Pensioenfonds Rail & OV Cuts Stake in State Street Co. (NYSE:STT)

Pensioenfonds Rail & OV lowered its position in State Street Co. (NYSE:STT) by 25.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 477,447 shares of the asset manager’s stock after selling 166,208 shares during the quarter. State Street makes up approximately 2.7% of Pensioenfonds Rail & OV’s portfolio, making the stock its 22nd biggest position. Pensioenfonds Rail & OV owned about 0.16% of State Street worth $37,245,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Kestra Advisory Services LLC lifted its position in State Street by 29.3% in the third quarter. Kestra Advisory Services LLC now owns 6,193 shares of the asset manager’s stock valued at $415,000 after purchasing an additional 1,403 shares during the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in State Street in the third quarter worth $468,000. Dark Forest Capital Management LP bought a new position in State Street in the third quarter worth $265,000. LPL Financial LLC raised its holdings in State Street by 6.5% in the third quarter. LPL Financial LLC now owns 96,148 shares of the asset manager’s stock worth $6,438,000 after purchasing an additional 5,864 shares in the last quarter. Finally, Federated Hermes Inc. raised its holdings in State Street by 11.6% in the third quarter. Federated Hermes Inc. now owns 257,748 shares of the asset manager’s stock worth $17,259,000 after purchasing an additional 26,883 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Price Performance

NYSE STT traded up $0.28 during trading on Wednesday, hitting $72.86. 2,794,012 shares of the stock traded hands, compared to its average volume of 2,272,224. The company has a market capitalization of $21.95 billion, a P/E ratio of 13.66, a price-to-earnings-growth ratio of 1.26 and a beta of 1.47. The firm has a 50-day simple moving average of $74.30 and a 200-day simple moving average of $74.70. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 0.90. State Street Co. has a 12-month low of $62.78 and a 12-month high of $79.90.

State Street (NYSE:STT) last announced its earnings results on Friday, April 12th. The asset manager reported $1.69 EPS for the quarter, topping analysts’ consensus estimates of $1.48 by $0.21. State Street had a return on equity of 12.03% and a net margin of 9.62%. The firm had revenue of $3.14 billion during the quarter, compared to analysts’ expectations of $3.06 billion. As a group, analysts predict that State Street Co. will post 7.94 EPS for the current year.

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Monday, July 1st will be paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date of this dividend is Monday, July 1st. State Street’s dividend payout ratio is currently 51.69%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Morgan Stanley reissued an “equal weight” rating and issued a $90.00 target price on shares of State Street in a research note on Wednesday, June 12th. Argus increased their price objective on State Street from $84.00 to $86.00 and gave the company a “buy” rating in a research report on Monday, April 15th. UBS Group increased their price objective on State Street from $80.00 to $82.00 and gave the company a “neutral” rating in a research report on Friday, April 12th. JPMorgan Chase & Co. increased their price objective on State Street from $79.50 to $80.50 in a research report on Friday, April 12th. Finally, Evercore ISI increased their target price on State Street from $85.00 to $88.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, State Street has a consensus rating of “Hold” and an average target price of $84.04.

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.