Wedge Capital Management L L P NC Decreases Stake in State Street Co. (NYSE:STT)

Wedge Capital Management L L P NC lowered its stake in shares of State Street Co. (NYSE:STT - Free Report) by 3.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 383,483 shares of the asset manager's stock after selling 12,322 shares during the period. Wedge Capital Management L L P NC owned 0.13% of State Street worth $34,333,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of STT. Park Avenue Securities LLC increased its position in State Street by 4.5% in the first quarter. Park Avenue Securities LLC now owns 6,919 shares of the asset manager's stock worth $619,000 after buying an additional 297 shares during the last quarter. UMB Bank n.a. grew its stake in shares of State Street by 8.4% during the 1st quarter. UMB Bank n.a. now owns 2,272 shares of the asset manager's stock worth $203,000 after acquiring an additional 176 shares during the period. Wedmont Private Capital increased its holdings in State Street by 4.2% in the 1st quarter. Wedmont Private Capital now owns 6,410 shares of the asset manager's stock worth $574,000 after acquiring an additional 258 shares during the last quarter. Godsey & Gibb Inc. raised its stake in State Street by 4.2% in the 1st quarter. Godsey & Gibb Inc. now owns 212,072 shares of the asset manager's stock valued at $18,987,000 after acquiring an additional 8,592 shares during the period. Finally, Vest Financial LLC purchased a new stake in State Street during the first quarter valued at about $8,715,000. Institutional investors own 87.44% of the company's stock.

State Street Price Performance

Shares of STT traded down $1.82 during trading hours on Wednesday, reaching $97.33. 1,971,166 shares of the company's stock traded hands, compared to its average volume of 2,113,091. State Street Co. has a 12 month low of $70.20 and a 12 month high of $103.00. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The stock has a market cap of $27.76 billion, a PE ratio of 11.81, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. The firm's 50 day simple moving average is $89.94 and its 200-day simple moving average is $94.07.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings results on Thursday, April 17th. The asset manager reported $2.04 EPS for the quarter, topping analysts' consensus estimates of $1.98 by $0.06. The business had revenue of $3.28 billion during the quarter, compared to analysts' expectations of $3.30 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. During the same quarter in the previous year, the company earned $1.69 EPS. Equities analysts expect that State Street Co. will post 9.68 EPS for the current year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st will be issued a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend is Tuesday, July 1st. State Street's payout ratio is currently 34.12%.

Insiders Place Their Bets

In other news, CAO Elizabeth Schaefer sold 1,300 shares of the business's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total value of $117,936.00. Following the completion of the sale, the chief accounting officer now directly owns 7,354 shares in the company, valued at approximately $667,154.88. The trade was a 15.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.29% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on STT shares. Evercore ISI reduced their target price on shares of State Street from $109.00 to $106.00 and set an "outperform" rating for the company in a research note on Tuesday, April 1st. Cfra Research downgraded shares of State Street from a "moderate buy" rating to a "hold" rating in a report on Thursday, May 29th. Wall Street Zen cut shares of State Street from a "buy" rating to a "hold" rating in a report on Friday, March 7th. Barclays dropped their target price on State Street from $127.00 to $120.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Finally, Morgan Stanley set a $110.00 price target on State Street and gave the stock an "overweight" rating in a report on Tuesday, June 3rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $102.54.

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.