Ascent Group LLC Reduces Stock Position in State Street Co. (NYSE:STT)

Ascent Group LLC cut its holdings in State Street Co. (NYSE:STT) by 9.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,831 shares of the asset manager’s stock after selling 293 shares during the period. Ascent Group LLC’s holdings in State Street were worth $219,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Symmetry Partners LLC lifted its stake in State Street by 3.5% during the first quarter. Symmetry Partners LLC now owns 3,802 shares of the asset manager’s stock worth $294,000 after purchasing an additional 130 shares during the last quarter. HB Wealth Management LLC lifted its position in shares of State Street by 3.4% during the 1st quarter. HB Wealth Management LLC now owns 4,309 shares of the asset manager’s stock worth $333,000 after buying an additional 140 shares during the last quarter. Tompkins Financial Corp boosted its holdings in shares of State Street by 28.3% in the 1st quarter. Tompkins Financial Corp now owns 680 shares of the asset manager’s stock valued at $53,000 after buying an additional 150 shares in the last quarter. CWM LLC grew its position in shares of State Street by 2.6% in the 1st quarter. CWM LLC now owns 6,435 shares of the asset manager’s stock valued at $498,000 after buying an additional 165 shares during the last quarter. Finally, Syon Capital LLC raised its stake in State Street by 3.7% during the 4th quarter. Syon Capital LLC now owns 4,735 shares of the asset manager’s stock worth $367,000 after acquiring an additional 168 shares in the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. JPMorgan Chase & Co. upped their price objective on shares of State Street from $79.50 to $80.50 in a research note on Friday, April 12th. Wolfe Research reaffirmed an “underperform” rating and set a $73.00 price target on shares of State Street in a research report on Monday, July 8th. Deutsche Bank Aktiengesellschaft boosted their price objective on State Street from $75.00 to $80.00 and gave the company a “hold” rating in a research note on Wednesday, July 17th. Wells Fargo & Company raised their target price on shares of State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Finally, Bank of America upped their price target on shares of State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a research report on Wednesday, July 17th. Two 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’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $88.96.

State Street Stock Performance

Shares of STT stock traded down $0.37 during trading hours on Monday, reaching $84.92. 995,131 shares of the company’s stock were exchanged, compared to its average volume of 2,292,736. 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 company’s 50 day moving average is $76.17 and its two-hundred day moving average is $74.97. The company has a market cap of $25.58 billion, a P/E ratio of 15.90, a price-to-earnings-growth ratio of 1.32 and a beta of 1.49. State Street Co. has a 1 year low of $62.78 and a 1 year high of $86.24.

State Street (NYSE:STT) last released its earnings results on Tuesday, July 16th. The asset manager reported $2.15 EPS 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 company had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter last year, the company earned $2.17 earnings per share. State Street’s quarterly revenue was up 2.6% compared to the same quarter last year. Equities research analysts anticipate that State Street Co. will post 8.12 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. Shareholders of record on Tuesday, October 1st will be issued a $0.76 dividend. The ex-dividend date of this dividend 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 3.58%. State Street’s dividend payout ratio (DPR) is 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.