Intech Investment Management LLC Has $13.02 Million Stock Holdings in State Street Co. (NYSE:STT)

Intech Investment Management LLC cut its stake in shares of State Street Co. (NYSE:STT) by 40.0% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 175,911 shares of the asset manager’s stock after selling 117,169 shares during the quarter. Intech Investment Management LLC’s holdings in State Street were worth $13,017,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of STT. Norges Bank acquired a new stake in shares of State Street in the fourth quarter valued at approximately $147,421,000. LSV Asset Management lifted its position in shares of State Street by 30.6% in the second 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 position in shares of State Street by 541.2% in the first 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 position in shares of State Street by 430.5% in the first 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 position in shares of State Street by 57.8% in the fourth 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. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Price Performance

State Street stock opened at $88.50 on Friday. State Street Co. has a one year low of $62.78 and a one year high of $89.42. The stock’s fifty day moving average price is $83.19 and its two-hundred day moving average price is $77.48. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.54. The firm has a market cap of $26.43 billion, a PE ratio of 16.57, a price-to-earnings-growth ratio of 1.38 and a beta of 1.48.

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

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be issued a dividend of $0.76 per share. This is an increase from State Street’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.44%. State Street’s dividend payout ratio (DPR) is 51.69%.

Wall Street Analysts Forecast Growth

STT has been the subject of a number of recent analyst reports. Citigroup raised their price objective on State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Monday, July 22nd. Barclays raised 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. Evercore ISI lifted their price target on State Street from $88.00 to $91.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods dropped their price target on State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a report on Thursday, June 27th. Finally, Morgan Stanley lifted their price target on State Street from $90.00 to $93.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 17th. Two 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. Based on data from MarketBeat.com, State Street presently has an average rating of “Hold” and a consensus target price of $88.89.

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.