Burney Co. Buys 286 Shares of State Street Co. (NYSE:STT)

Burney Co. boosted its stake in State Street Co. (NYSE:STT) by 2.7% in the first quarter, HoldingsChannel reports. The firm owned 10,916 shares of the asset manager’s stock after acquiring an additional 286 shares during the period. Burney Co.’s holdings in State Street were worth $844,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. LRI Investments LLC purchased a new position in State Street in the first quarter worth about $25,000. Venturi Wealth Management LLC raised its position in State Street by 92.5% in the fourth 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 period. Turtle Creek Wealth Advisors LLC bought a new stake in shares of State Street during the 4th quarter valued at $35,000. Norwood Financial Corp purchased a new stake in shares of State Street in the 1st quarter worth $35,000. Finally, Accent Capital Management LLC bought a new position in State Street in the 4th quarter worth $39,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Stock Performance

Shares of NYSE:STT traded down $2.72 during midday trading on Friday, reaching $80.91. The company’s stock had a trading volume of 1,941,255 shares, compared to its average volume of 2,240,805. The firm has a market capitalization of $24.37 billion, a PE ratio of 15.15, a P/E/G ratio of 1.30 and a beta of 1.48. State Street Co. has a twelve month low of $62.78 and a twelve month high of $86.25. 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 stock has a fifty day moving average of $76.80 and a 200 day moving average of $75.20.

State Street (NYSE:STT) last posted its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. State Street had a return on equity of 11.78% and a net margin of 8.98%. The business had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. During the same period in the previous year, the business earned $2.17 earnings per share. The business’s revenue was up 2.6% compared to the same quarter last year. On average, equities analysts expect that State Street Co. will post 8.12 EPS for the current fiscal year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be given a $0.76 dividend. This is a positive change from State Street’s previous quarterly dividend of $0.69. The ex-dividend date is Tuesday, October 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.76%. State Street’s dividend payout ratio (DPR) is 51.69%.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Bank of America raised their price target on State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a report on Wednesday, July 17th. Royal Bank of Canada upped their target price on shares of State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft raised their price target on State Street from $75.00 to $80.00 and gave the company a “hold” rating in a research note on Wednesday, July 17th. The Goldman Sachs Group upped their target price on State Street from $89.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Finally, UBS Group lifted their price objective on shares of State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a research report on Friday, April 12th. 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, the company has a consensus rating of “Hold” and an average target price of $88.96.

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.