Kestra Advisory Services LLC cut its position in State Street Co. (NYSE:STT – Get Rating) by 67.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,418 shares of the asset manager’s stock after selling 13,586 shares during the period. Kestra Advisory Services LLC’s holdings in State Street were worth $390,000 as of its most recent filing with the Securities and Exchange Commission.
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A number of other hedge funds and other institutional investors have also modified their holdings of STT. Ronald Blue Trust Inc. purchased a new position in State Street in the second quarter valued at $25,000. Venture Visionary Partners LLC purchased a new position in shares of State Street in the 2nd quarter valued at about $27,000. Rise Advisors LLC acquired a new stake in shares of State Street during the 3rd quarter worth about $36,000. CNB Bank purchased a new stake in State Street during the second quarter worth approximately $37,000. Finally, Asset Dedication LLC purchased a new stake in State Street during the third quarter worth approximately $37,000. 88.41% of the stock is currently owned by institutional investors and hedge funds.
State Street Stock Performance
Shares of STT opened at $90.15 on Tuesday. State Street Co. has a 1 year low of $58.62 and a 1 year high of $103.76. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.54 and a current ratio of 0.56. The company’s fifty day moving average is $79.80 and its two-hundred day moving average is $73.20. The stock has a market capitalization of $33.08 billion, a P/E ratio of 12.54, a P/E/G ratio of 1.21 and a beta of 1.57.
State Street Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, January 13th. Shareholders of record on Tuesday, January 3rd were given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 2.80%. The ex-dividend date of this dividend was Friday, December 30th. State Street’s payout ratio is 35.05%.
Wall Street Analyst Weigh In
A number of analysts have weighed in on the stock. Citigroup raised their price objective on shares of State Street from $81.00 to $85.00 and gave the stock a “neutral” rating in a report on Thursday, December 1st. StockNews.com started coverage on shares of State Street in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. The Goldman Sachs Group started coverage on State Street in a report on Wednesday, January 4th. They set a “neutral” rating on the stock. Credit Suisse Group boosted their target price on State Street from $76.00 to $84.00 and gave the company a “neutral” rating in a report on Monday, January 23rd. Finally, Bank of America started coverage on State Street in a research note on Thursday, January 12th. They set a “neutral” rating and a $86.00 price target on the stock. Ten analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $87.68.
State Street Company Profile
State Street Corp. operates as a financial holding company. It conducts business primarily through State Street Bank. The firm operates through following business lines: Investment Servicing and Investment Management. The Investment Servicing business offers custody, product and participant-level accounting, daily pricing and administration, master trust and master custody, record-keeping, cash management, foreign exchange, brokerage and other trading services, securities finance, deposit and short-term investment facilities, loans and lease financing, investment manager and alternative investment manager operations outsourcing, and performance, risk and compliance analytics.
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