Invst LLC Increases Position in State Street Co. (NYSE:STT)

Invst LLC grew its holdings in shares of State Street Co. (NYSE:STT) by 6.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 11,428 shares of the asset manager’s stock after buying an additional 693 shares during the quarter. Invst LLC’s holdings in State Street were worth $841,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of State Street by 4.5% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 941,404 shares of the asset manager’s stock valued at $72,789,000 after purchasing an additional 40,835 shares during the period. Mitsubishi UFJ Trust & Banking Corp grew its stake in State Street by 3.3% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 198,891 shares of the asset manager’s stock worth $15,376,000 after acquiring an additional 6,363 shares in the last quarter. M&G Plc purchased a new position in shares of State Street during the first quarter worth approximately $7,626,000. Public Employees Retirement Association of Colorado raised its stake in shares of State Street by 298.6% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 37,888 shares of the asset manager’s stock valued at $2,935,000 after acquiring an additional 28,382 shares in the last quarter. Finally, Cetera Investment Advisers boosted its holdings in shares of State Street by 127.8% in the first quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock valued at $3,433,000 after purchasing an additional 24,906 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

STT has been the topic of several research reports. Keefe, Bruyette & Woods reduced their price objective on State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a report on Thursday, June 27th. Citigroup lifted their price objective on State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Monday, July 22nd. Bank of America increased their target price on shares of State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a report on Wednesday, July 17th. Royal Bank of Canada boosted their price target on shares of State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a report on Wednesday, July 17th. Finally, Wells Fargo & Company increased their price objective on shares of State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, State Street currently has a consensus rating of “Hold” and a consensus price target of $89.61.

State Street Price Performance

NYSE STT opened at $88.20 on Monday. State Street Co. has a 12-month low of $62.78 and a 12-month high of $89.49. The firm’s fifty day simple moving average is $83.69 and its two-hundred day simple moving average is $78.11. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $26.57 billion, a P/E ratio of 16.52, a P/E/G ratio of 1.44 and a beta of 1.48.

State Street (NYSE:STT) last announced its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.12. State Street had a return on equity of 11.78% and a net margin of 8.98%. The company had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. During the same period in the prior year, the company posted $2.17 EPS. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. Analysts forecast that State Street Co. will post 8.15 EPS for the current fiscal year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be given a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 3.45%. The ex-dividend date is Tuesday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.69. State Street’s payout ratio is currently 56.93%.

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.