Mystic Asset Management Inc. Has $207,000 Stock Position in State Street Co. (NYSE:STT)

Mystic Asset Management Inc. lessened its holdings in shares of State Street Co. (NYSE:STT) by 16.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,800 shares of the asset manager’s stock after selling 550 shares during the quarter. Mystic Asset Management Inc.’s holdings in State Street were worth $207,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of STT. Principal Securities Inc. bought a new stake in State Street in the 4th quarter valued at $183,000. Envestnet Portfolio Solutions Inc. lifted its stake in shares of State Street by 6.5% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 7,443 shares of the asset manager’s stock worth $577,000 after buying an additional 456 shares during the last quarter. Haverford Trust Co bought a new stake in shares of State Street during the 4th quarter worth about $207,000. Brown Advisory Inc. boosted its holdings in shares of State Street by 2.5% during the 4th quarter. Brown Advisory Inc. now owns 18,993 shares of the asset manager’s stock worth $1,471,000 after buying an additional 467 shares during the period. Finally, Norges Bank acquired a new position in State Street in the 4th quarter valued at about $147,421,000. Institutional investors own 87.44% of the company’s stock.

State Street Stock Performance

NYSE STT opened at $83.28 on Friday. The firm’s 50 day simple moving average is $82.01 and its 200 day simple moving average is $77.03. The firm has a market capitalization 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. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.89. State Street Co. has a 1 year low of $62.78 and a 1 year high of $87.26.

State Street (NYSE:STT) last issued its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. State Street had a return on equity of 11.78% and a net margin of 8.98%. The firm had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter last year, the business posted $2.17 EPS. The company’s revenue was up 2.6% compared to the same quarter last year. As a group, research analysts expect that State Street Co. will post 8.14 earnings per share for the current fiscal year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be paid a dividend of $0.76 per share. This is an increase from State Street’s previous quarterly dividend of $0.69. The ex-dividend date is Tuesday, October 1st. This represents a $3.04 annualized dividend and a yield of 3.65%. State Street’s payout ratio is presently 56.93%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Keefe, Bruyette & Woods reduced their price objective on State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a report on Thursday, June 27th. Royal Bank of Canada upped their price objective on State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a report on Wednesday, July 17th. Barclays lifted 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. Morgan Stanley upped their price target on shares of State Street from $90.00 to $93.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 17th. Finally, Wolfe Research reiterated an “underperform” rating and issued a $73.00 price objective on shares of State Street in a research note on Monday, July 8th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $88.89.

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.