Ritholtz Wealth Management Sells 3,495 Shares of State Street Co. (NYSE:STT)

Ritholtz Wealth Management reduced its holdings in State Street Co. (NYSE:STT) by 35.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,476 shares of the asset manager’s stock after selling 3,495 shares during the period. Ritholtz Wealth Management’s holdings in State Street were worth $479,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. LRI Investments LLC bought a new position in shares of State Street in the 1st quarter worth $25,000. Norwood Financial Corp bought a new position in State Street during the first quarter worth about $35,000. Accent Capital Management LLC acquired a new position in shares of State Street during the 4th quarter worth about $39,000. Quarry LP acquired a new position in shares of State Street during the 4th quarter worth about $39,000. Finally, Versant Capital Management Inc increased its stake in shares of State Street by 411.9% in the 2nd 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. 87.44% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

STT has been the subject of a number of analyst reports. Wells Fargo & Company boosted their price objective on shares of State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Morgan Stanley boosted their price target on shares of State Street from $90.00 to $93.00 and gave the company an “equal weight” rating in a report on Wednesday, July 17th. Evercore ISI upped their price objective on shares of State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Wolfe Research reiterated an “underperform” rating and set a $73.00 target price on shares of State Street in a report on Monday, July 8th. Finally, Bank of America increased their price target on State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a report on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, State Street currently has an average rating of “Hold” and a consensus target price of $88.89.

State Street Stock Performance

Shares of STT stock opened at $85.91 on Thursday. State Street Co. has a 12 month low of $62.78 and a 12 month high of $87.26. The company’s fifty day simple moving average is $80.66 and its 200-day simple moving average is $76.50. The firm has a market cap of $25.65 billion, a PE ratio of 16.09, a P/E/G ratio of 1.41 and a beta of 1.48. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89.

State Street (NYSE:STT) last issued its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, topping the consensus estimate of $2.03 by $0.12. The firm 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 company’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the previous year, the firm posted $2.17 EPS. Equities research analysts expect that State Street Co. will post 8.13 EPS for the current fiscal year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be paid a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.54%. This is an increase from State Street’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Tuesday, October 1st. State Street’s dividend payout ratio (DPR) is currently 51.69%.

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.