State Street Co. (NYSE:STT) Stock Holdings Increased by Citizens Financial Group Inc. RI

Citizens Financial Group Inc. RI raised its holdings in shares of State Street Co. (NYSE:STT) by 19.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,990 shares of the asset manager’s stock after acquiring an additional 640 shares during the period. Citizens Financial Group Inc. RI’s holdings in State Street were worth $309,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in STT. Raymond James & Associates raised its stake in State Street by 9.7% during the 4th quarter. Raymond James & Associates now owns 81,817 shares of the asset manager’s stock valued at $6,338,000 after acquiring an additional 7,228 shares in the last quarter. Pinnacle Associates Ltd. raised its stake in shares of State Street by 24.1% in the 4th quarter. Pinnacle Associates Ltd. now owns 6,122 shares of the asset manager’s stock worth $474,000 after buying an additional 1,187 shares in the last quarter. Parsons Capital Management Inc. RI bought a new stake in shares of State Street in the 4th quarter worth $228,000. Oak Thistle LLC bought a new stake in shares of State Street in the 4th quarter worth $318,000. Finally, Venturi Wealth Management LLC raised its stake in shares of State Street by 92.5% in the 4th quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock worth $30,000 after buying an additional 184 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

State Street Price Performance

Shares of NYSE:STT opened at $80.91 on Friday. State Street Co. has a fifty-two week low of $62.78 and a fifty-two week high of $86.25. The business has a 50-day moving average of $76.80 and a two-hundred day moving average of $75.20. The stock has a market capitalization of $24.37 billion, a P/E ratio of 15.15, a P/E/G ratio of 1.30 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 0.61.

State Street (NYSE:STT) last announced its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. State Street had a return on equity of 11.78% and a net margin of 8.98%. The company had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. During the same quarter in the previous year, the firm earned $2.17 earnings per share. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. On average, equities research analysts predict that State Street Co. will post 8.12 EPS for the current fiscal year.

State Street Increases Dividend

The firm 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 dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 3.76%. The ex-dividend date is Tuesday, October 1st. This is a boost from State Street’s previous quarterly dividend of $0.69. State Street’s payout ratio is currently 51.69%.

Analyst Upgrades and Downgrades

STT has been the topic of a number of recent research reports. Keefe, Bruyette & Woods decreased their target price on State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a report on Thursday, June 27th. Morgan Stanley lifted their target price on State Street from $90.00 to $93.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 17th. Argus lifted their target price on State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a report on Monday, April 15th. The Goldman Sachs Group lifted their target price on State Street from $89.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Finally, Barclays lifted their target price on State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, State Street currently has an average rating of “Hold” and an average price target of $88.96.

About State Street

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.