Canada Pension Plan Investment Board Sells 207,473 Shares of State Street Co. (NYSE:STT)

Canada Pension Plan Investment Board trimmed its stake in State Street Co. (NYSE:STT) by 33.7% in the 2nd quarter, HoldingsChannel reports. The fund owned 408,041 shares of the asset manager’s stock after selling 207,473 shares during the quarter. Canada Pension Plan Investment Board’s holdings in State Street were worth $30,195,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in STT. Coldstream Capital Management Inc. lifted its position in shares of State Street by 4.3% during the fourth quarter. Coldstream Capital Management Inc. now owns 4,132 shares of the asset manager’s stock valued at $320,000 after buying an additional 170 shares during the last quarter. Assetmark Inc. lifted its position in State Street by 8.5% during the fourth quarter. Assetmark Inc. now owns 3,771 shares of the asset manager’s stock valued at $292,000 after acquiring an additional 296 shares during the last quarter. Franklin Resources Inc. boosted its stake in State Street by 33.2% in the fourth quarter. Franklin Resources Inc. now owns 437,076 shares of the asset manager’s stock valued at $33,836,000 after acquiring an additional 109,025 shares in the last quarter. Commerce Bank grew its holdings in State Street by 7.9% in the fourth quarter. Commerce Bank now owns 76,619 shares of the asset manager’s stock worth $5,935,000 after purchasing an additional 5,613 shares during the last quarter. Finally, SageView Advisory Group LLC acquired a new position in shares of State Street during the fourth quarter worth $479,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Royal Bank of Canada raised their price objective on State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 17th. Barclays boosted their price target on State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Bank of America increased their price objective on shares of State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a research report on Wednesday, July 17th. Evercore ISI boosted their target price on shares of State Street from $88.00 to $91.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Finally, Wells Fargo & Company raised their price target on shares of State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, State Street presently has a consensus rating of “Hold” and a consensus target price of $88.89.

State Street Trading Down 0.9 %

NYSE STT opened at $88.50 on Monday. State Street Co. has a 1 year low of $62.78 and a 1 year high of $89.42. 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 company has a market capitalization of $26.43 billion, a PE ratio of 16.57, a P/E/G ratio of 1.38 and a beta of 1.48. The company has a fifty day moving average of $83.19 and a 200 day moving average of $77.55.

State Street (NYSE:STT) last issued its quarterly earnings data 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. The business had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.17 EPS. Research analysts forecast that State Street Co. will post 8.15 earnings per share for the current year.

State Street Increases Dividend

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