Massachusetts Wealth Management Purchases 675 Shares of State Street Co. (NYSE:STT)

Massachusetts Wealth Management lifted its stake in State Street Co. (NYSE:STT) by 3.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,934 shares of the asset manager’s stock after acquiring an additional 675 shares during the period. Massachusetts Wealth Management’s holdings in State Street were worth $1,696,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. LSV Asset Management grew its stake in State Street by 0.7% during the fourth quarter. LSV Asset Management now owns 3,658,731 shares of the asset manager’s stock valued at $283,405,000 after acquiring an additional 23,756 shares in the last quarter. Metropolis Capital Ltd grew its stake in State Street by 5.3% during the first quarter. Metropolis Capital Ltd now owns 3,645,635 shares of the asset manager’s stock valued at $281,880,000 after acquiring an additional 183,591 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in State Street by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,597,783 shares of the asset manager’s stock valued at $201,243,000 after acquiring an additional 79,746 shares in the last quarter. Putnam Investments LLC grew its stake in State Street by 5.8% during the fourth quarter. Putnam Investments LLC now owns 2,343,254 shares of the asset manager’s stock valued at $181,508,000 after acquiring an additional 129,493 shares in the last quarter. Finally, Deutsche Bank AG grew its stake in State Street by 1.1% during the third quarter. Deutsche Bank AG now owns 2,198,676 shares of the asset manager’s stock valued at $147,223,000 after acquiring an additional 23,506 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Up 0.4 %

NYSE:STT traded up $0.28 during midday trading on Thursday, reaching $74.14. 929,146 shares of the stock traded hands, compared to its average volume of 2,094,169. The company has a fifty day moving average of $74.29 and a 200 day moving average of $74.60. State Street Co. has a 12 month low of $62.78 and a 12 month high of $79.90. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.61 and a current ratio of 0.61. The stock has a market capitalization of $22.34 billion, a P/E ratio of 13.88, a PEG ratio of 1.28 and a beta of 1.48.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, April 12th. The asset manager reported $1.69 EPS for the quarter, beating analysts’ consensus estimates of $1.48 by $0.21. State Street had a net margin of 9.62% and a return on equity of 12.03%. The company had revenue of $3.14 billion during the quarter, compared to analyst estimates of $3.06 billion. On average, research analysts predict that State Street Co. will post 7.95 EPS for the current year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Monday, July 1st will be issued a $0.69 dividend. The ex-dividend date is Monday, July 1st. This represents a $2.76 annualized dividend and a yield of 3.72%. State Street’s dividend payout ratio (DPR) is presently 51.69%.

Wall Street Analysts Forecast Growth

STT has been the subject of a number of research reports. UBS Group boosted their price target on shares of State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a research note on Friday, April 12th. Morgan Stanley reissued an “equal weight” rating and issued a $90.00 price target on shares of State Street in a research note on Wednesday, June 12th. Royal Bank of Canada reissued a “sector perform” rating and issued a $85.00 price target on shares of State Street in a research note on Monday. JPMorgan Chase & Co. boosted their price target on shares of State Street from $79.50 to $80.50 in a research note on Friday, April 12th. Finally, Keefe, Bruyette & Woods cut their price target 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. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, State Street currently has a consensus rating of “Hold” and a consensus price target of $83.88.

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.