M&T Bank Corp boosted its holdings in State Street Corp (NYSE:STT) by 1.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 98,368 shares of the asset manager’s stock after buying an additional 1,304 shares during the period. M&T Bank Corp’s holdings in State Street were worth $6,252,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Banque Cantonale Vaudoise raised its holdings in State Street by 21.8% in the second quarter. Banque Cantonale Vaudoise now owns 21,831 shares of the asset manager’s stock worth $1,388,000 after purchasing an additional 3,900 shares during the period. Metropolis Capital Ltd increased its position in shares of State Street by 50.0% during the second quarter. Metropolis Capital Ltd now owns 1,170,936 shares of the asset manager’s stock worth $74,413,000 after acquiring an additional 390,253 shares in the last quarter. Advisor Group Holdings Inc. bought a new stake in shares of State Street during the first quarter worth $4,238,000. FDx Advisors Inc. increased its position in shares of State Street by 1,137.9% during the first quarter. FDx Advisors Inc. now owns 85,400 shares of the asset manager’s stock worth $862,000 after acquiring an additional 78,501 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its position in shares of State Street by 60.9% during the second quarter. State of Alaska Department of Revenue now owns 168,414 shares of the asset manager’s stock worth $10,702,000 after acquiring an additional 63,723 shares in the last quarter. Institutional investors and hedge funds own 89.66% of the company’s stock.
Shares of STT opened at $63.79 on Friday. The firm has a 50-day moving average of $63.13 and a 200-day moving average of $64.17. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.54 and a quick ratio of 0.59. The company has a market cap of $22.45 billion, a PE ratio of 9.06, a price-to-earnings-growth ratio of 1.09 and a beta of 1.53. State Street Corp has a one year low of $42.10 and a one year high of $85.89.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 16th. Shareholders of record on Wednesday, July 1st were paid a $0.52 dividend. 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 (DPR) is 33.71%.
STT has been the subject of several research reports. Credit Suisse Group increased their price objective on shares of State Street from $64.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Morgan Stanley decreased their target price on shares of State Street from $67.00 to $64.00 and set an “underweight” rating for the company in a research report on Monday, July 20th. ValuEngine downgraded shares of State Street from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 2nd. Deutsche Bank decreased their target price on shares of State Street from $68.00 to $67.00 and set a “hold” rating for the company in a research report on Thursday, July 9th. Finally, Zacks Investment Research raised shares of State Street from a “hold” rating to a “strong-buy” rating and set a $72.00 target price for the company in a research report on Tuesday, July 28th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $75.74.
State Street Profile
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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