Huntington National Bank reduced its holdings in shares of State Street Corp (NYSE:STT) by 8.0% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 16,994 shares of the asset manager’s stock after selling 1,470 shares during the period. Huntington National Bank’s holdings in State Street were worth $1,080,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Perennial Advisors LLC bought a new stake in shares of State Street during the 1st quarter worth $25,000. Liberty Wealth Management LLC increased its holdings in State Street by 1,180.5% in the 1st quarter. Liberty Wealth Management LLC now owns 525 shares of the asset manager’s stock worth $28,000 after purchasing an additional 484 shares in the last quarter. Ellevest Inc. increased its holdings in State Street by 70.4% in the 1st quarter. Ellevest Inc. now owns 726 shares of the asset manager’s stock worth $39,000 after purchasing an additional 300 shares in the last quarter. Ninety One SA PTY Ltd acquired a new stake in shares of State Street in the first quarter valued at about $44,000. Finally, JNBA Financial Advisors increased its stake in shares of State Street by 28.2% in the first quarter. JNBA Financial Advisors now owns 1,006 shares of the asset manager’s stock valued at $54,000 after buying an additional 221 shares during the period. Institutional investors and hedge funds own 89.66% of the company’s stock.
Several equities research analysts have recently weighed in on the company. Seaport Global Securities assumed coverage on State Street in a research note on Wednesday, July 8th. They issued a “buy” rating and a $83.00 price target for the company. Morgan Stanley cut their target price on State Street from $67.00 to $64.00 and set an “underweight” rating on the stock in a research report on Monday, July 20th. Credit Suisse Group upped their target price on State Street from $64.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, July 20th. Royal Bank of Canada restated a “hold” rating and set a $70.00 target price on shares of State Street in a research report on Sunday, April 19th. Finally, Deutsche Bank cut their target price on State Street from $68.00 to $67.00 and set a “hold” rating on the stock in a research report on Thursday, July 9th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $75.74.
State Street (NYSE:STT) last announced its quarterly earnings results on Friday, July 17th. The asset manager reported $1.86 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.63 by $0.23. The company had revenue of $2.94 billion during the quarter, compared to analysts’ expectations of $2.86 billion. State Street had a return on equity of 12.74% and a net margin of 20.27%. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.45 earnings per share. On average, equities analysts expect that State Street Corp will post 6.45 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 16th. Investors of record on Wednesday, July 1st were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.26%. The ex-dividend date was Tuesday, June 30th. State Street’s dividend payout ratio is 33.71%.
About State Street
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level 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; 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.
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