Wedge Capital Management L L P NC Sells 12,322 Shares of State Street Co. (NYSE:STT)

Wedge Capital Management L L P NC cut its holdings in shares of State Street Co. (NYSE:STT - Free Report) by 3.1% in the first quarter, according to the company in its most recent Form 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 quarter. Wedge Capital Management L L P NC owned about 0.13% of State Street worth $34,333,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Kohmann Bosshard Financial Services LLC acquired a new position in State Street during the fourth quarter worth $42,000. Coppell Advisory Solutions LLC boosted its holdings 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 acquiring an additional 412 shares during the last quarter. Loomis Sayles & Co. L P grew its position in shares of State Street by 187.3% during the 4th quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager's stock worth $47,000 after buying an additional 311 shares during the period. Minot DeBlois Advisors LLC acquired a new position in shares of State Street during the 4th quarter worth about $49,000. Finally, Whipplewood Advisors LLC acquired a new position in shares of State Street in the 4th quarter valued at approximately $61,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Stock Performance

NYSE STT opened at $98.63 on Friday. The business's 50 day moving average price is $89.43 and its 200-day moving average price is $94.04. State Street Co. has a fifty-two week low of $70.20 and a fifty-two week high of $103.00. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56. The company has a market cap of $28.13 billion, a P/E ratio of 11.97, a P/E/G ratio of 1.11 and a beta of 1.45.

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

State Street Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st will be paid a $0.76 dividend. The ex-dividend date is Tuesday, July 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.08%. State Street's payout ratio is 34.12%.

Wall Street Analyst Weigh In

Several research firms have commented on STT. Evercore ISI cut their target price on State Street from $109.00 to $106.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 1st. The Goldman Sachs Group set a $98.00 price objective on State Street and gave the company a "buy" rating in a report on Thursday, April 17th. Morgan Stanley set a $110.00 price target on State Street and gave the stock an "overweight" rating in a research report on Tuesday, June 3rd. Wall Street Zen cut State Street from a "buy" rating to a "hold" rating in a research note on Friday, March 7th. Finally, Keefe, Bruyette & Woods dropped their price objective on State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $102.54.

Insider Transactions at State Street

In other news, CAO Elizabeth Schaefer sold 1,300 shares of State Street stock in a transaction on Tuesday, May 6th. The stock was 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 of the company's stock, valued at approximately $667,154.88. The trade was a 15.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.29% of the company's stock.

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.

Want to see what other hedge funds are holding STT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for State Street Co. (NYSE:STT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.