HBK Sorce Advisory LLC Sells 962 Shares of State Street Co. (NYSE:STT)

HBK Sorce Advisory LLC decreased its position in State Street Co. (NYSE:STT) by 4.9% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 18,525 shares of the asset manager’s stock after selling 962 shares during the period. HBK Sorce Advisory LLC’s holdings in State Street were worth $1,432,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. CVA Family Office LLC bought a new stake in shares of State Street in the fourth quarter worth about $27,000. Venturi Wealth Management LLC increased its stake in State Street by 92.5% during the 4th quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock worth $30,000 after purchasing an additional 184 shares in the last quarter. Turtle Creek Wealth Advisors LLC acquired a new stake in State Street during the 4th quarter worth approximately $35,000. Norwood Financial Corp bought a new position in State Street in the first quarter valued at approximately $35,000. Finally, Accent Capital Management LLC acquired a new position in shares of State Street in the fourth quarter valued at approximately $39,000. Institutional investors own 87.44% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on STT shares. Bank of America raised their price objective on shares of State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a report on Wednesday. UBS Group boosted their price target on State Street from $80.00 to $82.00 and gave the company a “neutral” rating in a report on Friday, April 12th. The Goldman Sachs Group increased their price objective on State Street from $89.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday. Argus boosted their target price on State Street from $84.00 to $86.00 and gave the company a “buy” rating in a research note on Monday, April 15th. Finally, Wolfe Research reaffirmed an “underperform” rating and set a $73.00 price target on shares of State Street in a research note on Monday, July 8th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $88.88.

State Street Stock Performance

Shares of STT stock traded up $0.16 on Friday, reaching $84.49. The stock had a trading volume of 1,515,558 shares, compared to its average volume of 2,315,758. State Street Co. has a 12 month low of $62.78 and a 12 month high of $86.24. The firm has a market capitalization of $25.45 billion, a price-to-earnings ratio of 15.85, a P/E/G ratio of 1.40 and a beta of 1.48. The firm’s 50-day moving average is $75.16 and its two-hundred day moving average is $74.67. The company has a quick ratio of 0.61, a current ratio of 0.54 and a debt-to-equity ratio of 0.89.

State Street (NYSE:STT) last posted its quarterly 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 business had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.15 billion. During the same quarter in the prior year, the business earned $2.17 EPS. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, research analysts expect that State Street Co. will post 8.04 EPS for the current fiscal year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be paid a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date is Tuesday, October 1st. This is a boost from State Street’s previous quarterly dividend of $0.69. State Street’s dividend payout ratio (DPR) 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.