Vanguard Group Inc. Sells 92,698 Shares of State Street Co. (NYSE:STT)

Vanguard Group Inc. decreased its position in shares of State Street Co. (NYSE:STT) by 0.3% in the first quarter, Holdings Channel reports. The fund owned 36,974,221 shares of the asset manager’s stock after selling 92,698 shares during the period. Vanguard Group Inc. owned 0.12% of State Street worth $2,858,847,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Premier Path Wealth Partners LLC bought a new position in State Street during the fourth quarter valued at about $216,000. HB Wealth Management LLC raised its stake in shares of State Street by 23.0% in the fourth quarter. HB Wealth Management LLC now owns 4,169 shares of the asset manager’s stock valued at $323,000 after purchasing an additional 779 shares in the last quarter. Cohen Klingenstein LLC bought a new position in State Street in the fourth quarter worth $205,000. LVW Advisors LLC acquired a new stake in State Street during the fourth quarter worth $330,000. Finally, AustralianSuper Pty Ltd increased its holdings in State Street by 15.4% in the 4th quarter. AustralianSuper Pty Ltd now owns 1,529,109 shares of the asset manager’s stock valued at $118,445,000 after buying an additional 203,692 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Trading Up 0.2 %

Shares of STT traded up $0.16 during trading hours on Friday, hitting $84.49. 1,565,933 shares of the stock traded hands, compared to its average volume of 2,457,966. The business has a fifty day moving average of $75.32 and a 200-day moving average of $74.70. The firm has a market capitalization of $25.45 billion, a PE ratio of 15.82, a price-to-earnings-growth ratio of 1.32 and a beta of 1.48. State Street Co. has a 1-year low of $62.78 and a 1-year high of $86.24. 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 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 company had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.15 billion. During the same period in the prior year, the company posted $2.17 EPS. The company’s revenue was up 2.6% compared to the same quarter last year. Analysts expect that State Street Co. will post 8.11 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. Shareholders of record on Tuesday, October 1st will be paid a $0.76 dividend. The ex-dividend date is Tuesday, October 1st. This is a boost from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 dividend on an annualized basis and a yield of 3.60%. State Street’s dividend payout ratio (DPR) is presently 51.69%.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft upped their target price on shares of State Street from $75.00 to $80.00 and gave the company a “hold” rating in a research note on Wednesday. UBS Group increased their target price on State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a report on Friday, April 12th. Keefe, Bruyette & Woods decreased their price target on State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a research note on Thursday, June 27th. Bank of America increased their price objective on State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a research note on Wednesday. Finally, The Goldman Sachs Group upped their target price on shares of State Street from $89.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $88.88.

About State Street

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.