State Street Co. (NYSE:STT) Holdings Boosted by Fulton Bank N.A.

Fulton Bank N.A. grew its stake in shares of State Street Co. (NYSE:STT) by 7.8% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,720 shares of the asset manager’s stock after acquiring an additional 416 shares during the period. Fulton Bank N.A.’s holdings in State Street were worth $423,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in STT. Norges Bank bought a new position in State Street in the 4th quarter worth $147,421,000. Jacobs Levy Equity Management Inc. increased its position in 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 worth $58,117,000 after buying an additional 634,422 shares during the period. SG Americas Securities LLC lifted its holdings in shares of State Street by 430.5% during the first quarter. SG Americas Securities LLC now owns 735,136 shares of the asset manager’s stock worth $56,841,000 after buying an additional 596,567 shares during the last quarter. Balyasny Asset Management L.P. boosted its position in shares of State Street by 57.8% in the fourth 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 period. Finally, Lazard Asset Management LLC grew its stake in shares of State Street by 168.7% in the first quarter. Lazard Asset Management LLC now owns 807,950 shares of the asset manager’s stock worth $62,469,000 after acquiring an additional 507,270 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on STT shares. Royal Bank of Canada boosted their price objective on shares of State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 17th. 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 report on Wednesday, July 17th. UBS Group lifted their price objective on State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a report on Friday, April 12th. Morgan Stanley boosted their price objective 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. 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 report on Monday, July 22nd. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, State Street presently has an average rating of “Hold” and an average price target of $88.96.

State Street Price Performance

Shares of STT traded down $0.30 during mid-day trading on Wednesday, reaching $76.83. The company had a trading volume of 622,291 shares, compared to its average volume of 2,261,943. The company’s 50 day simple moving average is $76.90 and its 200 day simple moving average is $75.22. The company has a market capitalization of $23.15 billion, a price-to-earnings ratio of 14.44, a P/E/G ratio of 1.25 and a beta of 1.48. State Street Co. has a 1-year low of $62.78 and a 1-year high of $86.25. 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 (NYSE:STT) last released its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.12. State Street had a return on equity of 11.78% and a net margin of 8.98%. The company had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.15 billion. During the same period in the previous year, the business posted $2.17 earnings per share. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. Analysts expect that State Street Co. will post 8.14 EPS for the current year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be paid a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.96%. 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 payout ratio is currently 51.69%.

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.