Mathes Company Inc. Buys 700 Shares of State Street Co. (NYSE:STT)

Mathes Company Inc. grew its stake in shares of State Street Co. (NYSE:STT) by 3.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,975 shares of the asset manager’s stock after purchasing an additional 700 shares during the period. Mathes Company Inc.’s holdings in State Street were worth $1,626,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of STT. Norges Bank bought a new stake in shares of State Street during the 4th quarter valued at about $147,421,000. LSV Asset Management boosted its stake in shares of State Street by 30.6% during the 2nd 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 in the last quarter. Jacobs Levy Equity Management Inc. boosted 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 purchasing an additional 634,422 shares in the last quarter. SG Americas Securities LLC lifted its position in State Street by 430.5% during the 1st quarter. SG Americas Securities LLC now owns 735,136 shares of the asset manager’s stock valued at $56,841,000 after acquiring an additional 596,567 shares during the period. Finally, Balyasny Asset Management L.P. lifted its position in State Street by 57.8% during the 4th 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 period. Institutional investors own 87.44% of the company’s stock.

State Street Stock Up 0.5 %

STT opened at $87.16 on Thursday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. The firm has a 50 day moving average price of $82.73 and a 200-day moving average price of $77.30. State Street Co. has a twelve month low of $62.78 and a twelve month high of $88.18. The stock has a market capitalization of $26.26 billion, a price-to-earnings ratio of 16.32, a PEG ratio of 1.34 and a beta of 1.48.

State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.12. State Street had a net margin of 8.98% and a return on equity of 11.78%. The firm had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. During the same period in the previous year, the company earned $2.17 earnings per share. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. Equities research analysts forecast that State Street Co. will post 8.14 earnings per share for the current year.

State Street Increases Dividend

The business also recently disclosed 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 3.49%. This is a boost from State Street’s previous quarterly dividend of $0.69. The ex-dividend date is Tuesday, October 1st. State Street’s payout ratio is presently 56.93%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on STT. Bank of America lifted their price target 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 lifted their price target on shares of State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Royal Bank of Canada lifted their price target on shares of State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 17th. Keefe, Bruyette & Woods lowered their price target on shares of State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a research report on Thursday, June 27th. Finally, The Goldman Sachs Group lifted their price target on shares of State Street from $89.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target 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.