Moody National Bank Trust Division Boosts Stock Holdings in State Street Co. (NYSE:STT)

Moody National Bank Trust Division lifted its stake in shares of State Street Co. (NYSE:STTGet Rating) by 148.6% during the second quarter, Holdings Channel reports. The fund owned 6,403 shares of the asset manager’s stock after acquiring an additional 3,827 shares during the period. Moody National Bank Trust Division’s holdings in State Street were worth $394,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of State Street by 0.4% during the first quarter. Vanguard Group Inc. now owns 34,410,077 shares of the asset manager’s stock worth $2,997,806,000 after acquiring an additional 146,048 shares during the period. BlackRock Inc. increased its holdings in State Street by 0.3% in the first quarter. BlackRock Inc. now owns 27,730,795 shares of the asset manager’s stock valued at $2,415,908,000 after buying an additional 83,222 shares during the last quarter. State Street Corp increased its holdings in State Street by 0.5% in the first quarter. State Street Corp now owns 18,658,100 shares of the asset manager’s stock valued at $1,636,022,000 after buying an additional 85,863 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in State Street by 1.8% in the first quarter. JPMorgan Chase & Co. now owns 12,847,141 shares of the asset manager’s stock valued at $1,119,244,000 after buying an additional 222,718 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in State Street by 36.4% in the first quarter. Invesco Ltd. now owns 9,955,009 shares of the asset manager’s stock valued at $867,281,000 after buying an additional 2,654,101 shares during the last quarter. Hedge funds and other institutional investors own 89.17% of the company’s stock.

State Street Price Performance

Shares of STT opened at $70.87 on Tuesday. State Street Co. has a fifty-two week low of $58.79 and a fifty-two week high of $104.87. The company has a market capitalization of $26.05 billion, a price-to-earnings ratio of 9.71, a price-to-earnings-growth ratio of 1.22 and a beta of 1.60. The firm has a 50-day simple moving average of $69.60 and a 200-day simple moving average of $72.32. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.53 and a current ratio of 0.53.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 13th. Investors of record on Monday, October 3rd will be given a $0.63 dividend. The ex-dividend date is Friday, September 30th. This represents a $2.52 dividend on an annualized basis and a yield of 3.56%. This is an increase from State Street’s previous quarterly dividend of $0.57. State Street’s dividend payout ratio (DPR) is presently 31.58%.

Wall Street Analyst Weigh In

Several research firms recently commented on STT. Evercore ISI set a $78.00 target price on State Street in a report on Tuesday, July 19th. Morgan Stanley dropped their target price on State Street from $106.00 to $86.00 and set an “overweight” rating on the stock in a report on Wednesday, July 6th. Piper Sandler dropped their price objective on State Street from $78.00 to $75.00 and set a “neutral” rating on the stock in a report on Friday, July 1st. JPMorgan Chase & Co. dropped their price objective on State Street from $82.00 to $74.50 in a report on Monday, July 11th. Finally, UBS Group dropped their price objective on State Street from $101.00 to $91.00 in a report on Monday, July 11th. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, State Street presently has a consensus rating of “Hold” and an average price target of $84.81.

About State Street

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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; product 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 and enhanced custody products; 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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Institutional Ownership by Quarter for State Street (NYSE:STT)

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