Wedge Capital Management L L P NC Lowers Holdings in State Street Co. (NYSE:STT)

Wedge Capital Management L L P NC reduced its position in shares of State Street Co. (NYSE:STT) by 19.7% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 455,406 shares of the asset manager’s stock after selling 112,020 shares during the quarter. Wedge Capital Management L L P NC owned about 0.15% of State Street worth $40,290,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in STT. Benjamin F. Edwards & Company Inc. lifted its stake in State Street by 5.4% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,514 shares of the asset manager’s stock worth $186,000 after acquiring an additional 129 shares during the period. Symmetry Partners LLC increased its holdings in State Street by 3.5% during the first quarter. Symmetry Partners LLC now owns 3,802 shares of the asset manager’s stock valued at $294,000 after buying an additional 130 shares during the period. HB Wealth Management LLC raised its stake in State Street by 3.4% in the first 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 in the last quarter. Massmutual Trust Co. FSB ADV lifted its holdings in State Street by 9.3% during the second quarter. Massmutual Trust Co. FSB ADV now owns 1,739 shares of the asset manager’s stock worth $129,000 after buying an additional 148 shares during the period. Finally, Tompkins Financial Corp boosted its position in State Street by 28.3% during the 1st quarter. Tompkins Financial Corp now owns 680 shares of the asset manager’s stock valued at $53,000 after acquiring an additional 150 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

STT has been the subject of a number of analyst reports. Citigroup upped their price objective on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, July 22nd. Bank of America lifted their price objective on shares of State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 17th. Keefe, Bruyette & Woods decreased 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 research report on Thursday, June 27th. The Goldman Sachs Group lifted their price target on shares of State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on State Street from $79.00 to $87.00 and gave the company a “hold” rating in a report on Monday, September 23rd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $90.11.

State Street Stock Performance

Shares of STT stock traded up $1.05 during trading hours on Monday, hitting $90.88. The company’s stock had a trading volume of 439,204 shares, compared to its average volume of 2,214,470. State Street Co. has a 12-month low of $62.78 and a 12-month high of $91.10. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.89. The stock has a market cap of $27.38 billion, a PE ratio of 16.82, a price-to-earnings-growth ratio of 1.30 and a beta of 1.48. The company has a 50 day moving average of $84.43 and a 200 day moving average of $79.06.

State Street (NYSE:STT) last posted 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 during the quarter, compared to analyst estimates of $3.15 billion. State Street had a net margin of 8.98% and a return on equity of 11.78%. The business’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.17 EPS. On average, sell-side analysts forecast that State Street Co. will post 8.15 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st were given a dividend of $0.76 per share. The ex-dividend date was 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 dividend yield of 3.35%. State Street’s dividend payout ratio (DPR) is 56.93%.

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.