Rockland Trust Co. Raises Stock Holdings in State Street Co. (NYSE:STT)

Rockland Trust Co. increased its holdings in shares of State Street Co. (NYSE:STT) by 1.8% in the third quarter, according to its most recent filing with the SEC. The fund owned 8,332 shares of the asset manager’s stock after acquiring an additional 150 shares during the period. Rockland Trust Co.’s holdings in State Street were worth $737,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of STT. LRI Investments LLC bought a new stake in shares of State Street during the first quarter worth $25,000. Ashton Thomas Private Wealth LLC bought a new stake in State Street during the 2nd quarter valued at about $27,000. Norwood Financial Corp purchased a new stake in State Street in the 1st quarter valued at about $35,000. Versant Capital Management Inc grew its stake in State Street by 411.9% in the 2nd quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock worth $38,000 after acquiring an additional 416 shares in the last quarter. Finally, Accent Capital Management LLC purchased a new position in shares of State Street during the fourth quarter worth approximately $39,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Stock Up 1.6 %

STT traded up $1.35 during trading on Friday, hitting $87.31. The stock had a trading volume of 1,744,059 shares, compared to its average volume of 2,308,696. The stock has a 50 day simple moving average of $83.95 and a two-hundred day simple moving average of $78.54. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.54 and a current ratio of 0.54. State Street Co. has a twelve month low of $62.78 and a twelve month high of $89.49. The company has a market capitalization of $26.07 billion, a PE ratio of 16.35, a PEG ratio of 1.33 and a beta of 1.48.

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, beating the consensus estimate of $2.03 by $0.12. The company 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%. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the company posted $2.17 EPS. On average, research analysts predict that State Street Co. will post 8.16 earnings per share for the current year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be given a $0.76 dividend. This is a positive change from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a dividend yield of 3.48%. The ex-dividend date is Tuesday, October 1st. State Street’s dividend payout ratio (DPR) is presently 56.93%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on STT shares. Barclays boosted their price target on State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Citigroup upped their target price on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. Bank of America raised their price target on State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods decreased their price objective on State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a report on Thursday, June 27th. Finally, Wolfe Research reiterated an “underperform” rating and set a $73.00 target price on shares of State Street in a report on Monday, July 8th. Two 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. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $90.11.

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.