Central Pacific Bank Trust Division Cuts Position in State Street Co. (NYSE:STT)

Central Pacific Bank Trust Division reduced its stake in shares of State Street Co. (NYSE:STT) by 5.2% in the third quarter, HoldingsChannel reports. The firm owned 23,900 shares of the asset manager’s stock after selling 1,300 shares during the period. Central Pacific Bank Trust Division’s holdings in State Street were worth $2,114,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Benjamin F. Edwards & Company Inc. lifted its position in shares of State Street by 5.4% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,514 shares of the asset manager’s stock valued at $186,000 after buying an additional 129 shares in the last quarter. Symmetry Partners LLC increased its stake in State Street by 3.5% during the 1st quarter. Symmetry Partners LLC now owns 3,802 shares of the asset manager’s stock worth $294,000 after buying an additional 130 shares in the last quarter. HB Wealth Management LLC raised its holdings in shares of State Street by 3.4% during the first quarter. HB Wealth Management LLC now owns 4,309 shares of the asset manager’s stock valued at $333,000 after acquiring an additional 140 shares during the last quarter. Massmutual Trust Co. FSB ADV lifted its position in shares of State Street by 9.3% in the second quarter. Massmutual Trust Co. FSB ADV now owns 1,739 shares of the asset manager’s stock valued at $129,000 after acquiring an additional 148 shares in the last quarter. Finally, Tompkins Financial Corp boosted its stake in shares of State Street by 28.3% in the first quarter. Tompkins Financial Corp now owns 680 shares of the asset manager’s stock worth $53,000 after acquiring an additional 150 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 research analysts have weighed in on the company. Evercore ISI raised their price objective on State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Morgan Stanley raised their price target on shares of State Street from $93.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft increased their price objective on shares of State Street from $79.00 to $87.00 and gave the company a “hold” rating in a report on Monday, September 23rd. Barclays boosted their target price on State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Finally, Wells Fargo & Company boosted their price target on shares of State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Two 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 data from MarketBeat, State Street currently has a consensus rating of “Hold” and a consensus target price of $90.11.

State Street Trading Down 0.8 %

Shares of NYSE STT opened at $85.98 on Thursday. The stock has a fifty day simple moving average of $83.89 and a 200-day simple moving average of $78.38. State Street Co. has a twelve month low of $62.78 and a twelve month high of $89.49. 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 stock has a market capitalization of $25.90 billion, a PE ratio of 16.10, a PEG ratio of 1.36 and a beta of 1.48.

State Street (NYSE:STT) last issued 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. 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 prior year, the firm earned $2.17 earnings per share. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, equities analysts forecast that State Street Co. will post 8.17 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. Shareholders of record on Tuesday, October 1st will be given a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 3.54%. The ex-dividend date of this dividend is Tuesday, October 1st. This is a boost from State Street’s previous quarterly dividend of $0.69. 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.