Elo Mutual Pension Insurance Co Sells 1,713 Shares of State Street Co. (NYSE:STT)

Elo Mutual Pension Insurance Co lessened its stake in State Street Co. (NYSE:STT) by 6.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,483 shares of the asset manager’s stock after selling 1,713 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in State Street were worth $1,960,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of State Street by 4.5% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 941,404 shares of the asset manager’s stock valued at $72,789,000 after acquiring an additional 40,835 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its holdings in State Street by 3.3% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 198,891 shares of the asset manager’s stock worth $15,376,000 after purchasing an additional 6,363 shares during the period. M&G Plc bought a new position in shares of State Street during the first quarter worth $7,626,000. Public Employees Retirement Association of Colorado grew its holdings in shares of State Street by 298.6% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 37,888 shares of the asset manager’s stock valued at $2,935,000 after buying an additional 28,382 shares during the period. Finally, Cetera Investment Advisers increased its position in shares of State Street by 127.8% in the 1st quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock valued at $3,433,000 after buying an additional 24,906 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Citigroup boosted their target price on State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. Barclays boosted their price objective on State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Bank of America raised their target price on shares of State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a report on Wednesday, July 17th. Royal Bank of Canada upped their price target on shares of State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a report on Wednesday, July 17th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of State Street from $80.00 to $79.00 and set a “hold” rating on the stock in a report on Thursday, August 15th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $88.89.

State Street Stock Up 2.4 %

NYSE:STT opened at $89.28 on Friday. The firm has a market capitalization of $26.66 billion, a price-to-earnings ratio of 16.72, a price-to-earnings-growth ratio of 1.38 and a beta of 1.48. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. State Street Co. has a twelve month low of $62.78 and a twelve month high of $89.42. The stock’s 50 day moving average price is $82.99 and its two-hundred day moving average price is $77.38.

State Street (NYSE:STT) last posted its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.12. The firm had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. State Street had a net margin of 8.98% and a return on equity of 11.78%. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.17 earnings per share. Equities research analysts expect that State Street Co. will post 8.15 earnings per share for the current fiscal year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be paid a dividend of $0.76 per share. This is an increase from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend is Tuesday, October 1st. State Street’s payout ratio is currently 51.69%.

State Street Company 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.