State of Alaska Department of Revenue Sells 7,525 Shares of State Street Co. (NYSE:STT)

State of Alaska Department of Revenue decreased its holdings in State Street Co. (NYSE:STT) by 12.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 52,856 shares of the asset manager’s stock after selling 7,525 shares during the period. State of Alaska Department of Revenue’s holdings in State Street were worth $4,085,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of STT. CVA Family Office LLC bought a new position in shares of State Street in the 4th quarter valued at $27,000. Venturi Wealth Management LLC increased its stake in shares of State Street by 92.5% in the 4th 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 during the last quarter. Turtle Creek Wealth Advisors LLC bought a new position in shares of State Street in the 4th quarter valued at $35,000. Norwood Financial Corp bought a new position in shares of State Street in the 1st quarter valued at $35,000. Finally, Accent Capital Management LLC bought a new position in shares of State Street in the 4th quarter valued at $39,000. Institutional investors own 87.44% of the company’s stock.

State Street Trading Up 0.4 %

Shares of STT stock opened at $74.14 on Friday. The stock has a market cap of $22.34 billion, a price-to-earnings ratio of 13.88, a PEG ratio of 1.29 and a beta of 1.48. The stock has a 50-day moving average of $74.28 and a 200-day moving average of $74.59. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 0.90. State Street Co. has a 1-year low of $62.78 and a 1-year high of $79.90.

State Street (NYSE:STT) last issued its quarterly 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 during the quarter, compared to analysts’ expectations 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 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Monday, July 1st will be given a dividend of $0.69 per share. The ex-dividend date of this dividend is Monday, July 1st. This represents a $2.76 annualized dividend and a dividend yield of 3.72%. State Street’s payout ratio is 51.69%.

Wall Street Analyst Weigh In

STT has been the topic of a number of research reports. Morgan Stanley restated an “equal weight” rating and set a $90.00 price objective on shares of State Street in a research report on Wednesday, June 12th. Argus boosted their price objective on State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. Keefe, Bruyette & Woods reduced their price objective on State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a research report on Thursday, June 27th. Royal Bank of Canada restated a “sector perform” rating and set a $85.00 price objective on shares of State Street in a research report on Monday. Finally, UBS Group boosted their price objective on State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a research report on Friday, April 12th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $83.88.

State Street Company 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.