Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of State Street Co. (NYSE:STT – Get Rating) by 59.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 64,493 shares of the asset manager's stock after buying an additional 24,124 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in State Street were worth $5,619,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the business. City State Bank grew its stake in shares of State Street by 42.9% during the first quarter. City State Bank now owns 500 shares of the asset manager's stock valued at $44,000 after buying an additional 150 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of State Street by 136.9% during the first quarter. EverSource Wealth Advisors LLC now owns 1,696 shares of the asset manager's stock valued at $148,000 after buying an additional 980 shares during the last quarter. Advisory Services Network LLC grew its stake in shares of State Street by 2.5% during the first quarter. Advisory Services Network LLC now owns 13,642 shares of the asset manager's stock valued at $1,187,000 after buying an additional 334 shares during the last quarter. Toroso Investments LLC grew its stake in shares of State Street by 13.0% during the first quarter. Toroso Investments LLC now owns 4,273 shares of the asset manager's stock valued at $372,000 after buying an additional 492 shares during the last quarter. Finally, Stack Financial Management Inc grew its stake in shares of State Street by 3.7% during the first quarter. Stack Financial Management Inc now owns 218,251 shares of the asset manager's stock valued at $19,014,000 after buying an additional 7,860 shares during the last quarter. Institutional investors own 89.17% of the company's stock.
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Shares of STT opened at $66.08 on Friday. State Street Co. has a 12 month low of $58.79 and a 12 month high of $104.87. The stock has a fifty day moving average price of $70.15 and a 200-day moving average price of $72.11. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.57. The firm has a market cap of $24.29 billion, a PE ratio of 9.15, a P/E/G ratio of 1.20 and a beta of 1.60.
State Street Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 13th. Stockholders of record on Monday, October 3rd will be issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 3.81%. The ex-dividend date of this dividend is Friday, September 30th. This is a positive change from State Street's previous quarterly dividend of $0.57. State Street's dividend payout ratio is currently 31.58%.Analyst Ratings Changes
Several research analysts recently issued reports on STT shares. Royal Bank of Canada dropped their price objective on State Street from $90.00 to $80.00 in a research note on Tuesday, June 14th. Evercore ISI set a $78.00 price objective on State Street in a research note on Tuesday, July 19th. UBS Group dropped their price objective on State Street from $101.00 to $91.00 in a research note on Monday, July 11th. JPMorgan Chase & Co. dropped their price objective on State Street from $82.00 to $74.50 in a research note on Monday, July 11th. Finally, Wells Fargo & Company dropped their price objective on State Street from $95.00 to $71.00 and set an "equal weight" rating on the stock in a research note on Friday, July 1st. Eight equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $84.81.
State Street Profile
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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; product accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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