Covestor Ltd Buys 177 Shares of State Street Co. (NYSE:STT)

Covestor Ltd increased its position in shares of State Street Co. (NYSE:STT) by 13.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,539 shares of the asset manager’s stock after buying an additional 177 shares during the period. Covestor Ltd’s holdings in State Street were worth $119,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. CVA Family Office LLC bought a new stake in shares of State Street in the fourth quarter valued at approximately $27,000. Venturi Wealth Management LLC increased its holdings in shares of 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 during the period. Turtle Creek Wealth Advisors LLC acquired a new position in shares of State Street during the fourth quarter valued at about $35,000. Norwood Financial Corp acquired a new stake in State Street during the first quarter worth about $35,000. Finally, Accent Capital Management LLC acquired a new stake in State Street during the fourth quarter worth about $39,000. Institutional investors own 87.44% of the company’s stock.

State Street Trading Down 0.1 %

Shares of STT stock traded down $0.06 during trading hours on Tuesday, reaching $83.94. The company had a trading volume of 662,518 shares, compared to its average volume of 2,299,940. State Street Co. has a 1-year low of $62.78 and a 1-year high of $86.24. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.61. The firm has a market cap of $25.29 billion, a price-to-earnings ratio of 15.80, a P/E/G ratio of 1.31 and a beta of 1.49. The company has a 50 day moving average of $75.47 and a 200 day moving average of $74.73.

State Street (NYSE:STT) last released its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.12. The firm had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. The company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.17 earnings per share. On average, equities research analysts anticipate that State Street Co. will post 8.11 EPS for the current year.

State Street Increases Dividend

The company also recently announced 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. This represents a $3.04 annualized dividend and a yield of 3.62%. The ex-dividend date of this dividend is Tuesday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.69. State Street’s dividend payout ratio is presently 51.69%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on STT. Wolfe Research reissued an “underperform” rating and set a $73.00 price objective on shares of State Street in a report on Monday, July 8th. Morgan Stanley lifted their price objective on State Street from $90.00 to $93.00 and gave the company an “equal weight” rating in a report on Wednesday, July 17th. Barclays upped their price target on State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Argus upped their target price on shares of State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Finally, Wells Fargo & Company lifted their price target on shares of State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, State Street presently has an average rating of “Hold” and an average target price of $88.96.

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.