Tealwood Asset Management Inc. Takes $2.43 Million Position in State Street Co. (NYSE:STT)

Tealwood Asset Management Inc. purchased a new position in shares of State Street Co. (NYSE:STT) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 27,515 shares of the asset manager’s stock, valued at approximately $2,434,000.

Other hedge funds have also added to or reduced their stakes in the company. Benjamin F. Edwards & Company Inc. grew its stake in State Street by 5.4% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,514 shares of the asset manager’s stock worth $186,000 after purchasing an additional 129 shares during the period. Symmetry Partners LLC increased its stake in shares of State Street by 3.5% in the 1st quarter. Symmetry Partners LLC now owns 3,802 shares of the asset manager’s stock valued at $294,000 after acquiring an additional 130 shares in the last quarter. HB Wealth Management LLC lifted its position in shares of State Street by 3.4% during the 1st quarter. HB Wealth Management LLC now owns 4,309 shares of the asset manager’s stock valued at $333,000 after acquiring an additional 140 shares during the period. Massmutual Trust Co. FSB ADV grew its holdings in State Street by 9.3% in the second quarter. Massmutual Trust Co. FSB ADV now owns 1,739 shares of the asset manager’s stock worth $129,000 after purchasing an additional 148 shares during the period. Finally, Tompkins Financial Corp increased its stake in State Street by 28.3% in the first quarter. Tompkins Financial Corp now owns 680 shares of the asset manager’s stock valued at $53,000 after purchasing an additional 150 shares in the last quarter. 87.44% of the stock is owned by institutional investors.

State Street Stock Performance

State Street stock traded up $0.73 during midday trading on Tuesday, reaching $88.20. The stock had a trading volume of 453,186 shares, compared to its average volume of 2,216,157. The firm’s 50-day moving average price is $83.95 and its 200 day moving average price is $78.61. State Street Co. has a 12 month low of $62.78 and a 12 month high of $89.49. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $26.57 billion, a PE ratio of 16.38, a P/E/G ratio of 1.33 and a beta of 1.48.

State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. The business had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.15 billion. State Street had a net margin of 8.98% and a return on equity of 11.78%. State Street’s revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the business earned $2.17 EPS. As a group, research analysts predict that State Street Co. will post 8.16 earnings per share for the current fiscal year.

State Street Increases Dividend

The firm also recently announced 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 is a positive change from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date of this dividend is Tuesday, October 1st. State Street’s dividend payout ratio is currently 56.93%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on STT. Citigroup raised their target price on State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. Morgan Stanley lifted their price target on shares of State Street from $93.00 to $100.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Barclays lifted their price target on State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods reduced their target price on shares of State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a research note on Thursday, June 27th. Finally, Wolfe Research reissued an “underperform” rating and set a $73.00 price target on shares of State Street in a research report on Monday, July 8th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $90.11.

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.