State of Michigan Retirement System Has $6.88 Million Stock Holdings in State Street Co. (NYSE:STT)

State of Michigan Retirement System trimmed its stake in shares of State Street Co. (NYSE:STT) by 2.0% in the first quarter, according to the company in its most recent filing with the SEC. The firm 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 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of STT. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH bought a new position in State Street in the first quarter valued at approximately $1,178,000. Diversified Trust Co increased its stake in shares of State Street by 252.7% in the 1st quarter. Diversified Trust Co now owns 38,848 shares of the asset manager’s stock valued at $3,004,000 after purchasing an additional 27,832 shares during the last quarter. LVW Advisors LLC increased its stake in shares of State Street by 23.6% in the 1st quarter. LVW Advisors LLC now owns 5,265 shares of the asset manager’s stock valued at $407,000 after purchasing an additional 1,004 shares during the last quarter. Trilogy Capital Inc. acquired a new position in shares of State Street during the 1st quarter worth $2,752,000. Finally, Norwood Financial Corp bought a new stake in shares of State Street during the 1st quarter worth $35,000. 87.44% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have commented on STT shares. JPMorgan Chase & Co. boosted their target price on State Street from $79.50 to $80.50 in a research note on Friday, April 12th. Morgan Stanley reiterated an “equal weight” rating and set a $90.00 price objective on shares of State Street in a research report on Wednesday, June 12th. Royal Bank of Canada restated a “sector perform” rating and issued a $85.00 target price on shares of State Street in a research report on Monday. UBS Group upped their price target on shares of 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 State Street from $84.00 to $86.00 and gave the company a “buy” rating in a report on Monday, April 15th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, State Street has an average rating of “Hold” and an average target price of $83.88.

State Street Trading Up 0.4 %

NYSE:STT traded up $0.31 during trading hours on Tuesday, hitting $73.87. 1,596,167 shares of the company were exchanged, compared to its average volume of 2,288,291. The company has a fifty day simple moving average of $74.30 and a 200 day simple moving average of $74.62. State Street Co. has a one year low of $62.78 and a one year high of $79.90. The stock has a market capitalization of $22.25 billion, a price-to-earnings ratio of 13.83, a price-to-earnings-growth ratio of 1.29 and a beta of 1.49. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 0.90.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, April 12th. The asset manager reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.48 by $0.21. State Street had a return on equity of 12.03% and a net margin of 9.62%. The company had revenue of $3.14 billion during the quarter, compared to the consensus estimate of $3.06 billion. Sell-side analysts expect that State Street Co. will post 7.94 EPS for the current fiscal year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Monday, July 1st will be paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date is Monday, July 1st. State Street’s dividend payout ratio is currently 51.69%.

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.