M&G Plc Raises Holdings in State Street Co. (NYSE:STT)

M&G Plc boosted its stake in State Street Co. (NYSE:STT) by 27.9% during the second quarter, Holdings Channel.com reports. The firm owned 126,673 shares of the asset manager’s stock after buying an additional 27,636 shares during the period. M&G Plc’s holdings in State Street were worth $9,374,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Symmetry Partners LLC grew its holdings in shares of State Street by 3.5% in the first quarter. Symmetry Partners LLC now owns 3,802 shares of the asset manager’s stock worth $294,000 after purchasing an additional 130 shares during the last quarter. HB Wealth Management LLC raised its stake in shares of State Street by 3.4% during the first quarter. HB Wealth Management LLC now owns 4,309 shares of the asset manager’s stock valued at $333,000 after acquiring an additional 140 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in shares of State Street by 9.3% during the second quarter. Massmutual Trust Co. FSB ADV now owns 1,739 shares of the asset manager’s stock worth $129,000 after purchasing an additional 148 shares during the period. Tompkins Financial Corp grew its stake in shares of State Street by 28.3% in the first quarter. Tompkins Financial Corp now owns 680 shares of the asset manager’s stock worth $53,000 after purchasing an additional 150 shares during the last quarter. Finally, Mather Group LLC. increased its holdings in State Street by 10.9% during the 2nd quarter. Mather Group LLC. now owns 1,613 shares of the asset manager’s stock valued at $125,000 after purchasing an additional 158 shares during the period. Institutional investors own 87.44% of the company’s stock.

State Street Trading Up 1.6 %

State Street stock opened at $78.80 on Wednesday. The business’s fifty day moving average is $77.20 and its 200 day moving average is $75.34. State Street Co. has a one year low of $62.78 and a one year high of $86.25. The stock has a market capitalization of $23.53 billion, a PE ratio of 14.76, a price-to-earnings-growth ratio of 1.21 and a beta of 1.48. 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 posted its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. The company had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.15 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. State Street’s revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.17 earnings per share. On average, sell-side analysts predict that State Street Co. will post 8.15 EPS for the current year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be given a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 3.86%. This is a positive change from State Street’s previous quarterly dividend of $0.69. The ex-dividend date is Tuesday, October 1st. State Street’s payout ratio is 51.69%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Keefe, Bruyette & Woods dropped 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. Evercore ISI upped their price objective 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. Royal Bank of Canada lifted their target price on shares of State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft increased their price target on shares of State Street from $75.00 to $80.00 and gave the stock a “hold” rating in a research note on Wednesday, July 17th. Finally, Citigroup lifted their price objective on State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Monday, July 22nd. 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 stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $88.96.

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.