Teacher Retirement System of Texas decreased its stake in shares of State Street Co. (NYSE:STT – Get Rating) by 8.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 79,011 shares of the asset manager’s stock after selling 6,868 shares during the quarter. Teacher Retirement System of Texas’ holdings in State Street were worth $4,805,000 as of its most recent filing with the SEC.
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Several other institutional investors and hedge funds also recently made changes to their positions in STT. Van ECK Associates Corp increased its holdings in shares of State Street by 1,533.5% during the 2nd quarter. Van ECK Associates Corp now owns 1,348,730 shares of the asset manager’s stock worth $83,149,000 after purchasing an additional 1,266,165 shares during the period. Cooke & Bieler LP increased its holdings in shares of State Street by 37.6% during the 2nd quarter. Cooke & Bieler LP now owns 4,095,509 shares of the asset manager’s stock worth $252,489,000 after purchasing an additional 1,118,713 shares during the period. Eaton Vance Management increased its holdings in shares of State Street by 159.8% during the 1st quarter. Eaton Vance Management now owns 1,750,857 shares of the asset manager’s stock worth $152,535,000 after purchasing an additional 1,077,013 shares during the period. Davis Capital Partners LLC increased its stake in State Street by 400.0% in the second quarter. Davis Capital Partners LLC now owns 1,000,000 shares of the asset manager’s stock valued at $61,650,000 after acquiring an additional 800,000 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in State Street by 51.1% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,662,033 shares of the asset manager’s stock valued at $102,464,000 after acquiring an additional 562,318 shares during the period. Institutional investors own 88.41% of the company’s stock.
Analyst Upgrades and Downgrades
A number of analysts recently weighed in on STT shares. Barclays upped their target price on shares of State Street from $95.00 to $116.00 and gave the company an “overweight” rating in a research note on Tuesday, January 3rd. Credit Suisse Group upped their target price on shares of State Street from $76.00 to $84.00 and gave the company a “neutral” rating in a research note on Monday. Morgan Stanley upped their target price on shares of State Street from $88.00 to $93.00 and gave the company an “equal weight” rating in a research note on Monday. Citigroup upped their target price on shares of State Street from $81.00 to $85.00 and gave the company a “neutral” rating in a research note on Thursday, December 1st. Finally, The Goldman Sachs Group started coverage on shares of State Street in a research note on Wednesday, January 4th. They issued a “neutral” rating on the stock. Ten analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, State Street currently has an average rating of “Hold” and an average price target of $87.68.
State Street Price Performance
Shares of STT stock opened at $86.22 on Tuesday. State Street Co. has a 1 year low of $58.62 and a 1 year high of $103.76. The firm’s 50 day moving average is $78.85 and its 200-day moving average is $72.44. The firm has a market capitalization of $31.64 billion, a price-to-earnings ratio of 11.99, a PEG ratio of 1.42 and a beta of 1.57. The company has a current ratio of 0.56, a quick ratio of 0.54 and a debt-to-equity ratio of 0.65.
State Street Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, January 13th. Stockholders of record on Tuesday, January 3rd were given a dividend of $0.63 per share. The ex-dividend date of this dividend was Friday, December 30th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.92%. State Street’s payout ratio is 35.05%.
State Street Company Profile
State Street Corp. operates as a financial holding company. It conducts business primarily through State Street Bank. The firm operates through following business lines: Investment Servicing and Investment Management. The Investment Servicing business offers custody, product and participant-level accounting, daily pricing and administration, master trust and master custody, record-keeping, cash management, foreign exchange, brokerage and other trading services, securities finance, deposit and short-term investment facilities, loans and lease financing, investment manager and alternative investment manager operations outsourcing, and performance, risk and compliance analytics.
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