SVB Wealth LLC Sells 980 Shares of State Street Co. (NYSE:STT)

SVB Wealth LLC reduced its stake in shares of State Street Co. (NYSE:STT) by 3.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 28,185 shares of the asset manager’s stock after selling 980 shares during the quarter. SVB Wealth LLC’s holdings in State Street were worth $2,179,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in STT. Raymond James & Associates lifted its stake in State Street by 9.7% in the fourth quarter. Raymond James & Associates now owns 81,817 shares of the asset manager’s stock worth $6,338,000 after purchasing an additional 7,228 shares during the last quarter. CVA Family Office LLC purchased a new position in State Street during the 4th quarter valued at $27,000. Raymond James Financial Services Advisors Inc. grew its position in State Street by 1.3% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 175,952 shares of the asset manager’s stock valued at $13,629,000 after acquiring an additional 2,333 shares during the last quarter. Blue Trust Inc. increased its stake in State Street by 82.4% in the fourth quarter. Blue Trust Inc. now owns 3,266 shares of the asset manager’s stock worth $253,000 after purchasing an additional 1,475 shares during the period. Finally, Caprock Group LLC lifted its position in shares of State Street by 20.8% during the fourth quarter. Caprock Group LLC now owns 5,215 shares of the asset manager’s stock worth $408,000 after purchasing an additional 898 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Stock Performance

Shares of NYSE STT traded up $0.77 during trading on Tuesday, reaching $85.69. 92,634 shares of the company traded hands, compared to its average volume of 2,277,784. The stock has a market cap of $25.81 billion, a P/E ratio of 15.90, a PEG ratio of 1.32 and a beta of 1.49. State Street Co. has a 12-month low of $62.78 and a 12-month high of $86.25. The firm’s fifty day simple moving average is $76.17 and its 200 day simple moving average is $74.97. 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 (NYSE:STT) last released its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, beating the consensus estimate of $2.03 by $0.12. State Street had a net margin of 8.98% and a return on equity of 11.78%. The company had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. During the same quarter last year, the business earned $2.17 earnings per share. The firm’s revenue was up 2.6% on a year-over-year basis. As a group, research analysts anticipate that State Street Co. will post 8.12 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be paid a $0.76 dividend. The ex-dividend date is Tuesday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 dividend on an annualized basis and a yield of 3.55%. State Street’s dividend payout ratio (DPR) is currently 51.69%.

Analysts Set New Price Targets

Several research firms recently commented on STT. Morgan Stanley raised their price target on shares of State Street from $90.00 to $93.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 17th. Bank of America boosted their price target on State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a report on Wednesday, July 17th. JPMorgan Chase & Co. lifted their target price on State Street from $79.50 to $80.50 in a research report on Friday, April 12th. Barclays increased their price target on State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of State Street from $75.00 to $80.00 and gave the stock a “hold” rating in a research note on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, State Street presently has a consensus rating of “Hold” and an average price target of $88.96.

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.