State Street Co. (NYSE:STT) Shares Sold by Brown Brothers Harriman & Co.

Brown Brothers Harriman & Co. reduced its position in shares of State Street Co. (NYSE:STT) by 0.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 247,820 shares of the asset manager’s stock after selling 171 shares during the period. Brown Brothers Harriman & Co. owned about 0.08% of State Street worth $18,339,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Thoroughbred Financial Services LLC purchased a new stake in State Street during the second quarter worth about $398,000. Federated Hermes Inc. increased its stake in State Street by 51.1% during the 2nd quarter. Federated Hermes Inc. now owns 549,304 shares of the asset manager’s stock worth $40,648,000 after buying an additional 185,797 shares during the period. Meeder Advisory Services Inc. lifted its holdings in State Street by 30.1% during the 2nd quarter. Meeder Advisory Services Inc. now owns 5,208 shares of the asset manager’s stock worth $385,000 after buying an additional 1,206 shares in the last quarter. American Century Companies Inc. boosted its position in State Street by 1.5% in the 2nd quarter. American Century Companies Inc. now owns 350,156 shares of the asset manager’s stock valued at $25,912,000 after buying an additional 5,066 shares during the period. Finally, Daiwa Securities Group Inc. grew its stake in shares of State Street by 7.7% in the second quarter. Daiwa Securities Group Inc. now owns 41,478 shares of the asset manager’s stock worth $3,070,000 after acquiring an additional 2,976 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Price Performance

STT stock opened at $83.28 on Monday. The business has a 50 day simple moving average of $82.01 and a 200-day simple moving average of $77.06. The company has a market capitalization of $24.87 billion, a P/E ratio of 15.60, a PEG ratio of 1.34 and a beta of 1.48. State Street Co. has a twelve month low of $62.78 and a twelve month high of $87.26. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.89.

State Street (NYSE:STT) last issued its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.12. The company had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.15 billion. State Street had a net margin of 8.98% and a return on equity of 11.78%. State Street’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period last year, the firm posted $2.17 EPS. As a group, equities analysts anticipate that State Street Co. will post 8.14 EPS for the current year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be given a dividend of $0.76 per share. This is a positive change from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a dividend yield of 3.65%. The ex-dividend date of this dividend is Tuesday, October 1st. State Street’s payout ratio is presently 51.69%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Barclays increased their price objective on State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods decreased their price objective on State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a research note on Thursday, June 27th. The Goldman Sachs Group upped their target price 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. Deutsche Bank Aktiengesellschaft lowered their price target on shares of State Street from $80.00 to $79.00 and set a “hold” rating for the company in a report on Thursday, August 15th. Finally, Royal Bank of Canada raised their price objective 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. Two research 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. According to data from MarketBeat, State Street presently has a consensus rating of “Hold” and a consensus price target of $88.89.

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.