First Hawaiian Bank Has $2 Million Holdings in State Street Co. (NYSE:STT)

First Hawaiian Bank lessened its holdings in shares of State Street Co. (NYSE:STT) by 25.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 27,012 shares of the asset manager’s stock after selling 9,200 shares during the period. First Hawaiian Bank’s holdings in State Street were worth $1,999,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. LRI Investments LLC acquired a new stake in shares of State Street during the 1st quarter worth approximately $25,000. Venturi Wealth Management LLC boosted its holdings in State Street by 92.5% in the fourth quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock valued at $30,000 after acquiring an additional 184 shares in the last quarter. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of State Street during the 4th quarter valued at about $35,000. Norwood Financial Corp acquired a new position in shares of State Street during the 1st quarter worth $35,000. Finally, Quarry LP acquired a new position in shares of State Street in the 4th quarter worth approximately $39,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Performance

State Street stock traded down $3.80 during midday trading on Monday, hitting $77.11. The stock had a trading volume of 2,566,833 shares, compared to its average volume of 2,272,329. The company has a current ratio of 0.54, a quick ratio of 0.61 and a debt-to-equity ratio of 0.89. State Street Co. has a 52-week low of $62.78 and a 52-week high of $86.25. The firm’s fifty day moving average is $76.80 and its two-hundred day moving average is $75.20. The company has a market capitalization of $23.23 billion, a PE ratio of 14.53, a P/E/G ratio of 1.25 and a beta of 1.48.

State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. The firm had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.15 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.17 earnings per share. On average, research analysts forecast 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 is a positive change from State Street’s previous quarterly dividend of $0.69. The ex-dividend date is Tuesday, October 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.94%. State Street’s dividend payout ratio is 51.69%.

Analyst Upgrades and Downgrades

STT has been the subject of several analyst reports. Bank of America lifted their price target on shares of State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a report on Wednesday, July 17th. UBS Group upped their price target on shares of State Street from $80.00 to $82.00 and gave the company a “neutral” rating in a research note on Friday, April 12th. Barclays upped their price target on shares of State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Wells Fargo & Company upped their price target on shares of State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Finally, Royal Bank of Canada upped their price target 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. Two analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $88.96.

State Street Company 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.