Asset Dedication LLC Decreases Stock Holdings in State Street Co. (NYSE:STT)

Asset Dedication LLC lessened its stake in State Street Co. (NYSE:STT) by 29.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 436 shares of the asset manager’s stock after selling 184 shares during the period. Asset Dedication LLC’s holdings in State Street were worth $32,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. LRI Investments LLC bought a new stake in shares of State Street in the 1st quarter valued at about $25,000. Norwood Financial Corp acquired a new stake in State Street in the first quarter valued at approximately $35,000. Versant Capital Management Inc boosted its stake in State Street by 411.9% in the second quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock valued at $38,000 after acquiring an additional 416 shares in the last quarter. Accent Capital Management LLC purchased a new position in State Street in the fourth quarter worth $39,000. Finally, Quarry LP acquired a new position in shares of State Street during the fourth quarter worth $39,000. 87.44% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

STT has been the subject of a number of recent analyst reports. The Goldman Sachs Group raised their price objective on State Street from $89.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Citigroup boosted their price target on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, July 22nd. Morgan Stanley increased their price objective on shares of State Street from $90.00 to $93.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 17th. Wells Fargo & Company boosted their target price on shares of State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Finally, Royal Bank of Canada raised their price target on shares of State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, State Street presently has a consensus rating of “Hold” and a consensus target price of $88.89.

State Street Trading Up 0.5 %

Shares of State Street stock opened at $83.67 on Tuesday. State Street Co. has a 1 year low of $62.78 and a 1 year high of $87.26. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.54. The stock has a market cap of $25.21 billion, a PE ratio of 15.67, a price-to-earnings-growth ratio of 1.35 and a beta of 1.48. The firm has a fifty day moving average price of $81.29 and a 200 day moving average price of $76.78.

State Street (NYSE:STT) last issued its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.12. The business had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.17 EPS. Equities research analysts predict that State Street Co. will post 8.14 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. Stockholders of record on Tuesday, October 1st will be paid a dividend of $0.76 per share. This is a boost 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 dividend on an annualized basis and a dividend yield of 3.63%. State Street’s dividend payout ratio (DPR) is presently 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.