Ascent Group LLC Has $219,000 Stake in State Street Co. (NYSE:STT)

Ascent Group LLC reduced its position in shares of State Street Co. (NYSE:STT) by 9.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,831 shares of the asset manager’s stock after selling 293 shares during the period. Ascent Group LLC’s holdings in State Street were worth $219,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Venturi Wealth Management LLC boosted its position in State Street by 92.5% during the 4th quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock worth $30,000 after acquiring an additional 184 shares during the last quarter. Turtle Creek Wealth Advisors LLC bought a new position in State Street in the fourth quarter valued at $35,000. Norwood Financial Corp acquired a new stake in State Street in the 1st quarter valued at $35,000. Accent Capital Management LLC bought a new stake in State Street during the 4th quarter worth about $39,000. Finally, Quarry LP acquired a new position in shares of State Street during the 4th quarter worth about $39,000. 87.44% of the stock is currently owned by institutional investors.

State Street Trading Down 0.4 %

State Street stock traded down $0.37 during mid-day trading on Monday, hitting $84.92. 995,131 shares of the stock were exchanged, compared to its average volume of 2,292,736. The stock has a market capitalization of $25.58 billion, a price-to-earnings ratio of 15.90, a PEG ratio of 1.32 and a beta of 1.49. The company has a quick ratio of 0.61, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. The firm’s fifty day simple moving average is $76.17 and its two-hundred day simple moving average is $74.97. State Street Co. has a 12 month low of $62.78 and a 12 month high of $86.24.

State Street (NYSE:STT) last posted its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. The business had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.15 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the prior year, the business earned $2.17 EPS. Analysts forecast that State Street Co. will post 8.12 EPS for the current year.

State Street Increases Dividend

The firm also recently announced 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 represents a $3.04 dividend on an annualized basis and a dividend yield of 3.58%. This is a boost from State Street’s previous quarterly dividend of $0.69. The ex-dividend date is Tuesday, October 1st. State Street’s payout ratio is presently 51.69%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Keefe, Bruyette & Woods reduced their price target on 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. Wolfe Research reiterated an “underperform” rating and set a $73.00 target price on shares of State Street in a research note on Monday, July 8th. The Goldman Sachs Group increased their price target on State Street from $89.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Morgan Stanley lifted their price objective on shares of State Street from $90.00 to $93.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 17th. Finally, Barclays increased their price objective on shares of State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Two research 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, the stock currently has a consensus rating of “Hold” and an average price target of $88.96.

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.