State Street Co. (NYSE:STT) Shares Sold by TIAA Trust National Association

TIAA Trust National Association decreased its stake in State Street Co. (NYSE:STT) by 7.8% in the 1st quarter, Holdings Channel reports. The firm owned 11,778 shares of the asset manager’s stock after selling 997 shares during the quarter. TIAA Trust National Association’s holdings in State Street were worth $911,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. CVA Family Office LLC acquired a new position in State Street during the fourth quarter worth about $27,000. Venturi Wealth Management LLC raised its position in State Street by 92.5% during the fourth quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock worth $30,000 after acquiring an additional 184 shares during the last quarter. Turtle Creek Wealth Advisors LLC acquired a new position in State Street during the fourth quarter worth about $35,000. Norwood Financial Corp acquired a new position in State Street during the first quarter worth about $35,000. Finally, Accent Capital Management LLC acquired a new position in State Street during the fourth quarter worth about $39,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Trading Up 0.2 %

State Street stock traded up $0.16 during trading on Friday, reaching $84.49. The company had a trading volume of 1,565,933 shares, compared to its average volume of 2,457,966. State Street Co. has a 12-month low of $62.78 and a 12-month high of $86.24. The stock’s 50 day moving average price is $75.32 and its two-hundred day moving average price is $74.70. The firm has a market capitalization of $25.45 billion, a price-to-earnings ratio of 15.82, a PEG ratio of 1.32 and a beta of 1.48. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.61 and a current ratio of 0.54.

State Street (NYSE:STT) last released its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $3.15 billion. During the same period in the previous year, the firm earned $2.17 earnings per share. State Street’s revenue was up 2.6% compared to the same quarter last year. As a group, equities analysts expect that State Street Co. will post 8.11 earnings per share for the current fiscal year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be paid a dividend of $0.76 per share. This is an increase from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a yield of 3.60%. The ex-dividend date of this dividend is Tuesday, October 1st. State Street’s payout ratio is currently 51.69%.

Analyst Upgrades and Downgrades

STT has been the subject of a number of research reports. UBS Group lifted their target price on shares of State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a research report on Friday, April 12th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of State Street from $75.00 to $80.00 and gave the company a “hold” rating in a research report on Wednesday. JPMorgan Chase & Co. boosted their price objective on shares of State Street from $79.50 to $80.50 in a research report on Friday, April 12th. Argus boosted their price objective on shares of State Street from $84.00 to $86.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Finally, Wells Fargo & Company boosted their price objective on shares of State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, State Street presently has an average rating of “Hold” and an average price target of $88.88.

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.