Mercer Global Advisors Inc. ADV Trims Stock Holdings in State Street Co. (NYSE:STT)

Mercer Global Advisors Inc. ADV lowered its stake in shares of State Street Co. (NYSE:STT) by 42.9% during the 2nd quarter, HoldingsChannel reports. The fund owned 26,907 shares of the asset manager’s stock after selling 20,252 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in State Street were worth $1,991,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the stock. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in State Street by 4.5% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 941,404 shares of the asset manager’s stock worth $72,789,000 after purchasing an additional 40,835 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of State Street by 3.3% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 198,891 shares of the asset manager’s stock valued at $15,376,000 after acquiring an additional 6,363 shares during the period. M&G Plc purchased a new position in State Street during the first quarter valued at approximately $7,626,000. Public Employees Retirement Association of Colorado increased its holdings in State Street by 298.6% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 37,888 shares of the asset manager’s stock worth $2,935,000 after acquiring an additional 28,382 shares during the period. Finally, Cetera Investment Advisers lifted its stake in State Street by 127.8% in the 1st quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock worth $3,433,000 after purchasing an additional 24,906 shares in the last quarter. 87.44% of the stock is owned by institutional investors.

State Street Trading Up 0.7 %

Shares of STT opened at $89.13 on Tuesday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.54 and a current ratio of 0.54. State Street Co. has a fifty-two week low of $62.78 and a fifty-two week high of $89.49. The firm has a 50 day moving average price of $83.39 and a 200-day moving average price of $77.67. The firm has a market cap of $26.85 billion, a price-to-earnings ratio of 16.69, a PEG ratio of 1.38 and a beta of 1.48.

State Street (NYSE:STT) last posted its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share 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 business 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 firm posted $2.17 earnings per share. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. As a group, equities research analysts forecast that State Street Co. will post 8.15 earnings per share for the current year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be given a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 3.41%. This is a positive change from State Street’s previous quarterly dividend of $0.69. The ex-dividend date is Tuesday, October 1st. State Street’s dividend payout ratio (DPR) is presently 56.93%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. The Goldman Sachs Group upped their price target on shares of State Street from $89.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods decreased their target price on State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a research note on Thursday, June 27th. Barclays lifted their price target on State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Evercore ISI upped their price objective on shares of State Street from $88.00 to $91.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Finally, Wells Fargo & Company lifted their target price on shares of State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. 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, State Street has an average rating of “Hold” and a consensus target price of $89.46.

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.