Pacer Advisors Inc. Buys 922 Shares of State Street Co. (NYSE:STT)

Pacer Advisors Inc. lifted its stake in shares of State Street Co. (NYSE:STT) by 4.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 20,939 shares of the asset manager’s stock after acquiring an additional 922 shares during the quarter. Pacer Advisors Inc.’s holdings in State Street were worth $1,549,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in STT. LRI Investments LLC bought a new position in shares of State Street during the 1st quarter valued at approximately $25,000. Ashton Thomas Private Wealth LLC bought a new position in shares of State Street during the 2nd quarter valued at approximately $27,000. Norwood Financial Corp bought a new position in shares of State Street during the 1st quarter valued at approximately $35,000. Versant Capital Management Inc grew its stake in shares of State Street by 411.9% during the 2nd quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock valued at $38,000 after acquiring an additional 416 shares during the period. Finally, Accent Capital Management LLC bought a new position in shares of State Street during the 4th quarter valued at approximately $39,000. 87.44% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on STT. Wells Fargo & Company boosted their price objective 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 increased their price objective on shares of State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. The Goldman Sachs Group increased their price objective on shares of State Street from $98.00 to $100.00 and gave the company a “buy” rating in a report on Thursday. Citigroup increased their price objective on shares of State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Monday, July 22nd. Finally, Wolfe Research reaffirmed an “underperform” rating and set a $73.00 price objective on shares of State Street in a report on Monday, July 8th. Two equities research 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, the stock currently has a consensus rating of “Hold” and an average target price of $89.61.

State Street Trading Down 0.5 %

STT stock opened at $88.09 on Friday. The firm has a fifty day moving average price of $83.54 and a 200 day moving average price of $77.86. State Street Co. has a fifty-two week low of $62.78 and a fifty-two week high of $89.49. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.54 and a current ratio of 0.54. The firm has a market cap of $26.31 billion, a PE ratio of 16.50, a price-to-earnings-growth ratio of 1.44 and a beta of 1.48.

State Street (NYSE:STT) last posted its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. The firm had revenue of $3.19 billion during 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%. State Street’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period last year, the firm posted $2.17 earnings per share. Sell-side analysts anticipate that State Street Co. will post 8.15 earnings per share 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 given a $0.76 dividend. The ex-dividend date is Tuesday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 dividend on an annualized basis and a yield of 3.45%. State Street’s dividend payout ratio (DPR) 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.