Piscataqua Savings Bank Reduces Position in State Street Co. (NYSE:STT)

Piscataqua Savings Bank reduced its position in State Street Co. (NYSE:STTGet Rating) by 10.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,179 shares of the asset manager’s stock after selling 481 shares during the quarter. Piscataqua Savings Bank’s holdings in State Street were worth $258,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Tcwp LLC bought a new stake in State Street during the first quarter worth approximately $25,000. Covestor Ltd purchased a new position in shares of State Street during the 4th quarter valued at $31,000. Citizens National Bank Trust Department purchased a new position in shares of State Street during the 4th quarter valued at $37,000. City State Bank purchased a new position in shares of State Street during the 4th quarter valued at $40,000. Finally, KRS Capital Management LLC purchased a new position in shares of State Street during the 4th quarter valued at $46,000. 89.17% of the stock is currently owned by institutional investors and hedge funds.

State Street Trading Down 1.8 %

STT opened at $70.10 on Monday. The firm’s fifty day moving average is $69.60 and its two-hundred day moving average is $72.32. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.53 and a current ratio of 0.53. The firm has a market cap of $25.77 billion, a PE ratio of 9.71, a price-to-earnings-growth ratio of 1.22 and a beta of 1.60. State Street Co. has a twelve month low of $58.79 and a twelve month high of $104.87.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 13th. Investors of record on Monday, October 3rd will be issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.59%. This is a positive change from State Street’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Friday, September 30th. State Street’s dividend payout ratio (DPR) is presently 31.58%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on STT. Piper Sandler decreased their price objective on shares of State Street from $78.00 to $75.00 and set a “neutral” rating for the company in a report on Friday, July 1st. Evercore ISI set a $78.00 price target on shares of State Street in a report on Tuesday, July 19th. Wells Fargo & Company decreased their price target on shares of State Street from $95.00 to $71.00 and set an “equal weight” rating for the company in a report on Friday, July 1st. Morgan Stanley decreased their price target on shares of State Street from $106.00 to $86.00 and set an “overweight” rating for the company in a report on Wednesday, July 6th. Finally, Royal Bank of Canada cut their price objective on shares of State Street from $90.00 to $80.00 in a research report on Tuesday, June 14th. Eight research analysts have rated the stock with a hold rating and four have issued 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 $84.81.

State Street Company Profile

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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; product accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

Further Reading

Want to see what other hedge funds are holding STT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for State Street Co. (NYSE:STTGet Rating).

Institutional Ownership by Quarter for State Street (NYSE:STT)

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