Federated Hermes Inc. Acquires 84,814 Shares of State Street Corporation $STT

Federated Hermes Inc. increased its holdings in shares of State Street Corporation (NYSE:STT) by 8.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,127,608 shares of the asset manager’s stock after buying an additional 84,814 shares during the quarter. Federated Hermes Inc. owned 0.40% of State Street worth $130,814,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. True Wealth Design LLC lifted its holdings in shares of State Street by 166.3% in the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock worth $29,000 after acquiring an additional 158 shares during the last quarter. Flagship Wealth Advisors LLC acquired a new position in State Street during the 3rd quarter worth approximately $35,000. SJS Investment Consulting Inc. lifted its stake in State Street by 2,142.9% in the 3rd quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 300 shares during the last quarter. Root Financial Partners LLC bought a new position in State Street in the 3rd quarter valued at approximately $47,000. Finally, City Holding Co. acquired a new stake in State Street in the third quarter valued at approximately $47,000. Institutional investors own 87.44% of the company’s stock.

State Street Trading Down 0.0%

Shares of STT stock opened at $127.54 on Wednesday. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $137.05. The company has a current ratio of 0.61, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. The stock has a market cap of $35.62 billion, a price-to-earnings ratio of 13.55, a PEG ratio of 1.12 and a beta of 1.43. The stock has a 50-day moving average of $126.63 and a 200-day moving average of $118.11.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, January 16th. The asset manager reported $2.97 EPS for the quarter, topping analysts’ consensus estimates of $2.82 by $0.15. The company had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.57 billion. State Street had a return on equity of 13.46% and a net margin of 13.02%.The firm’s quarterly revenue was up 7.5% on a year-over-year basis. During the same period in the previous year, the firm earned $2.60 earnings per share. On average, equities research analysts forecast that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, January 12th. Investors of record on Friday, January 2nd were paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend was Friday, January 2nd. State Street’s dividend payout ratio (DPR) is currently 35.71%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on STT shares. Truist Financial set a $136.00 price target on State Street in a research note on Tuesday, January 20th. Keefe, Bruyette & Woods upped their target price on State Street from $132.00 to $135.00 and gave the stock an “outperform” rating in a report on Monday, October 20th. Evercore ISI increased their target price on State Street from $117.00 to $128.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Wall Street Zen raised State Street from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. Finally, BMO Capital Markets assumed coverage on State Street in a research note on Friday, October 3rd. They issued an “outperform” rating and a $130.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $135.83.

State Street Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.