Federated Hermes Inc. Boosts Stock Position in State Street Co. (NYSE:STT)

Federated Hermes Inc. lifted its position in State Street Co. (NYSE:STT) by 51.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 549,304 shares of the asset manager’s stock after purchasing an additional 185,797 shares during the quarter. Federated Hermes Inc. owned 0.18% of State Street worth $40,648,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of STT. Norges Bank purchased a new position in shares of State Street in the 4th quarter worth about $147,421,000. LSV Asset Management boosted its holdings in shares of State Street by 30.6% in the 2nd quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock worth $390,897,000 after purchasing an additional 1,238,251 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in shares of State Street by 541.2% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 751,641 shares of the asset manager’s stock valued at $58,117,000 after acquiring an additional 634,422 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of State Street by 430.5% in the 1st quarter. SG Americas Securities LLC now owns 735,136 shares of the asset manager’s stock valued at $56,841,000 after acquiring an additional 596,567 shares during the last quarter. Finally, Balyasny Asset Management L.P. lifted its stake in shares of State Street by 57.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,563,964 shares of the asset manager’s stock valued at $121,145,000 after acquiring an additional 573,016 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Wolfe Research reissued an “underperform” rating and issued a $73.00 target price on shares of State Street in a research note on Monday, July 8th. The Goldman Sachs Group upped their price target on State Street from $89.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Morgan Stanley upped their price target on State Street from $90.00 to $93.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 17th. Wells Fargo & Company upped their price target on State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on State Street from $80.00 to $79.00 and set a “hold” rating for the company in a research report on Thursday, August 15th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $88.89.

State Street Stock Performance

Shares of STT opened at $83.28 on Friday. The company has a market cap of $25.09 billion, a price-to-earnings ratio of 15.60, a P/E/G ratio of 1.34 and a beta of 1.48. State Street Co. has a 12 month low of $62.78 and a 12 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. The business’s fifty day simple moving average is $82.01 and its two-hundred day simple moving average is $77.03.

State Street (NYSE:STT) last released its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. The firm had revenue of $3.19 billion for the quarter, compared to the consensus estimate 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 for the quarter was up 2.6% on a year-over-year basis. During the same period last year, the business posted $2.17 EPS. Research analysts anticipate that State Street Co. will post 8.14 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be issued a $0.76 dividend. This is a boost from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 dividend on an annualized basis and a yield of 3.65%. The ex-dividend date is Tuesday, October 1st. State Street’s dividend payout ratio (DPR) is currently 56.93%.

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.