Verdence Capital Advisors LLC Boosts Stake in State Street Co. (NYSE:STT)

Verdence Capital Advisors LLC lifted its holdings in shares of State Street Co. (NYSE:STT) by 4.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,916 shares of the asset manager’s stock after purchasing an additional 546 shares during the quarter. Verdence Capital Advisors LLC’s holdings in State Street were worth $882,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. LRI Investments LLC purchased a new position in State Street during the first quarter worth about $25,000. Norwood Financial Corp purchased a new position in shares of State Street during the 1st quarter worth approximately $35,000. Versant Capital Management Inc increased its holdings in State Street by 411.9% in 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 last quarter. Accent Capital Management LLC purchased a new stake in State Street in the fourth quarter valued at approximately $39,000. Finally, Quarry LP acquired a new position in State Street during the fourth quarter worth $39,000. 87.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft dropped their price objective on State Street from $80.00 to $79.00 and set a “hold” rating for the company in a research note on Thursday, August 15th. Bank of America boosted their price target on shares of State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods lowered their price objective on shares of State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a research note on Thursday, June 27th. The Goldman Sachs Group lifted their price objective on shares of State Street from $89.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Finally, Citigroup increased their target price on shares of State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $88.89.

State Street Trading Up 0.6 %

Shares of NYSE:STT opened at $84.58 on Tuesday. The company has a market cap of $25.26 billion, a PE ratio of 15.84, a P/E/G ratio of 1.34 and a beta of 1.50. The company’s 50 day moving average is $78.77 and its two-hundred day moving average is $75.86. State Street Co. has a 52 week low of $62.78 and a 52 week 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 announced its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, topping 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 company had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same period in the previous year, the business earned $2.17 EPS. State Street’s revenue for the quarter was up 2.6% on a year-over-year basis. Equities analysts predict that State Street Co. will post 8.13 earnings per share for the current fiscal year.

State Street Increases Dividend

The business 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. This is a positive change from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a yield of 3.59%. The ex-dividend date of this dividend is Tuesday, October 1st. State Street’s dividend payout ratio is currently 51.69%.

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.