Commonwealth Equity Services LLC boosted its holdings in shares of State Street Co. (NYSE:STT – Get Rating) by 7.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,762 shares of the asset manager’s stock after buying an additional 5,663 shares during the period. Commonwealth Equity Services LLC’s holdings in State Street were worth $7,297,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently added to or reduced their stakes in the company. Covestor Ltd acquired a new position in State Street during the 4th quarter valued at about $31,000. Confluence Wealth Services Inc. purchased a new stake in State Street during the 4th quarter valued at about $35,000. Citizens National Bank Trust Department purchased a new stake in State Street during the 4th quarter valued at about $37,000. City State Bank purchased a new stake in State Street during the 4th quarter valued at about $40,000. Finally, KRS Capital Management LLC purchased a new stake in State Street during the 4th quarter valued at about $46,000. 91.48% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft dropped their price target on State Street from $67.00 to $65.00 in a research note on Wednesday, July 13th. Citigroup boosted their price target on State Street to $74.00 in a research note on Friday, July 22nd. Morgan Stanley lowered their target price on State Street from $106.00 to $86.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 6th. Argus raised State Street from a “hold” rating to a “buy” rating and set a $93.00 target price on the stock in a report on Thursday, April 21st. Finally, Piper Sandler dropped their price objective on shares of State Street from $78.00 to $75.00 and set a “neutral” rating on the stock in a research note on Friday, July 1st. Eight analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, State Street has a consensus rating of “Hold” and a consensus price target of $84.12.
State Street Price Performance
State Street Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 13th. Investors of record on Monday, October 3rd will be issued a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 3.58%. The ex-dividend date is Friday, September 30th. This is a positive change from State Street’s previous quarterly dividend of $0.57. State Street’s payout ratio is presently 31.58%.
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; 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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