State Street Co. (NYSE:STT) Shares Acquired by LSV Asset Management

LSV Asset Management increased its position in State Street Co. (NYSE:STT) by 30.6% during the second quarter, Holdings Channel reports. The fund owned 5,282,386 shares of the asset manager’s stock after purchasing an additional 1,238,251 shares during the quarter. State Street comprises approximately 0.9% of LSV Asset Management’s investment portfolio, making the stock its 20th largest position. LSV Asset Management’s holdings in State Street were worth $390,897,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Capital International Investors increased its holdings in shares of State Street by 0.5% in the 1st quarter. Capital International Investors now owns 6,626,753 shares of the asset manager’s stock worth $512,381,000 after acquiring an additional 31,314 shares during the period. Metropolis Capital Ltd increased its holdings in shares of State Street by 13.1% in the 2nd quarter. Metropolis Capital Ltd now owns 4,124,840 shares of the asset manager’s stock worth $305,238,000 after acquiring an additional 479,205 shares during the period. Cooke & Bieler LP increased its holdings in shares of State Street by 3.1% in the 2nd quarter. Cooke & Bieler LP now owns 3,551,282 shares of the asset manager’s stock worth $262,795,000 after acquiring an additional 105,222 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of State Street by 3.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,597,783 shares of the asset manager’s stock worth $201,243,000 after acquiring an additional 79,746 shares during the period. Finally, Putnam Investments LLC increased its holdings in shares of State Street by 5.8% in the 4th quarter. Putnam Investments LLC now owns 2,343,254 shares of the asset manager’s stock worth $181,508,000 after acquiring an additional 129,493 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Trading Down 2.2 %

Shares of STT traded down $1.90 during midday trading on Friday, hitting $83.29. The stock had a trading volume of 2,191,583 shares, compared to its average volume of 1,678,343. State Street Co. has a fifty-two week low of $62.78 and a fifty-two week high of $87.26. The business has a 50-day simple moving average of $81.09 and a two-hundred day simple moving average of $76.67. The firm has a market cap of $24.87 billion, a P/E ratio of 15.60, a price-to-earnings-growth ratio of 1.39 and a beta of 1.48. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.89.

State Street (NYSE:STT) last announced its earnings results on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, topping the consensus estimate of $2.03 by $0.12. State Street had a net margin of 8.98% and a return on equity of 11.78%. The company had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. During the same period last year, the company posted $2.17 earnings per share. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. As a group, equities analysts forecast that State Street Co. will post 8.14 EPS for the current year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be issued a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.65%. This is a boost from State Street’s previous quarterly dividend of $0.69. The ex-dividend date is Tuesday, October 1st. State Street’s dividend payout ratio (DPR) is presently 51.69%.

Analyst Ratings Changes

Several research firms have commented on STT. Citigroup raised their target price on shares of State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. Evercore ISI raised their target price on shares of State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. The Goldman Sachs Group raised their target price on shares of State Street from $89.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of State Street from $80.00 to $79.00 and set a “hold” rating on the stock in a research note on Thursday, August 15th. Finally, Wells Fargo & Company raised their target price on shares of State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $88.89.

State Street 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.