Teachers Retirement System of The State of Kentucky cut its holdings in State Street Co. (NYSE:STT – Get Rating) by 4.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,834 shares of the asset manager’s stock after selling 1,124 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in State Street were worth $2,251,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently made changes to their positions in the company. Tcwp LLC acquired a new position in State Street during the 1st quarter worth approximately $25,000. Covestor Ltd acquired a new position in State Street during the 4th quarter worth approximately $31,000. Citizens National Bank Trust Department acquired a new position in State Street during the 4th quarter worth approximately $37,000. City State Bank acquired a new position in State Street during the 4th quarter worth approximately $40,000. Finally, KRS Capital Management LLC acquired a new position in State Street during the 4th quarter worth approximately $46,000. 89.17% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of research analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft upped their price target on State Street from $67.00 to $74.00 in a research note on Friday, August 12th. Wells Fargo & Company decreased their price objective on State Street from $95.00 to $71.00 and set an “equal weight” rating for the company in a report on Friday, July 1st. Royal Bank of Canada decreased their price objective on State Street from $90.00 to $80.00 in a report on Tuesday, June 14th. UBS Group decreased their price objective on State Street from $101.00 to $91.00 in a report on Monday, July 11th. Finally, Citigroup boosted their price objective on State Street to $74.00 in a report on Friday, July 22nd. Eight equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $84.81.
State Street Stock Performance
State Street Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 13th. Stockholders of record on Monday, October 3rd will be issued a $0.63 dividend. The ex-dividend date of this dividend is Friday, September 30th. This is a positive change from State Street’s previous quarterly dividend of $0.57. This represents a $2.52 annualized dividend and a dividend yield of 3.65%. State Street’s dividend payout ratio is currently 31.58%.
About State Street
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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