CHICAGO TRUST Co NA Reduces Stock Position in State Street Co. (NYSE:STT)

CHICAGO TRUST Co NA decreased its position in shares of State Street Co. (NYSE:STT) by 2.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,412 shares of the asset manager’s stock after selling 169 shares during the quarter. CHICAGO TRUST Co NA’s holdings in State Street were worth $567,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of STT. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in State Street by 4.5% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 941,404 shares of the asset manager’s stock valued at $72,789,000 after purchasing an additional 40,835 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its holdings in State Street by 3.3% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 198,891 shares of the asset manager’s stock valued at $15,376,000 after acquiring an additional 6,363 shares in the last quarter. M&G Plc acquired a new position in State Street during the first quarter worth about $7,626,000. Cetera Investment Advisers grew its position in shares of State Street by 127.8% in the first quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock valued at $3,433,000 after purchasing an additional 24,906 shares during the last quarter. Finally, FORA Capital LLC increased its stake in shares of State Street by 549.0% during the 1st quarter. FORA Capital LLC now owns 27,425 shares of the asset manager’s stock worth $2,121,000 after purchasing an additional 23,199 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Performance

Shares of STT stock opened at $89.83 on Monday. The firm has a market capitalization of $27.06 billion, a price-to-earnings ratio of 16.82, a price-to-earnings-growth ratio of 1.30 and a beta of 1.48. The company has a 50 day moving average price of $84.43 and a 200 day moving average price of $79.06. State Street Co. has a one year low of $62.78 and a one year high of $90.80. 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 issued its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.12. The business had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. The business’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period last year, the company posted $2.17 EPS. Sell-side analysts anticipate that State Street Co. will post 8.15 EPS for the current year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st were issued a dividend of $0.76 per share. The ex-dividend date was Tuesday, October 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.38%. This is a boost from State Street’s previous quarterly dividend of $0.69. State Street’s payout ratio is presently 56.93%.

Analyst Upgrades and Downgrades

STT has been the topic of a number of recent research reports. The Goldman Sachs Group upped their target price on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Morgan Stanley increased their price objective on State Street from $93.00 to $100.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of State Street from $79.00 to $87.00 and gave the company a “hold” rating in a research note on Monday, September 23rd. Wolfe Research reaffirmed an “underperform” rating and set a $73.00 price target on shares of State Street in a research note on Monday, July 8th. Finally, Royal Bank of Canada boosted their price objective on shares of State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $90.11.

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.