State of Michigan Retirement System Sells 1,800 Shares of State Street Co. (NYSE:STT)

State of Michigan Retirement System lessened its holdings in shares of State Street Co. (NYSE:STT) by 2.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 88,928 shares of the asset manager’s stock after selling 1,800 shares during the quarter. State of Michigan Retirement System’s holdings in State Street were worth $6,876,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in STT. LSV Asset Management increased its holdings in shares of State Street by 0.7% during the 4th 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 during the last quarter. Metropolis Capital Ltd grew its holdings 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 purchasing an additional 183,591 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of State Street by 3.2% in 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 purchasing an additional 79,746 shares during the period. Putnam Investments LLC lifted its stake in shares of State Street by 5.8% in the fourth quarter. Putnam Investments LLC now owns 2,343,254 shares of the asset manager’s stock worth $181,508,000 after buying an additional 129,493 shares during the last quarter. Finally, Deutsche Bank AG boosted its holdings in shares of State Street by 1.1% during the 3rd quarter. Deutsche Bank AG now owns 2,198,676 shares of the asset manager’s stock worth $147,223,000 after buying an additional 23,506 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Price Performance

Shares of STT stock traded up $0.31 during mid-day trading on Tuesday, reaching $73.87. The company’s stock had a trading volume of 1,596,167 shares, compared to its average volume of 2,288,291. The firm’s 50-day moving average is $74.30 and its two-hundred day moving average is $74.62. The company has a market cap of $22.25 billion, a P/E ratio of 13.83, a PEG ratio of 1.29 and a beta of 1.49. State Street Co. has a 1-year low of $62.78 and a 1-year 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.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, April 12th. The asset manager reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.48 by $0.21. The firm had revenue of $3.14 billion during the quarter, compared to analyst estimates of $3.06 billion. State Street had a net margin of 9.62% and a return on equity of 12.03%. On average, research analysts predict that State Street Co. will post 7.94 earnings per share for the current year.

State Street Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Monday, July 1st will be given a dividend of $0.69 per share. The ex-dividend date of this dividend is Monday, July 1st. This represents a $2.76 annualized dividend and a dividend yield of 3.74%. State Street’s dividend payout ratio (DPR) is presently 51.69%.

Analyst Ratings Changes

Several brokerages recently commented on STT. Royal Bank of Canada reiterated a “sector perform” rating and issued a $85.00 target price on shares of State Street in a report on Monday. Evercore ISI boosted their price objective on State Street from $85.00 to $88.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $90.00 target price on shares of State Street in a report on Wednesday, June 12th. UBS Group upped their price target on State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a report on Friday, April 12th. Finally, Argus raised their price objective on shares of State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $83.88.

About State Street

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.