Empirical Finance LLC Cuts Stake in State Street Co. (NYSE:STT)

Empirical Finance LLC lowered its holdings in shares of State Street Co. (NYSE:STT) by 10.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,110 shares of the asset manager’s stock after selling 1,255 shares during the quarter. Empirical Finance LLC’s holdings in State Street were worth $822,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. LRI Investments LLC purchased a new position in State Street during the 1st quarter valued at approximately $25,000. Norwood Financial Corp purchased a new position in shares of State Street in the 1st quarter worth approximately $35,000. Accent Capital Management LLC purchased a new position in shares of State Street in the 4th quarter worth approximately $39,000. Quarry LP purchased a new position in shares of State Street in the 4th quarter worth approximately $39,000. Finally, Versant Capital Management Inc boosted its holdings in shares of State Street by 411.9% in the 2nd quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock worth $38,000 after purchasing an additional 416 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on STT. Barclays lifted their target price on State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Bank of America lifted their target price on State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft dropped their target price on State Street from $80.00 to $79.00 and set a “hold” rating for the company in a report on Thursday, August 15th. The Goldman Sachs Group raised their price target on State Street from $89.00 to $98.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Finally, Keefe, Bruyette & Woods decreased their price target on State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a research note on Thursday, June 27th. Two 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’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $88.89.

State Street Trading Up 1.4 %

Shares of NYSE STT opened at $87.10 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. The business has a fifty day simple moving average of $79.85 and a two-hundred day simple moving average of $76.17. The firm has a market cap of $26.01 billion, a PE ratio of 16.31, a price-to-earnings-growth ratio of 1.41 and a beta of 1.50. State Street Co. has a twelve month low of $62.78 and a twelve month high of $87.26.

State Street (NYSE:STT) last issued its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. The business had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.15 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. State Street’s revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the company posted $2.17 EPS. Analysts expect that State Street Co. will post 8.13 earnings per share for the current fiscal 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 given a dividend of $0.76 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 dividend on an annualized basis and a yield of 3.49%. State Street’s payout ratio is 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.