SVB Wealth LLC Trims Holdings in State Street Co. (NYSE:STT)

SVB Wealth LLC reduced its position in State Street Co. (NYSE:STT) by 3.4% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 28,185 shares of the asset manager’s stock after selling 980 shares during the quarter. SVB Wealth LLC’s holdings in State Street were worth $2,179,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Symmetry Partners LLC grew its stake in State Street by 3.5% during the first quarter. Symmetry Partners LLC now owns 3,802 shares of the asset manager’s stock worth $294,000 after buying an additional 130 shares during the period. HB Wealth Management LLC boosted its position in State Street by 3.4% during the 1st quarter. HB Wealth Management LLC now owns 4,309 shares of the asset manager’s stock worth $333,000 after purchasing an additional 140 shares during the period. Tompkins Financial Corp increased its holdings in State Street by 28.3% in the 1st quarter. Tompkins Financial Corp now owns 680 shares of the asset manager’s stock valued at $53,000 after purchasing an additional 150 shares in the last quarter. CWM LLC raised its position in State Street by 2.6% in the first quarter. CWM LLC now owns 6,435 shares of the asset manager’s stock valued at $498,000 after purchasing an additional 165 shares during the period. Finally, Syon Capital LLC lifted its stake in shares of State Street by 3.7% during the fourth quarter. Syon Capital LLC now owns 4,735 shares of the asset manager’s stock worth $367,000 after purchasing an additional 168 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on STT shares. Bank of America boosted their price target on State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods dropped their price target on shares of State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a research note on Thursday, June 27th. JPMorgan Chase & Co. increased their price objective on shares of State Street from $79.50 to $80.50 in a research note on Friday, April 12th. Royal Bank of Canada boosted 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 report on Wednesday, July 17th. Finally, Wolfe Research reissued an “underperform” rating and issued a $73.00 price objective on shares of State Street in a report on Monday, July 8th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $88.96.

State Street Price Performance

Shares of STT traded up $0.77 during midday trading on Tuesday, reaching $85.69. The stock had a trading volume of 92,634 shares, compared to its average volume of 2,277,784. The firm’s 50 day moving average price is $76.17 and its 200-day moving average price is $74.97. The company has a market capitalization of $25.81 billion, a P/E ratio of 15.90, a P/E/G ratio of 1.32 and a beta of 1.49. State Street Co. has a 52 week low of $62.78 and a 52 week high of $86.25. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.61.

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

State Street Increases Dividend

The company 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 an increase from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a dividend yield of 3.55%. The ex-dividend date is Tuesday, October 1st. State Street’s dividend payout ratio (DPR) is 51.69%.

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.