State Street Co. (NYSE:STT) Shares Sold by Bfsg LLC

Bfsg LLC lowered its stake in shares of State Street Co. (NYSE:STT) by 8.9% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 3,775 shares of the asset manager’s stock after selling 370 shares during the period. Bfsg LLC’s holdings in State Street were worth $279,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Symmetry Partners LLC grew its position in shares of 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 buying an additional 130 shares in the last quarter. HB Wealth Management LLC grew its holdings in 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 acquiring an additional 140 shares in the last quarter. Massmutual Trust Co. FSB ADV increased its position in shares of State Street by 9.3% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,739 shares of the asset manager’s stock valued at $129,000 after purchasing an additional 148 shares during the last quarter. Tompkins Financial Corp raised 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 purchasing an additional 150 shares in the last quarter. Finally, Mather Group LLC. lifted its position in shares of State Street by 10.9% during the 2nd quarter. Mather Group LLC. now owns 1,613 shares of the asset manager’s stock worth $125,000 after purchasing an additional 158 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

STT has been the topic of a number of analyst reports. The Goldman Sachs Group raised their price target on State Street from $89.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Barclays boosted their target price on State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Citigroup increased their price target on shares of State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. Keefe, Bruyette & Woods lowered their target price on shares of State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a report on Thursday, June 27th. Finally, Wells Fargo & Company lifted their price target on shares of State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $88.89.

State Street Stock Performance

STT stock traded up $1.16 during trading on Thursday, hitting $85.90. The company had a trading volume of 1,441,583 shares, compared to its average volume of 2,221,098. State Street Co. has a 1-year low of $62.78 and a 1-year high of $86.40. The firm has a 50-day moving average price of $79.28 and a 200-day moving average price of $76.01. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. The firm has a market cap of $25.65 billion, a PE ratio of 16.09, a price-to-earnings-growth ratio of 1.34 and a beta of 1.50.

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 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 analyst estimates of $3.15 billion. During the same quarter in the previous year, the company posted $2.17 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, analysts expect that State Street Co. will post 8.13 earnings per share for the current year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be given a dividend of $0.76 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.54%. This is an increase from State Street’s previous quarterly dividend of $0.69. State Street’s dividend payout ratio is presently 51.69%.

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.