State Street Corporation $STT Stock Holdings Lessened by Baird Financial Group Inc.

Baird Financial Group Inc. decreased its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 67.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,295 shares of the asset manager's stock after selling 23,124 shares during the quarter. Baird Financial Group Inc.'s holdings in State Street were worth $1,011,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. First Pacific Financial acquired a new stake in shares of State Street during the first quarter worth $25,000. Capital Analysts LLC increased its position in State Street by 3,914.3% during the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock worth $25,000 after purchasing an additional 274 shares during the last quarter. Larson Financial Group LLC increased its position in State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after purchasing an additional 118 shares during the last quarter. Golden State Wealth Management LLC increased its position in State Street by 186.7% during the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock worth $43,000 after purchasing an additional 310 shares during the last quarter. Finally, MV Capital Management Inc. increased its position in State Street by 98.4% during the first quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock worth $45,000 after purchasing an additional 251 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

State Street Stock Down 0.3%

NYSE STT traded down $0.37 during trading hours on Friday, reaching $112.57. 380,688 shares of the company traded hands, compared to its average volume of 2,049,877. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $116.37. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $31.94 billion, a PE ratio of 12.62, a PEG ratio of 1.08 and a beta of 1.50. The company has a 50 day moving average of $111.30 and a two-hundred day moving average of $98.88.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating analysts' consensus estimates of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The firm had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.33 billion. During the same period in the prior year, the firm posted $2.15 EPS. The firm's revenue was up 2.9% compared to the same quarter last year. As a group, equities analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Wednesday, October 1st. This is an increase from State Street's previous quarterly dividend of $0.76. State Street's payout ratio is 34.04%.

Insider Activity

In other news, EVP Michael L. Richards sold 990 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the transaction, the executive vice president directly owned 41,332 shares in the company, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.29% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on STT shares. Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Wells Fargo & Company raised their price target on shares of State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Citigroup raised shares of State Street from a "neutral" rating to a "buy" rating and raised their price target for the company from $115.00 to $130.00 in a report on Friday, September 5th. The Goldman Sachs Group raised their price target on shares of State Street from $98.00 to $111.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. Finally, Evercore ISI raised their price target on shares of State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. Eight analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $114.18.

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.