Cerity Partners LLC Has $6.65 Million Position in State Street Corporation (NYSE:STT)

Cerity Partners LLC increased its position in shares of State Street Corporation (NYSE:STT - Free Report) by 16.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 74,248 shares of the asset manager's stock after buying an additional 10,249 shares during the quarter. Cerity Partners LLC's holdings in State Street were worth $6,647,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. First Pacific Financial bought a new position in shares of State Street during the first quarter worth about $25,000. Coppell Advisory Solutions LLC grew its stake in State Street by 2,942.9% in the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock valued at $42,000 after purchasing an additional 412 shares in the last quarter. Golden State Wealth Management LLC grew its stake in State Street by 186.7% in the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock valued at $43,000 after purchasing an additional 310 shares in the last quarter. Loomis Sayles & Co. L P grew its stake in State Street by 187.3% in the fourth quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager's stock valued at $47,000 after purchasing an additional 311 shares in the last quarter. Finally, Minot DeBlois Advisors LLC bought a new position in State Street in the fourth quarter valued at approximately $49,000. 87.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on STT. Citigroup raised their price target on State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Bank of America raised their price target on State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research note on Wednesday. The Goldman Sachs Group raised their price target on State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Barclays decreased their price target on State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Finally, Cfra Research upgraded State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, State Street currently has an average rating of "Hold" and an average target price of $112.00.

State Street Stock Performance

Shares of NYSE STT traded up $1.02 during midday trading on Friday, hitting $108.50. 2,912,765 shares of the company's stock were exchanged, compared to its average volume of 2,111,388. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $110.97. The company's 50 day moving average price is $101.31 and its 200 day moving average price is $95.24. The firm has a market capitalization of $30.94 billion, a PE ratio of 12.15, a price-to-earnings-growth ratio of 1.20 and a beta of 1.45.

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

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be issued a dividend of $0.84 per share. This is a boost from State Street's previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a yield of 3.10%. The ex-dividend date is Wednesday, October 1st. State Street's dividend payout ratio (DPR) is presently 34.04%.

Insiders Place Their Bets

In related news, CAO Elizabeth Schaefer sold 1,300 shares of State Street stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total transaction of $117,936.00. Following the completion of the sale, the chief accounting officer directly owned 7,354 shares of the company's stock, valued at approximately $667,154.88. This trade represents a 15.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.29% of the company's stock.

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.