HB Wealth Management LLC Buys 397 Shares of State Street Co. (NYSE:STT)

HB Wealth Management LLC raised its stake in shares of State Street Co. (NYSE:STT) by 9.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,706 shares of the asset manager’s stock after acquiring an additional 397 shares during the quarter. HB Wealth Management LLC’s holdings in State Street were worth $348,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. LRI Investments LLC acquired a new stake in shares of State Street in the 1st quarter worth $25,000. Norwood Financial Corp acquired a new stake in shares of State Street in the 1st quarter worth $35,000. Versant Capital Management Inc boosted its position in shares of State Street by 411.9% in the 2nd quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock worth $38,000 after purchasing an additional 416 shares in the last quarter. Accent Capital Management LLC acquired a new stake in shares of State Street in the 4th quarter worth $39,000. Finally, Quarry LP acquired a new stake in shares of State Street in the 4th quarter worth $39,000. Institutional investors own 87.44% of the company’s stock.

State Street Stock Performance

NYSE STT opened at $87.10 on Friday. The stock has a 50-day simple moving average of $79.55 and a two-hundred day simple moving average of $76.08. The firm has a market capitalization of $26.24 billion, a P/E ratio of 16.31, a PEG ratio of 1.37 and a beta of 1.50. State Street Co. has a fifty-two week low of $62.78 and a fifty-two week high of $87.26. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.54 and a current ratio of 0.54.

State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. The business had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.15 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. The company’s revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the business posted $2.17 EPS. On average, equities analysts forecast that State Street Co. will post 8.13 earnings per share for the current year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be paid a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.49%. The ex-dividend date of this dividend is Tuesday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.69. State Street’s payout ratio is currently 56.93%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. The Goldman Sachs Group raised their price objective on State Street from $89.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Bank of America raised their target price on State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 17th. Wells Fargo & Company raised their target price on State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Morgan Stanley raised their target price on State Street from $90.00 to $93.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 17th. Finally, Citigroup raised their target price on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, July 22nd. Two 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. According to MarketBeat, State Street presently has a consensus rating of “Hold” and an average price target of $88.89.

State Street Profile

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.