State Street Co. (NYSE:STT) Shares Sold by Bank of Montreal Can

Bank of Montreal Can cut its holdings in State Street Co. (NYSE:STT) by 5.9% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 676,710 shares of the asset manager’s stock after selling 42,592 shares during the period. Bank of Montreal Can’s holdings in State Street were worth $49,982,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in STT. LSV Asset Management lifted its holdings in shares of State Street by 30.6% in 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 in the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in 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 buying an additional 634,422 shares during the last quarter. SG Americas Securities LLC increased its position in State Street by 430.5% during the first quarter. SG Americas Securities LLC now owns 735,136 shares of the asset manager’s stock worth $56,841,000 after buying an additional 596,567 shares in the last quarter. Balyasny Asset Management L.P. raised its holdings in shares of 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 worth $121,145,000 after acquiring an additional 573,016 shares during the last quarter. Finally, Lazard Asset Management LLC lifted its position in shares of State Street by 168.7% in the first quarter. Lazard Asset Management LLC now owns 807,950 shares of the asset manager’s stock valued at $62,469,000 after acquiring an additional 507,270 shares in the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently commented on STT. Citigroup lifted their price objective on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Bank of America boosted 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. Royal Bank of Canada raised their target price on shares of State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 17th. Keefe, Bruyette & Woods cut their price target on State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a report on Thursday, June 27th. Finally, The Goldman Sachs Group raised their price objective on State Street from $89.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $89.46.

State Street Stock Performance

NYSE STT opened at $88.50 on Thursday. The business’s 50-day simple moving average is $83.47 and its 200-day simple moving average is $77.79. The firm has a market capitalization of $26.43 billion, a P/E ratio of 16.57, a P/E/G ratio of 1.44 and a beta of 1.48. State Street Co. has a 1-year low of $62.78 and a 1-year high of $89.49. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.54.

State Street (NYSE:STT) last released its quarterly earnings data 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 company 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%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.17 earnings per share. Equities analysts predict that State Street Co. will post 8.15 EPS for the current year.

State Street Increases Dividend

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