,000 after purchasing an additional 1,206 shares during the period. Finally, American Century Companies Inc. boosted its position in shares of State Street by 1.5% during the 2nd quarter. American Century Companies Inc. now owns 350,156 shares of the asset manager’s stock worth $25,912,000 after purchasing an additional 5,066 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Up 0.7 %

NYSE STT opened at $89.13 on Tuesday. 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 firm’s fifty day moving average price is $83.39 and its 200 day moving average price is $77.67. The company has a market capitalization of $26.85 billion, a price-to-earnings ratio of 16.69, a price-to-earnings-growth ratio of 1.38 and a beta of 1.48. State Street Co. has a 12 month low of $62.78 and a 12 month high of $89.49.

State Street (NYSE:STT) last posted its earnings results on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, beating analysts’ consensus estimates 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 net margin of 8.98% and a return on equity of 11.78%. The company’s revenue was up 2.6% on a year-over-year basis. During the same period last year, the firm posted $2.17 EPS. On average, sell-side analysts expect that State Street Co. will post 8.15 earnings per share for the current fiscal year.

State Street Increases Dividend

The firm 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 is an increase from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a yield of 3.41%. The ex-dividend date is Tuesday, October 1st. State Street’s dividend payout ratio (DPR) is presently 56.93%.

Wall Street Analysts Forecast Growth

STT has been the subject of a number of research analyst reports. Morgan Stanley increased their price objective on shares of State Street from $90.00 to $93.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 17th. Bank of America increased their target price on shares of State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a report on Wednesday, July 17th. Evercore ISI increased their target price on shares of State Street from $88.00 to $91.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Citigroup increased their target price on shares of State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of State Street from $79.00 to $87.00 and gave the stock a “hold” rating in a report on Monday. 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 a consensus rating of “Hold” and an average target price of $89.46.

State Street Company 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.