M&R Capital Management Inc. Has $407,000 Stake in State Street Co. (NYSE:STT)

M&R Capital Management Inc. lowered its position in State Street Co. (NYSE:STT) by 30.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,606 shares of the asset manager’s stock after selling 1,992 shares during the period. M&R Capital Management Inc.’s holdings in State Street were worth $407,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. LRI Investments LLC bought a new stake in shares of State Street during the 1st quarter worth $25,000. Ashton Thomas Private Wealth LLC acquired a new position in State Street during the 2nd quarter worth $27,000. Norwood Financial Corp acquired a new stake in shares of State Street in the first quarter valued at about $35,000. Accent Capital Management LLC acquired a new stake in shares of State Street in the fourth quarter valued at about $39,000. Finally, Quarry LP bought a new position in shares of State Street in the fourth quarter worth about $39,000. Institutional investors own 87.44% of the company’s stock.

State Street Stock Performance

State Street stock opened at $85.98 on Thursday. The firm has a market capitalization of $25.90 billion, a P/E ratio of 16.10, a P/E/G ratio of 1.36 and a beta of 1.48. The stock has a fifty day moving average price of $83.89 and a two-hundred day moving average price of $78.38. State Street Co. has a 52-week low of $62.78 and a 52-week 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.

State Street (NYSE:STT) last announced its 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 net margin of 8.98% and a return on equity of 11.78%. The business had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. During the same quarter last year, the company posted $2.17 EPS. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. As a group, analysts anticipate that State Street Co. will post 8.17 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be paid a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 3.54%. 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. State Street’s dividend payout ratio is 56.93%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on STT shares. The Goldman Sachs Group raised their target price on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Citigroup raised their price objective on shares of State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, July 22nd. Wolfe Research reiterated an “underperform” rating and set a $73.00 target price on shares of State Street in a research note on Monday, July 8th. Morgan Stanley increased their price target on shares of State Street from $93.00 to $100.00 and gave the company an “equal weight” rating in a report on Monday. Finally, Wells Fargo & Company upped 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. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus 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.