Wedmont Private Capital Takes $322,000 Position in State Street Co. (NYSE:STT)

Wedmont Private Capital acquired a new stake in shares of State Street Co. (NYSE:STTGet Rating) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 5,215 shares of the asset manager’s stock, valued at approximately $322,000.

A number of other institutional investors have also modified their holdings of the business. Samalin Investment Counsel LLC raised its stake in shares of State Street by 5.0% during the fourth quarter. Samalin Investment Counsel LLC now owns 2,124 shares of the asset manager’s stock valued at $197,000 after acquiring an additional 101 shares during the last quarter. Main Street Financial Solutions LLC increased its position in shares of State Street by 4.9% during the first quarter. Main Street Financial Solutions LLC now owns 3,010 shares of the asset manager’s stock worth $262,000 after acquiring an additional 140 shares in the last quarter. City State Bank increased its position in shares of State Street by 42.9% during the first quarter. City State Bank now owns 500 shares of the asset manager’s stock worth $44,000 after acquiring an additional 150 shares in the last quarter. Beaton Management Co. Inc. increased its position in shares of State Street by 0.8% during the first quarter. Beaton Management Co. Inc. now owns 19,022 shares of the asset manager’s stock worth $1,657,000 after acquiring an additional 152 shares in the last quarter. Finally, United Capital Financial Advisers LLC grew its position in State Street by 3.7% in the 1st quarter. United Capital Financial Advisers LLC now owns 4,717 shares of the asset manager’s stock worth $411,000 after purchasing an additional 170 shares in the last quarter. Institutional investors own 89.17% of the company’s stock.

State Street Stock Performance

Shares of STT stock opened at $70.87 on Tuesday. The stock has a market capitalization of $26.05 billion, a P/E ratio of 9.82, a PEG ratio of 1.22 and a beta of 1.60. 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 firm’s 50 day moving average is $69.60 and its 200 day moving average is $72.32. State Street Co. has a 12 month low of $58.79 and a 12 month high of $104.87.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 13th. Investors of record on Monday, October 3rd will be issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 3.56%. 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. State Street’s dividend payout ratio is 31.58%.

Wall Street Analyst Weigh In

STT has been the subject of a number of recent analyst reports. Royal Bank of Canada reduced their price objective on shares of State Street from $90.00 to $80.00 in a research report on Tuesday, June 14th. Evercore ISI set a $78.00 price objective on shares of State Street in a research report on Tuesday, July 19th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of State Street from $67.00 to $74.00 in a research report on Friday, August 12th. UBS Group dropped their target price on shares of State Street from $101.00 to $91.00 in a research note on Monday, July 11th. Finally, JPMorgan Chase & Co. dropped their target price on shares of State Street from $82.00 to $74.50 in a research note on Monday, July 11th. Eight equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $84.81.

State Street 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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