Guinness Asset Management LTD Sells 528 Shares of State Street Co. (NYSE:STT)

Guinness Asset Management LTD lowered its position in State Street Co. (NYSE:STT) by 10.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,637 shares of the asset manager’s stock after selling 528 shares during the period. Guinness Asset Management LTD’s holdings in State Street were worth $410,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in STT. LRI Investments LLC bought a new position in shares of State Street in the 1st quarter worth approximately $25,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of State Street in the 2nd quarter worth approximately $27,000. Norwood Financial Corp purchased a new stake in shares of State Street in the 1st quarter worth approximately $35,000. Versant Capital Management Inc grew its stake in shares of State Street by 411.9% in the 2nd quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock worth $38,000 after buying an additional 416 shares during the last quarter. Finally, Quarry LP purchased a new stake in shares of State Street in the 4th quarter worth approximately $39,000. Institutional investors own 87.44% of the company’s stock.

State Street Price Performance

NYSE:STT traded up $0.49 on Friday, reaching $89.83. 2,793,355 shares of the company’s stock traded hands, compared to its average volume of 2,223,482. The firm has a market cap of $26.83 billion, a PE ratio of 16.89, a P/E/G ratio of 1.30 and a beta of 1.48. The stock has a 50-day simple moving average of $84.43 and a 200-day simple moving average of $79.02. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. State Street Co. has a 12 month low of $62.78 and a 12 month high of $90.80.

State Street (NYSE:STT) last posted its earnings results on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. The firm had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.17 EPS. Equities research analysts forecast that State Street Co. will post 8.14 earnings per share for the current year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were paid a $0.76 dividend. This is a positive change from State Street’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.38%. State Street’s dividend payout ratio (DPR) is presently 57.14%.

Wall Street Analysts Forecast Growth

STT has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft upped their price target on State Street from $79.00 to $87.00 and gave the stock a “hold” rating in a research note on Monday, September 23rd. Barclays increased their target price on State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Citigroup increased their target price on State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. Royal Bank of Canada increased their target price on State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 17th. Finally, The Goldman Sachs Group increased their target price on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $90.11.

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.