SageView Advisory Group LLC Invests $479,000 in State Street Co. (NYSE:STT)

SageView Advisory Group LLC bought a new stake in State Street Co. (NYSE:STT) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,405 shares of the asset manager’s stock, valued at approximately $479,000.

A number of other hedge funds also recently modified their holdings of STT. CVA Family Office LLC purchased a new stake in shares of State Street in the fourth quarter valued at $27,000. Venturi Wealth Management LLC lifted its holdings in shares of State Street by 92.5% in the fourth quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock valued at $30,000 after purchasing an additional 184 shares in the last quarter. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of State Street in the fourth quarter valued at $35,000. Quarry LP purchased a new stake in shares of State Street in the fourth quarter valued at $39,000. Finally, Bruce G. Allen Investments LLC purchased a new stake in shares of State Street in the fourth quarter valued at $51,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on STT shares. JPMorgan Chase & Co. increased their target price on State Street from $79.50 to $80.50 in a report on Friday, April 12th. UBS Group increased their price objective on State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a report on Friday, April 12th. Morgan Stanley reiterated an “equal weight” rating and set a $90.00 price objective on shares of State Street in a report on Wednesday, June 12th. Evercore ISI increased their price objective on State Street from $85.00 to $88.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Finally, Argus increased their price objective on State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, State Street currently has an average rating of “Hold” and an average price target of $84.04.

State Street Price Performance

NYSE STT opened at $72.37 on Wednesday. State Street Co. has a fifty-two week low of $62.78 and a fifty-two week high of $79.90. The stock’s 50-day moving average is $74.49 and its two-hundred day moving average is $74.73. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.61 and a quick ratio of 0.61. The firm has a market cap of $21.80 billion, a P/E ratio of 13.55, a price-to-earnings-growth ratio of 1.23 and a beta of 1.47.

State Street (NYSE:STT) last posted its earnings results on Friday, April 12th. The asset manager reported $1.69 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $3.06 billion. On average, analysts anticipate that State Street Co. will post 7.94 earnings per share for the current fiscal year.

State Street Announces Dividend

The firm 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 annualized dividend and a dividend yield of 3.81%. The ex-dividend date of this dividend is Monday, July 1st. State Street’s dividend payout ratio is currently 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.