State Street Co. (NYSE:STT) Position Boosted by Daiwa Securities Group Inc.

Daiwa Securities Group Inc. raised its holdings in shares of State Street Co. (NYSE:STT) by 7.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,478 shares of the asset manager’s stock after acquiring an additional 2,976 shares during the quarter. Daiwa Securities Group Inc.’s holdings in State Street were worth $3,070,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of STT. Norges Bank acquired a new stake in shares of State Street during the 4th quarter valued at about $147,421,000. LSV Asset Management lifted its holdings in shares of State Street by 30.6% during the 2nd quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock valued at $390,897,000 after buying an additional 1,238,251 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in shares of State Street by 541.2% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 751,641 shares of the asset manager’s stock valued at $58,117,000 after buying an additional 634,422 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of State Street by 430.5% during the 1st quarter. SG Americas Securities LLC now owns 735,136 shares of the asset manager’s stock valued at $56,841,000 after buying an additional 596,567 shares during the last quarter. Finally, Balyasny Asset Management L.P. lifted its holdings in shares of State Street by 57.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,563,964 shares of the asset manager’s stock valued at $121,145,000 after buying an additional 573,016 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Up 0.8 %

Shares of State Street stock opened at $83.28 on Friday. The company’s fifty day simple moving average is $82.01 and its 200-day simple moving average is $77.01. The company has a market cap of $25.09 billion, a price-to-earnings ratio of 15.60, a PEG ratio of 1.34 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 Co. has a 1 year low of $62.78 and a 1 year high of $87.26.

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

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be paid a dividend of $0.76 per share. The ex-dividend date is Tuesday, October 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.65%. This is an increase from State Street’s previous quarterly dividend of $0.69. State Street’s payout ratio is currently 56.93%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on STT shares. Wells Fargo & Company boosted their target price on State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Morgan Stanley upped their price objective on shares of State Street from $90.00 to $93.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 17th. Barclays lifted their target price on shares of State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of State Street from $80.00 to $79.00 and set a “hold” rating for the company in a report on Thursday, August 15th. Finally, Bank of America boosted their price objective on State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $88.89.

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.