Asset Dedication LLC Trims Stock Position in State Street Co. (NYSE:STT)

Asset Dedication LLC lessened its holdings in State Street Co. (NYSE:STT) by 32.1% during the 3rd quarter, Holdings Channel.com reports. The firm owned 296 shares of the asset manager’s stock after selling 140 shares during the period. Asset Dedication LLC’s holdings in State Street were worth $26,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. LSV Asset Management grew its holdings in State Street by 30.6% during the second quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock valued at $390,897,000 after purchasing an additional 1,238,251 shares during the period. Jacobs Levy Equity Management Inc. grew its stake in shares of State Street by 541.2% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 751,641 shares of the asset manager’s stock valued at $58,117,000 after acquiring an additional 634,422 shares during the period. SG Americas Securities LLC increased its holdings 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 worth $56,841,000 after acquiring an additional 596,567 shares in the last quarter. Lazard Asset Management LLC raised its stake in 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 acquiring an additional 507,270 shares during the period. Finally, Metropolis Capital Ltd lifted its holdings in State Street by 13.1% during the second quarter. Metropolis Capital Ltd now owns 4,124,840 shares of the asset manager’s stock valued at $305,238,000 after purchasing an additional 479,205 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Citigroup increased their price objective on shares of State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, July 22nd. The Goldman Sachs Group increased their price target on State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Royal Bank of Canada boosted their price objective on State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 17th. StockNews.com upgraded State Street from a “hold” rating to a “buy” rating in a research report on Wednesday. Finally, Bank of America boosted their price target on State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, State Street presently has a consensus rating of “Hold” and an average price target of $91.39.

State Street Trading Down 1.2 %

STT stock opened at $91.43 on Friday. The firm has a fifty day moving average price of $85.89 and a 200 day moving average price of $79.54. State Street Co. has a fifty-two week low of $62.78 and a fifty-two week high of $94.60. The firm has a market cap of $27.54 billion, a PE ratio of 17.12, a price-to-earnings-growth ratio of 1.29 and a beta of 1.48. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.54 and a current ratio of 0.54.

State Street (NYSE:STT) last issued its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.12 by $0.14. The business had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.19 billion. State Street had a net margin of 8.98% and a return on equity of 11.78%. The business’s revenue was up 21.1% on a year-over-year basis. During the same period last year, the company posted $1.93 EPS. Sell-side analysts anticipate that State Street Co. will post 8.15 earnings per share for the current fiscal year.

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.