State Street Co. (NYSE:STT) Position Lessened by Wedmont Private Capital

Wedmont Private Capital trimmed its position in shares of State Street Co. (NYSE:STT) by 10.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,339 shares of the asset manager’s stock after selling 636 shares during the period. Wedmont Private Capital’s holdings in State Street were worth $419,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of STT. Capital International Investors grew its position in shares of State Street by 0.5% in the first quarter. Capital International Investors now owns 6,626,753 shares of the asset manager’s stock valued at $512,381,000 after purchasing an additional 31,314 shares during the last quarter. LSV Asset Management grew its position in shares of State Street by 10.5% in the first quarter. LSV Asset Management now owns 4,044,135 shares of the asset manager’s stock valued at $312,693,000 after purchasing an additional 385,404 shares during the last quarter. Metropolis Capital Ltd grew its position in shares of State Street by 5.3% in the first quarter. Metropolis Capital Ltd now owns 3,645,635 shares of the asset manager’s stock valued at $281,880,000 after purchasing an additional 183,591 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of State Street by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,597,783 shares of the asset manager’s stock valued at $201,243,000 after purchasing an additional 79,746 shares during the last quarter. Finally, Putnam Investments LLC grew its position in shares of State Street by 5.8% in the fourth quarter. Putnam Investments LLC now owns 2,343,254 shares of the asset manager’s stock valued at $181,508,000 after purchasing an additional 129,493 shares during the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on STT shares. Keefe, Bruyette & Woods decreased their target price on State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a research report on Thursday, June 27th. Bank of America lifted their target price on State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 17th. Wolfe Research reissued an “underperform” rating and set a $73.00 target price on shares of State Street in a research report on Monday, July 8th. Citigroup lifted their target price on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Finally, The Goldman Sachs Group raised their price target on shares of State Street from $89.00 to $98.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, State Street presently has an average rating of “Hold” and an average target price of $88.96.

State Street Trading Up 1.7 %

STT stock traded up $1.28 during trading on Tuesday, hitting $78.81. The company had a trading volume of 1,170,689 shares, compared to its average volume of 2,247,055. The firm has a 50-day moving average price of $77.12 and a 200-day moving average price of $75.32. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. State Street Co. has a 12 month low of $62.78 and a 12 month high of $86.25. The stock has a market cap of $23.53 billion, a price-to-earnings ratio of 14.61, a PEG ratio of 1.21 and a beta of 1.48.

State Street (NYSE:STT) last released its earnings results on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. State Street had a net margin of 8.98% and a return on equity of 11.78%. The firm had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.15 billion. During the same quarter in the previous year, the business earned $2.17 EPS. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. As a group, analysts predict that State Street Co. will post 8.15 earnings per share for the current 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 issued a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.86%. The ex-dividend date of this dividend is Tuesday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.69. State Street’s payout ratio is currently 51.69%.

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.