State Street Co. (NYSE:STT) Shares Acquired by Verity & Verity LLC

Verity & Verity LLC raised its position in shares of State Street Co. (NYSE:STT) by 2.2% in the first quarter, Holdings Channel.com reports. The fund owned 257,213 shares of the asset manager’s stock after acquiring an additional 5,632 shares during the quarter. State Street makes up approximately 2.0% of Verity & Verity LLC’s portfolio, making the stock its 14th biggest holding. Verity & Verity LLC’s holdings in State Street were worth $23,028,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the company. Ferguson Wellman Capital Management Inc. increased its holdings in shares of State Street by 2.6% in the first quarter. Ferguson Wellman Capital Management Inc. now owns 1,092,439 shares of the asset manager’s stock valued at $97,806,000 after purchasing an additional 27,599 shares during the last quarter. apricus wealth LLC increased its holdings in shares of State Street by 3.3% in the first quarter. apricus wealth LLC now owns 42,480 shares of the asset manager’s stock valued at $3,803,000 after purchasing an additional 1,363 shares during the last quarter. USA Financial Formulas acquired a new stake in shares of State Street in the first quarter valued at approximately $1,053,000. Assenagon Asset Management S.A. grew its position in State Street by 10.9% in the first quarter. Assenagon Asset Management S.A. now owns 11,400 shares of the asset manager’s stock worth $1,021,000 after acquiring an additional 1,125 shares during the period. Finally, MV Capital Management Inc. grew its position in State Street by 98.4% in the first quarter. MV Capital Management Inc. now owns 506 shares of the asset manager’s stock worth $45,000 after acquiring an additional 251 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

STT has been the subject of several analyst reports. The Goldman Sachs Group set a $98.00 price objective on State Street and gave the stock a “buy” rating in a research report on Thursday, April 17th. Wall Street Zen lowered State Street from a “buy” rating to a “hold” rating in a research report on Friday, March 7th. Bank of America increased their price objective on State Street from $98.00 to $99.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 2nd. Wells Fargo & Company lowered their price objective on State Street from $118.00 to $113.00 and set an “overweight” rating for the company in a research report on Friday, March 28th. Finally, Morgan Stanley set a $110.00 price objective on State Street and gave the stock an “overweight” rating in a research report on Tuesday, June 3rd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $102.54.

State Street Stock Up 0.2%

Shares of NYSE STT opened at $97.53 on Friday. The stock has a market cap of $27.81 billion, a P/E ratio of 11.84, a PEG ratio of 1.11 and a beta of 1.44. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. State Street Co. has a 12-month low of $70.20 and a 12-month high of $103.00. The business’s fifty day simple moving average is $90.79 and its 200-day simple moving average is $94.08.

State Street (NYSE:STT) last announced its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.98 by $0.06. The business had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.30 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. During the same period last year, the firm earned $1.69 earnings per share. As a group, equities analysts predict that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st will be paid a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.12%. The ex-dividend date is Tuesday, July 1st. State Street’s payout ratio is currently 34.12%.

Insider Buying and Selling at State Street

In other State Street news, CAO Elizabeth Schaefer sold 1,300 shares of State Street stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total transaction of $117,936.00. Following the completion of the sale, the chief accounting officer now directly owns 7,354 shares of the company’s stock, valued at $667,154.88. The trade was a 15.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is owned by insiders.

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.