Trust Co. of Vermont Acquires 200 Shares of State Street Co. (NYSE:STT)

Trust Co. of Vermont raised its position in State Street Co. (NYSE:STT) by 44.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 650 shares of the asset manager’s stock after acquiring an additional 200 shares during the quarter. Trust Co. of Vermont’s holdings in State Street were worth $48,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in State Street by 4.5% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 941,404 shares of the asset manager’s stock worth $72,789,000 after acquiring an additional 40,835 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its stake in shares of State Street by 3.3% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 198,891 shares of the asset manager’s stock worth $15,376,000 after purchasing an additional 6,363 shares in the last quarter. M&G Plc bought a new position in shares of State Street in the first quarter valued at approximately $7,626,000. Public Employees Retirement Association of Colorado boosted its position in shares of State Street by 298.6% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 37,888 shares of the asset manager’s stock valued at $2,935,000 after acquiring an additional 28,382 shares during the period. Finally, Federated Hermes Inc. lifted its position in State Street by 4.9% during the fourth quarter. Federated Hermes Inc. now owns 270,342 shares of the asset manager’s stock valued at $20,941,000 after purchasing an additional 12,594 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Trading Up 0.8 %

NYSE STT traded up $0.58 on Wednesday, reaching $77.71. 507,845 shares of the company were exchanged, compared to its average volume of 2,261,177. The business’s fifty day moving average price is $76.90 and its 200 day moving average price is $75.22. The stock has a market capitalization of $23.41 billion, a P/E ratio of 14.44, a price-to-earnings-growth ratio of 1.25 and a beta of 1.48. 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 Co. has a fifty-two week low of $62.78 and a fifty-two week high of $86.25.

State Street (NYSE:STT) last issued its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, topping 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 company had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter in the prior year, the business earned $2.17 EPS. State Street’s revenue was up 2.6% on a year-over-year basis. Analysts forecast that State Street Co. will post 8.14 earnings per share for the current year.

State Street Increases Dividend

The company 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 $0.76 dividend. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.91%. This is an increase from State Street’s previous quarterly dividend of $0.69. State Street’s dividend payout ratio (DPR) is presently 51.69%.

Wall Street Analysts Forecast Growth

STT has been the topic of several analyst reports. UBS Group lifted their target price on shares of State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a research note on Friday, April 12th. Bank of America boosted their target price on shares of State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a report on Wednesday, July 17th. JPMorgan Chase & Co. boosted their target price on shares of State Street from $79.50 to $80.50 in a report on Friday, April 12th. The Goldman Sachs Group upped their price target on shares of State Street from $89.00 to $98.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Finally, Evercore ISI upped their target price on shares of State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus 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.