State Street Co. (NYSE:STT) Shares Sold by FORVIS Wealth Advisors LLC

FORVIS Wealth Advisors LLC lowered its stake in State Street Co. (NYSE:STT) by 4.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,390 shares of the asset manager’s stock after selling 408 shares during the quarter. FORVIS Wealth Advisors LLC’s holdings in State Street were worth $649,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Massachusetts Wealth Management increased its stake in State Street by 3.2% during the first quarter. Massachusetts Wealth Management now owns 21,934 shares of the asset manager’s stock worth $1,696,000 after purchasing an additional 675 shares during the period. Norden Group LLC purchased a new stake in State Street during the first quarter worth about $804,000. Sumitomo Mitsui Trust Holdings Inc. increased its stake in State Street by 4.5% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 941,404 shares of the asset manager’s stock worth $72,789,000 after purchasing an additional 40,835 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new stake in State Street during the first quarter worth about $1,178,000. Finally, Diversified Trust Co increased its stake in State Street by 252.7% during the first quarter. Diversified Trust Co now owns 38,848 shares of the asset manager’s stock worth $3,004,000 after purchasing an additional 27,832 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. UBS Group upped their target price on shares of State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a research note on Friday, April 12th. Evercore ISI restated an “outperform” rating and set a $88.00 target price on shares of State Street in a research note on Wednesday. Morgan Stanley restated an “equal weight” rating and set a $90.00 target price on shares of State Street in a research note on Wednesday, June 12th. JPMorgan Chase & Co. upped their target price on shares of State Street from $79.50 to $80.50 in a research note on Friday, April 12th. Finally, Argus upped their target price on shares of State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued 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 $83.88.

State Street Price Performance

State Street stock traded up $0.28 during midday trading on Thursday, reaching $74.14. The company’s stock had a trading volume of 929,146 shares, compared to its average volume of 2,094,169. State Street Co. has a fifty-two week low of $62.78 and a fifty-two week high of $79.90. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.61 and a current ratio of 0.61. The stock’s 50 day simple moving average is $74.28 and its 200 day simple moving average is $74.59. The firm has a market capitalization of $22.34 billion, a PE ratio of 13.88, a P/E/G ratio of 1.28 and a beta of 1.48.

State Street (NYSE:STT) last released its earnings results on Friday, April 12th. The asset manager reported $1.69 EPS for the quarter, beating analysts’ consensus estimates of $1.48 by $0.21. State Street had a return on equity of 12.03% and a net margin of 9.62%. The company had revenue of $3.14 billion during the quarter, compared to the consensus estimate of $3.06 billion. On average, equities research analysts forecast that State Street Co. will post 7.95 earnings per share for the current year.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Monday, July 1st will be given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.72%. The ex-dividend date is Monday, July 1st. State Street’s dividend payout ratio is currently 51.69%.

About State Street

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.