Shell Asset Management Co. Has $1.48 Million Stake in State Street Co. (NYSE:STT)

Shell Asset Management Co. grew its stake in shares of State Street Co. (NYSE:STT) by 21.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,088 shares of the asset manager’s stock after buying an additional 3,387 shares during the period. Shell Asset Management Co.’s holdings in State Street were worth $1,476,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in State Street by 4.5% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 941,404 shares of the asset manager’s stock worth $72,789,000 after acquiring an additional 40,835 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its holdings in State Street by 3.3% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 198,891 shares of the asset manager’s stock worth $15,376,000 after purchasing an additional 6,363 shares during the period. M&G Plc acquired a new stake in State Street in the first quarter worth $7,626,000. Public Employees Retirement Association of Colorado boosted its position in shares of State Street by 298.6% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 37,888 shares of the asset manager’s stock worth $2,935,000 after purchasing an additional 28,382 shares in the last quarter. Finally, Federated Hermes Inc. grew its holdings in shares of State Street by 4.9% in the 4th quarter. Federated Hermes Inc. now owns 270,342 shares of the asset manager’s stock valued at $20,941,000 after buying an additional 12,594 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Stock Up 0.4 %

State Street stock traded up $0.37 during mid-day trading on Friday, reaching $85.26. The company’s stock had a trading volume of 211,996 shares, compared to its average volume of 2,292,719. The company has a market capitalization of $25.69 billion, a price-to-earnings ratio of 15.89, a price-to-earnings-growth ratio of 1.29 and a beta of 1.48. The business’s 50 day simple moving average is $75.87 and its 200 day simple moving average is $74.89. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.61 and a current ratio of 0.54. State Street Co. has a 12 month low of $62.78 and a 12 month high of $86.24.

State Street (NYSE:STT) last released its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, beating 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 business had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. During the same period last year, the business earned $2.17 earnings per share. The firm’s revenue was up 2.6% on a year-over-year basis. As a group, research analysts anticipate that State Street Co. will post 8.12 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 issued a dividend of $0.76 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.57%. This is a boost from State Street’s previous quarterly dividend of $0.69. State Street’s dividend payout ratio (DPR) is presently 51.69%.

Analyst Ratings Changes

STT has been the topic of several research analyst reports. Argus raised their price objective on State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. Wolfe Research reaffirmed an “underperform” rating and set a $73.00 price target on shares of State Street in a research report on Monday, July 8th. Wells Fargo & Company boosted their price objective on State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. The Goldman Sachs Group increased their target price on State Street from $89.00 to $98.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Finally, Barclays lifted their price target on shares of State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Two investment 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. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $88.96.

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.