Mutual of America Capital Management LLC Has $3 Million Position in State Street Corporation (NYSE:STT)

Mutual of America Capital Management LLC lessened its stake in shares of State Street Corporation (NYSE:STT) by 4.5% during the first quarter, Holdings Channel reports. The fund owned 33,547 shares of the asset manager’s stock after selling 1,573 shares during the quarter. Mutual of America Capital Management LLC’s holdings in State Street were worth $3,003,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Ballentine Partners LLC lifted its position in shares of State Street by 17.8% during the 1st quarter. Ballentine Partners LLC now owns 13,355 shares of the asset manager’s stock valued at $1,196,000 after acquiring an additional 2,019 shares during the period. Xponance Inc. lifted its position in shares of State Street by 38.9% during the 1st quarter. Xponance Inc. now owns 59,008 shares of the asset manager’s stock valued at $5,283,000 after acquiring an additional 16,511 shares during the period. Cerity Partners LLC lifted its position in shares of State Street by 16.0% during the 1st quarter. Cerity Partners LLC now owns 74,248 shares of the asset manager’s stock valued at $6,647,000 after acquiring an additional 10,249 shares during the period. DMC Group LLC lifted its position in shares of State Street by 3.6% during the 1st quarter. DMC Group LLC now owns 7,354 shares of the asset manager’s stock valued at $658,000 after acquiring an additional 254 shares during the period. Finally, Allworth Financial LP lifted its position in shares of State Street by 11.5% during the 1st quarter. Allworth Financial LP now owns 2,512 shares of the asset manager’s stock valued at $220,000 after acquiring an additional 259 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analyst Ratings Changes

STT has been the topic of several research reports. Wells Fargo & Company upped their price objective on shares of State Street from $113.00 to $121.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. Bank of America upped their price objective on shares of State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a report on Wednesday. Morgan Stanley upped their price objective on shares of State Street from $110.00 to $114.00 and gave the stock an “overweight” rating in a report on Tuesday, July 1st. Keefe, Bruyette & Woods lowered their price objective on shares of State Street from $118.00 to $113.00 and set an “outperform” rating on the stock in a report on Monday, April 21st. Finally, Barclays lowered their price objective on shares of State Street from $127.00 to $120.00 and set an “overweight” rating on the stock in a report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. According to data from 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 STT stock opened at $108.50 on Friday. The firm has a 50-day moving average of $101.31 and a 200-day moving average of $95.24. The company has a market cap of $30.94 billion, a P/E ratio of 12.15, a P/E/G ratio of 1.20 and a beta of 1.45. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. State Street Corporation has a one year low of $72.81 and a one year high of $110.97.

State Street (NYSE:STT) last announced its earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating the consensus estimate of $2.36 by $0.17. The company had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.15 earnings per share. Equities research analysts forecast that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be given a dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 annualized dividend and a yield of 3.10%. This is a positive change from State Street’s previous quarterly dividend of $0.76. State Street’s dividend payout ratio is presently 34.04%.

Insiders Place Their Bets

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total transaction of $117,936.00. Following the completion of the transaction, the chief accounting officer owned 7,354 shares in the company, valued at approximately $667,154.88. This represents a 15.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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.