State of Alaska Department of Revenue Cuts Stake in State Street Co. (NYSE:STT)

State of Alaska Department of Revenue lowered its stake in shares of State Street Co. (NYSE:STT) by 12.5% in the first quarter, Holdings Channel reports. The firm owned 52,856 shares of the asset manager’s stock after selling 7,525 shares during the period. State of Alaska Department of Revenue’s holdings in State Street were worth $4,085,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. CVA Family Office LLC purchased a new stake in shares of State Street during the fourth quarter worth about $27,000. Venturi Wealth Management LLC grew its stake in State Street by 92.5% during the 4th quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock valued at $30,000 after acquiring an additional 184 shares in the last quarter. Turtle Creek Wealth Advisors LLC purchased a new stake in State Street during the 4th quarter valued at about $35,000. Norwood Financial Corp purchased a new stake in State Street during the 1st quarter valued at about $35,000. Finally, Accent Capital Management LLC purchased a new stake in State Street during the 4th quarter valued at about $39,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Stock Performance

Shares of STT stock opened at $74.14 on Friday. The firm’s 50 day moving average price is $74.28 and its 200-day moving average price is $74.59. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.61 and a current ratio of 0.61. State Street Co. has a one year low of $62.78 and a one year high of $79.90. The firm has a market cap of $22.34 billion, a P/E ratio of 13.88, a P/E/G ratio of 1.29 and a beta of 1.48.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, April 12th. The asset manager reported $1.69 EPS for the quarter, topping the consensus estimate of $1.48 by $0.21. State Street had a net margin of 9.62% and a return on equity of 12.03%. The firm had revenue of $3.14 billion for the quarter, compared to analyst estimates of $3.06 billion. As a group, equities research analysts predict that State Street Co. will post 7.95 EPS for the current year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Monday, July 1st will be issued a $0.69 dividend. The ex-dividend date is Monday, July 1st. This represents a $2.76 annualized dividend and a dividend yield of 3.72%. State Street’s dividend payout ratio is currently 51.69%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on STT. UBS Group upped their price objective on shares of State Street from $80.00 to $82.00 and gave the company a “neutral” rating in a research note on Friday, April 12th. Evercore ISI reaffirmed an “outperform” rating and set a $88.00 price objective on shares of State Street in a research note on Wednesday. Morgan Stanley reaffirmed an “equal weight” rating and set a $90.00 price objective on shares of State Street in a research note on Wednesday, June 12th. Keefe, Bruyette & Woods decreased their target price on shares of State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a report on Thursday, June 27th. Finally, JPMorgan Chase & Co. boosted their target price on shares of State Street from $79.50 to $80.50 in a report on Friday, April 12th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, State Street currently has a consensus rating of “Hold” and an average price target of $83.88.

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.