Magnetar Financial LLC Purchases Shares of 15,888 State Street Co. (NYSE:STT)

Magnetar Financial LLC acquired a new stake in shares of State Street Co. (NYSE:STT) during the second quarter, HoldingsChannel reports. The firm acquired 15,888 shares of the asset manager’s stock, valued at approximately $1,176,000.

A number of other large investors have also modified their holdings of STT. LSV Asset Management increased its holdings in State Street by 30.6% in 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 period. Jacobs Levy Equity Management Inc. lifted its position in shares of State Street by 541.2% during the first quarter. Jacobs Levy Equity Management Inc. now owns 751,641 shares of the asset manager’s stock worth $58,117,000 after purchasing an additional 634,422 shares in the last quarter. SG Americas Securities LLC boosted its position in State Street by 430.5% in 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. Balyasny Asset Management L.P. boosted its holdings in 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 acquiring an additional 573,016 shares during the last quarter. Finally, Lazard Asset Management LLC grew its position in shares of State Street by 168.7% during the 1st quarter. Lazard Asset Management LLC now owns 807,950 shares of the asset manager’s stock worth $62,469,000 after buying an additional 507,270 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Stock Performance

Shares of STT opened at $89.13 on Tuesday. The stock has a market capitalization of $26.85 billion, a price-to-earnings ratio of 16.69, a PEG ratio of 1.38 and a beta of 1.48. State Street Co. has a 12 month low of $62.78 and a 12 month high of $89.49. The firm has a fifty day simple moving average of $83.39 and a 200 day simple moving average of $77.67. 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 (NYSE:STT) last released its 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 business had revenue of $3.19 billion for 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 quarter in the prior year, the company posted $2.17 earnings per share. Research analysts forecast that State Street Co. will post 8.15 EPS for the current fiscal year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be paid a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.41%. This is a positive change from State Street’s previous quarterly dividend of $0.69. State Street’s dividend payout ratio is 56.93%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on STT. Citigroup raised their price objective on shares of State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. Morgan Stanley raised their target price on State Street from $90.00 to $93.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 17th. Wells Fargo & Company upped their price target on State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Evercore ISI lifted their price objective on shares of State Street from $88.00 to $91.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Finally, Keefe, Bruyette & Woods cut their target price on shares of State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a report on Thursday, June 27th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, State Street has an average rating of “Hold” and a consensus target price of $89.46.

State Street 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.