State Street Co. (NYSE:STT) Shares Sold by Bank of Montreal Can

Bank of Montreal Can lowered its stake in shares of State Street Co. (NYSE:STT) by 5.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 676,710 shares of the asset manager’s stock after selling 42,592 shares during the quarter. Bank of Montreal Can owned approximately 0.23% of State Street worth $49,982,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. LRI Investments LLC acquired a new stake in State Street during the 1st quarter worth $25,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of State Street during the second quarter worth about $27,000. Norwood Financial Corp acquired a new stake in shares of State Street in the 1st quarter valued at about $35,000. Accent Capital Management LLC purchased a new position in State Street during the 4th quarter worth approximately $39,000. Finally, Quarry LP purchased a new position in State Street during the 4th quarter worth approximately $39,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on STT. Bank of America increased their price objective on State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a report on Wednesday, July 17th. Citigroup raised their price objective on shares of State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Deutsche Bank Aktiengesellschaft upped their target price on shares of State Street from $79.00 to $87.00 and gave the company a “hold” rating in a report on Monday. Evercore ISI raised their price target on State Street from $88.00 to $91.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Finally, Keefe, Bruyette & Woods reduced 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. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, State Street currently has an average rating of “Hold” and an average target price of $89.46.

State Street Stock Down 0.5 %

State Street stock opened at $88.50 on Thursday. The stock’s 50 day moving average price is $83.47 and its 200 day moving average price is $77.79. The company has a market cap of $26.43 billion, a PE ratio of 16.57, a price-to-earnings-growth ratio of 1.44 and a beta of 1.48. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.54. State Street Co. has a 1-year low of $62.78 and a 1-year high of $89.49.

State Street (NYSE:STT) last issued its earnings results on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, topping the consensus estimate of $2.03 by $0.12. State Street had a net margin of 8.98% and a return on equity of 11.78%. The company had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. During the same period in the previous year, the firm earned $2.17 EPS. The business’s revenue was up 2.6% on a year-over-year basis. On average, sell-side analysts predict that State Street Co. will post 8.15 EPS for the current fiscal year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.44%. This is an increase from State Street’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Tuesday, October 1st. State Street’s dividend payout ratio (DPR) is presently 51.69%.

State Street Company 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.