Envestnet Asset Management Inc. Purchases 3,441 Shares of State Street Co. (NYSE:STT)

Envestnet Asset Management Inc. increased its stake in State Street Co. (NYSE:STTGet Rating) by 1.1% during the first quarter, according to its most recent filing with the SEC. The fund owned 331,114 shares of the asset manager’s stock after buying an additional 3,441 shares during the quarter. Envestnet Asset Management Inc. owned 0.09% of State Street worth $28,847,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. BlackRock Inc. boosted its holdings in shares of State Street by 2.7% in the 4th quarter. BlackRock Inc. now owns 27,647,573 shares of the asset manager’s stock worth $2,571,225,000 after buying an additional 736,932 shares during the last quarter. State Street Corp boosted its holdings in shares of State Street by 3.9% in the 4th quarter. State Street Corp now owns 18,572,237 shares of the asset manager’s stock worth $1,737,731,000 after buying an additional 697,276 shares during the last quarter. Yacktman Asset Management LP lifted its holdings in State Street by 0.6% during the fourth quarter. Yacktman Asset Management LP now owns 3,529,120 shares of the asset manager’s stock valued at $328,208,000 after purchasing an additional 19,347 shares during the last quarter. Nordea Investment Management AB lifted its holdings in State Street by 4.2% during the first quarter. Nordea Investment Management AB now owns 3,386,309 shares of the asset manager’s stock valued at $307,341,000 after purchasing an additional 137,868 shares during the last quarter. Finally, Norges Bank purchased a new stake in State Street during the fourth quarter valued at about $259,564,000. 91.48% of the stock is owned by hedge funds and other institutional investors.

State Street Stock Down 1.0 %

STT stock opened at $70.36 on Tuesday. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.57. The company’s 50 day moving average is $66.33 and its 200 day moving average is $77.89. The stock has a market cap of $25.83 billion, a price-to-earnings ratio of 9.75, a price-to-earnings-growth ratio of 1.23 and a beta of 1.61. State Street Co. has a 1-year low of $58.79 and a 1-year high of $104.87.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 13th. Investors of record on Monday, October 3rd will be given a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 3.58%. This is a boost from State Street’s previous quarterly dividend of $0.57. The ex-dividend date is Friday, September 30th. State Street’s dividend payout ratio is 31.58%.

Wall Street Analysts Forecast Growth

STT has been the topic of several recent research reports. JPMorgan Chase & Co. dropped their price objective on shares of State Street from $82.00 to $74.50 in a report on Monday, July 11th. Credit Suisse Group dropped their price objective on shares of State Street from $106.00 to $90.00 and set a “neutral” rating on the stock in a report on Monday, April 18th. Argus raised shares of State Street from a “hold” rating to a “buy” rating and set a $93.00 price objective on the stock in a report on Thursday, April 21st. Royal Bank of Canada dropped their price objective on shares of State Street from $90.00 to $80.00 in a report on Tuesday, June 14th. Finally, Barclays lowered their price target on shares of State Street from $130.00 to $115.00 in a report on Monday, April 18th. Eight analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $84.12.

State Street Company Profile

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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; product accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

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Institutional Ownership by Quarter for State Street (NYSE:STT)

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