Wedmont Private Capital Has $419,000 Position in State Street Co. (NYSE:STT)

Wedmont Private Capital lowered its holdings in shares of State Street Co. (NYSE:STT) by 10.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,339 shares of the asset manager’s stock after selling 636 shares during the quarter. Wedmont Private Capital’s holdings in State Street were worth $419,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently bought and sold shares of STT. LRI Investments LLC bought a new position in shares of State Street in the first quarter worth about $25,000. Norwood Financial Corp acquired a new stake in State Street in the first quarter valued at $35,000. Versant Capital Management Inc lifted its stake in State Street by 411.9% in the second quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock valued at $38,000 after acquiring an additional 416 shares during the last quarter. Accent Capital Management LLC bought a new position in shares of State Street in the fourth quarter valued at about $39,000. Finally, Quarry LP bought a new position in State Street during the fourth quarter worth about $39,000. Institutional investors own 87.44% of the company’s stock.

State Street Stock Up 1.7 %

Shares of NYSE:STT traded up $1.28 on Tuesday, hitting $78.81. 1,170,689 shares of the company’s stock were exchanged, compared to its average volume of 2,247,055. The company has a market capitalization of $23.53 billion, a PE ratio of 14.61, a P/E/G ratio of 1.21 and a beta of 1.48. 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 Co. has a 1-year low of $62.78 and a 1-year high of $86.25. The firm’s 50-day moving average is $77.12 and its 200 day moving average is $75.32.

State Street (NYSE:STT) last issued its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. The business had revenue of $3.19 billion during 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 company’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 posted $2.17 EPS. Sell-side analysts predict that State Street Co. will post 8.15 EPS for the current year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be paid a $0.76 dividend. This is a boost from State Street’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.86%. State Street’s payout ratio is 51.69%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on STT. Wells Fargo & Company raised their price target on shares of State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. 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. Royal Bank of Canada increased 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. Keefe, Bruyette & Woods lowered their price target on shares of State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a report on Thursday, June 27th. Finally, Evercore ISI raised their target price on shares of State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, State Street currently has a consensus rating of “Hold” and a consensus price target of $88.96.

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.