Mn Services Vermogensbeheer B.V. Reduces Stock Position in State Street Co. (NYSE:STT)

Mn Services Vermogensbeheer B.V. cut its holdings in State Street Co. (NYSE:STT) by 2.8% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 121,219 shares of the asset manager’s stock after selling 3,500 shares during the period. Mn Services Vermogensbeheer B.V.’s holdings in State Street were worth $8,970,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of State Street by 4.5% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 941,404 shares of the asset manager’s stock valued at $72,789,000 after purchasing an additional 40,835 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its stake in State Street by 3.3% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 198,891 shares of the asset manager’s stock worth $15,376,000 after purchasing an additional 6,363 shares during the period. M&G Plc purchased a new position in State Street during the 1st quarter valued at about $7,626,000. Public Employees Retirement Association of Colorado increased its position in shares of State Street by 298.6% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 37,888 shares of the asset manager’s stock valued at $2,935,000 after buying an additional 28,382 shares during the period. Finally, Cetera Investment Advisers lifted its holdings in shares of State Street by 127.8% in the first quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock worth $3,433,000 after buying an additional 24,906 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on STT shares. Royal Bank of Canada boosted their price objective on shares of State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 17th. Bank of America boosted their price target on shares of State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a research report on Wednesday, July 17th. Wells Fargo & Company increased their price objective on State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Barclays raised their price target on State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Finally, Wolfe Research reissued an “underperform” rating and set a $73.00 price objective on shares of State Street in a report on Monday, July 8th. 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 data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $88.89.

State Street Stock Performance

Shares of NYSE STT opened at $84.04 on Monday. The stock’s 50-day moving average is $78.52 and its 200 day moving average is $75.78. The stock has a market cap of $25.32 billion, a price-to-earnings ratio of 15.74, a P/E/G ratio of 1.25 and a beta of 1.50. State Street Co. has a 1-year low of $62.78 and a 1-year high of $86.25. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.89.

State Street (NYSE:STT) last posted 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. State Street had a net margin of 8.98% and a return on equity of 11.78%. The firm had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.15 billion. During the same period last year, the firm posted $2.17 earnings per share. The business’s revenue was up 2.6% compared to the same quarter last year. On average, sell-side analysts anticipate that State Street Co. will post 8.15 EPS for the current fiscal year.

State Street Increases Dividend

The firm 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. The ex-dividend date is Tuesday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a yield of 3.62%. State Street’s payout ratio is currently 56.93%.

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.