Crossmark Global Holdings Inc. Sells 557 Shares of State Street Co. (NYSE:STT)

Crossmark Global Holdings Inc. lessened its holdings in shares of State Street Co. (NYSE:STT) by 3.3% during the 2nd quarter, Holdings Channel.com reports. The fund owned 16,473 shares of the asset manager’s stock after selling 557 shares during the period. Crossmark Global Holdings Inc.’s holdings in State Street were worth $1,219,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the business. HB Wealth Management LLC increased its holdings in shares of State Street by 9.2% during the 2nd quarter. HB Wealth Management LLC now owns 4,706 shares of the asset manager’s stock valued at $348,000 after acquiring an additional 397 shares during the last quarter. Kintegral Advisory LLC grew its holdings in State Street by 13.5% during the second quarter. Kintegral Advisory LLC now owns 62,687 shares of the asset manager’s stock valued at $4,639,000 after purchasing an additional 7,474 shares during the last quarter. Klein Pavlis & Peasley Financial Inc. raised its position in shares of State Street by 5.7% in the second quarter. Klein Pavlis & Peasley Financial Inc. now owns 6,911 shares of the asset manager’s stock valued at $511,000 after purchasing an additional 374 shares during the period. AustralianSuper Pty Ltd lifted its stake in shares of State Street by 11.2% in the second quarter. AustralianSuper Pty Ltd now owns 1,901,788 shares of the asset manager’s stock worth $140,732,000 after buying an additional 191,679 shares during the last quarter. Finally, Verdence Capital Advisors LLC boosted its holdings in shares of State Street by 4.8% during the 2nd quarter. Verdence Capital Advisors LLC now owns 11,916 shares of the asset manager’s stock worth $882,000 after buying an additional 546 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Price Performance

Shares of State Street stock opened at $87.10 on Friday. The firm has a market cap of $26.24 billion, a P/E ratio of 16.31, a price-to-earnings-growth ratio of 1.37 and a beta of 1.50. The firm’s 50-day simple moving average is $79.55 and its 200-day simple moving average is $76.08. State Street Co. has a twelve month low of $62.78 and a twelve month high of $87.26. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.54 and a current ratio of 0.54.

State Street (NYSE:STT) last announced its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. State Street had a net margin of 8.98% and a return on equity of 11.78%. The firm had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. During the same quarter last year, the company earned $2.17 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, research analysts expect that State Street Co. will post 8.13 EPS for the current fiscal year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be paid a $0.76 dividend. This is a positive change from State Street’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $3.04 annualized dividend and a yield of 3.49%. State Street’s payout ratio is currently 56.93%.

Wall Street Analyst Weigh In

Several brokerages recently commented on STT. Evercore ISI lifted their target price on shares of State Street from $88.00 to $91.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft dropped their price objective on State Street from $80.00 to $79.00 and set a “hold” rating on the stock in a research note on Thursday, August 15th. Royal Bank of Canada increased their target price on State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 17th. The Goldman Sachs Group lifted their price target on State Street from $89.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Finally, Bank of America upped their price target on State Street from $85.00 to $96.00 and gave the stock an “underperform” 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 assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $88.89.

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.