State Street Co. (NYSE:STT) Shares Sold by TIAA Trust National Association

TIAA Trust National Association trimmed its stake in shares of State Street Co. (NYSE:STT) by 3.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,353 shares of the asset manager’s stock after selling 425 shares during the period. TIAA Trust National Association’s holdings in State Street were worth $840,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of STT. Capital International Investors raised its holdings in State Street by 0.5% during the first quarter. Capital International Investors now owns 6,626,753 shares of the asset manager’s stock worth $512,381,000 after purchasing an additional 31,314 shares during the last quarter. Metropolis Capital Ltd boosted its position in shares of State Street by 13.1% in the 2nd quarter. Metropolis Capital Ltd now owns 4,124,840 shares of the asset manager’s stock worth $305,238,000 after buying an additional 479,205 shares in the last quarter. LSV Asset Management boosted its position in shares of State Street by 10.5% in the 1st quarter. LSV Asset Management now owns 4,044,135 shares of the asset manager’s stock worth $312,693,000 after buying an additional 385,404 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in State Street by 3.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,597,783 shares of the asset manager’s stock valued at $201,243,000 after acquiring an additional 79,746 shares during the last quarter. Finally, Putnam Investments LLC increased its holdings in State Street by 5.8% during the 4th quarter. Putnam Investments LLC now owns 2,343,254 shares of the asset manager’s stock valued at $181,508,000 after acquiring an additional 129,493 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on STT. Keefe, Bruyette & Woods lowered their price target on shares of State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a research report on Thursday, June 27th. Evercore ISI increased their target price on State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Royal Bank of Canada boosted their price target on State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft reduced their price objective on State Street from $80.00 to $79.00 and set a “hold” rating on the stock in a research report on Thursday, August 15th. Finally, Morgan Stanley boosted their target price on shares of State Street from $90.00 to $93.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $88.89.

State Street Price Performance

STT opened at $85.19 on Friday. State Street Co. has a 1 year low of $62.78 and a 1 year high of $87.26. The company’s 50 day simple moving average is $80.91 and its 200 day simple moving average is $76.56. The stock has a market capitalization of $25.66 billion, a PE ratio of 15.95, a P/E/G ratio of 1.41 and a beta of 1.48. 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 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. The company had revenue of $3.19 billion for 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%. State Street’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter last year, the business earned $2.17 EPS. As a group, sell-side analysts expect that State Street Co. will post 8.13 EPS for the current year.

State Street Increases Dividend

The company also recently declared 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. This represents a $3.04 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date of this dividend is Tuesday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.69. State Street’s payout ratio is 56.93%.

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.