State Street Co. (NYSE:STT) Shares Sold by University of Texas Texas AM Investment Management Co.

University of Texas Texas AM Investment Management Co. decreased its position in State Street Co. (NYSE:STT) by 2.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 74,359 shares of the asset manager’s stock after selling 1,901 shares during the quarter. State Street accounts for approximately 1.1% of University of Texas Texas AM Investment Management Co.’s holdings, making the stock its 16th largest position. University of Texas Texas AM Investment Management Co.’s holdings in State Street were worth $5,503,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. LRI Investments LLC acquired a new position in State Street during the 1st quarter valued at approximately $25,000. Ashton Thomas Private Wealth LLC acquired a new position in State Street during the 2nd quarter valued at approximately $27,000. Norwood Financial Corp acquired a new position in State Street during the 1st quarter valued at approximately $35,000. Versant Capital Management Inc boosted its position in State Street by 411.9% during the 2nd quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock valued at $38,000 after purchasing an additional 416 shares during the period. Finally, Accent Capital Management LLC bought a new stake in State Street during the 4th quarter valued at $39,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Performance

Shares of STT stock opened at $86.65 on Wednesday. State Street Co. has a 1-year low of $62.78 and a 1-year high of $89.49. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $25.88 billion, a price-to-earnings ratio of 16.23, a P/E/G ratio of 1.36 and a beta of 1.48. The stock’s fifty day simple moving average is $83.83 and its 200-day simple moving average is $78.33.

State Street (NYSE:STT) last issued its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. State Street had a return on equity of 11.78% and a net margin of 8.98%. The business had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter in the previous year, the company posted $2.17 earnings per share. State Street’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, sell-side analysts predict that State Street Co. will post 8.17 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently announced 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 of this dividend is Tuesday, October 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.51%. This is an increase from State Street’s previous quarterly dividend of $0.69. State Street’s payout ratio is 51.69%.

Analyst Ratings Changes

STT has been the topic of several recent analyst reports. Citigroup lifted their target price on State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. Deutsche Bank Aktiengesellschaft lifted their target price on State Street from $79.00 to $87.00 and gave the company a “hold” rating in a research note on Monday, September 23rd. Wells Fargo & Company boosted their price objective on State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Bank of America boosted their price objective on State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 17th. Finally, Royal Bank of Canada boosted their price objective on State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $90.11.

State Street 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.