State Street Co. (NYSE:STT) Shares Purchased by Jacobi Capital Management LLC

Jacobi Capital Management LLC boosted its stake in State Street Co. (NYSE:STT) by 10.1% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 11,367 shares of the asset manager’s stock after purchasing an additional 1,041 shares during the period. Jacobi Capital Management LLC’s holdings in State Street were worth $879,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CVA Family Office LLC acquired a new stake in shares of State Street in the fourth quarter valued at $27,000. Venturi Wealth Management LLC grew its position in State Street by 92.5% in the 4th quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock valued at $30,000 after acquiring an additional 184 shares in the last quarter. Turtle Creek Wealth Advisors LLC acquired a new position in State Street in the 4th quarter valued at about $35,000. Norwood Financial Corp purchased a new stake in State Street during the first quarter worth about $35,000. Finally, Accent Capital Management LLC acquired a new stake in shares of State Street during the fourth quarter worth about $39,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on STT. Keefe, Bruyette & Woods cut their target price on shares of State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a research note on Thursday, June 27th. Wolfe Research reaffirmed an “underperform” rating and set a $73.00 price objective on shares of State Street in a research report on Monday, July 8th. Argus lifted their target price on State Street from $84.00 to $86.00 and gave the company a “buy” rating in a report on Monday, April 15th. Wells Fargo & Company upped their price target on State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Finally, Morgan Stanley increased their price target on State Street from $90.00 to $93.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $88.96.

State Street Stock Performance

Shares of State Street stock traded down $0.49 on Monday, hitting $84.00. The stock had a trading volume of 1,689,772 shares, compared to its average volume of 2,311,850. The company’s 50 day moving average price is $75.32 and its 200 day moving average price is $74.68. The stock has a market cap of $25.31 billion, a price-to-earnings ratio of 15.75, a P/E/G ratio of 1.32 and a beta of 1.48. The company has a current ratio of 0.54, a quick ratio of 0.61 and a debt-to-equity ratio of 0.89. State Street Co. has a 52-week low of $62.78 and a 52-week high of $86.24.

State Street (NYSE:STT) last issued its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.12. The company had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.15 billion. State Street had a net margin of 8.98% and a return on equity of 11.78%. State Street’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period last year, the firm posted $2.17 EPS. On average, research analysts anticipate that State Street Co. will post 8.11 EPS for the current year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be issued a dividend of $0.76 per share. The ex-dividend date is Tuesday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a dividend yield of 3.62%. State Street’s dividend payout ratio (DPR) is currently 51.69%.

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.