Seven Eight Capital LP Grows Stock Holdings in State Street Co. (NYSE:STT)

Seven Eight Capital LP boosted its holdings in State Street Co. (NYSE:STT) by 4.2% in the first quarter, HoldingsChannel reports. The institutional investor owned 19,056 shares of the asset manager’s stock after purchasing an additional 769 shares during the quarter. Seven Eight Capital LP’s holdings in State Street were worth $1,473,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of STT. CVA Family Office LLC bought a new stake in State Street during the 4th quarter valued at approximately $27,000. Venturi Wealth Management LLC boosted its position in shares of State Street by 92.5% during the fourth quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock worth $30,000 after acquiring an additional 184 shares during the last quarter. Turtle Creek Wealth Advisors LLC purchased a new position in State Street during the fourth quarter valued at $35,000. Norwood Financial Corp purchased a new position in State Street during the first quarter valued at $35,000. Finally, Accent Capital Management LLC purchased a new stake in State Street in the 4th quarter worth $39,000. 87.44% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on STT shares. UBS Group raised their price objective on State Street from $80.00 to $82.00 and gave the company a “neutral” rating in a research report on Friday, April 12th. 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 report on Wednesday, July 17th. Argus upped their price objective on State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Royal Bank of Canada raised their target price on shares of State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a report on Wednesday, July 17th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a research note on Thursday, June 27th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $88.96.

State Street Trading Down 1.0 %

Shares of STT stock traded down $0.85 during trading hours on Wednesday, reaching $82.96. 1,758,673 shares of the stock were exchanged, compared to its average volume of 2,308,970. The firm has a market capitalization of $24.99 billion, a price-to-earnings ratio of 15.58, a price-to-earnings-growth ratio of 1.30 and a beta of 1.48. State Street Co. has a 12-month low of $62.78 and a 12-month high of $86.24. The company’s 50-day moving average price is $75.62 and its 200-day moving average price is $74.77. The company has a current ratio of 0.54, a quick ratio of 0.61 and a debt-to-equity ratio of 0.89.

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. State Street had a return on equity of 11.78% and a net margin of 8.98%. The business had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.15 billion. During the same quarter in the previous year, the business earned $2.17 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, equities analysts anticipate that State Street Co. will post 8.12 earnings per share for the current year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be given a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 3.66%. The ex-dividend date is Tuesday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.69. State Street’s dividend payout ratio is 51.69%.

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.