Burney Co. Sells 302 Shares of State Street Co. (NYSE:STT)

Burney Co. lowered its position in State Street Co. (NYSE:STT) by 2.8% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 10,614 shares of the asset manager’s stock after selling 302 shares during the period. Burney Co.’s holdings in State Street were worth $785,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in STT. HB Wealth Management LLC lifted its position in State Street by 9.2% during the second quarter. HB Wealth Management LLC now owns 4,706 shares of the asset manager’s stock valued at $348,000 after buying an additional 397 shares during the period. Kintegral Advisory LLC lifted its position in State Street by 13.5% during the 2nd quarter. Kintegral Advisory LLC now owns 62,687 shares of the asset manager’s stock valued at $4,639,000 after acquiring an additional 7,474 shares during the period. Klein Pavlis & Peasley Financial Inc. boosted its stake in State Street by 5.7% during the second quarter. Klein Pavlis & Peasley Financial Inc. now owns 6,911 shares of the asset manager’s stock worth $511,000 after acquiring an additional 374 shares in the last quarter. AustralianSuper Pty Ltd grew its holdings in State Street by 11.2% in the second quarter. AustralianSuper Pty Ltd now owns 1,901,788 shares of the asset manager’s stock worth $140,732,000 after purchasing an additional 191,679 shares during the period. Finally, Verdence Capital Advisors LLC increased its stake in shares of State Street by 4.8% during the second quarter. Verdence Capital Advisors LLC now owns 11,916 shares of the asset manager’s stock valued at $882,000 after purchasing an additional 546 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Stock Up 1.4 %

NYSE STT traded up $1.16 on Thursday, reaching $85.90. 734,829 shares of the stock traded hands, compared to its average volume of 2,216,231. State Street Co. has a 12 month low of $62.78 and a 12 month high of $86.33. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.54 and a current ratio of 0.54. The company has a fifty day moving average price of $79.03 and a 200-day moving average price of $75.95. The company has a market cap of $25.65 billion, a price-to-earnings ratio of 15.87, a PEG ratio of 1.34 and a beta of 1.50.

State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. The company had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.15 billion. State Street had a net margin of 8.98% and a return on equity of 11.78%. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.17 earnings per share. As a group, research analysts forecast that State Street Co. will post 8.13 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be issued a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 3.54%. 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 51.69%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on STT shares. Morgan Stanley raised their price objective on State Street from $90.00 to $93.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 17th. Bank of America raised their price target on State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a report on Wednesday, July 17th. Evercore ISI upped their price target on shares of State Street from $88.00 to $91.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of State Street from $80.00 to $79.00 and set a “hold” rating for the company in a report on Thursday, August 15th. Finally, Barclays increased their price target on shares of State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $88.89.

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.