Teachers Retirement System of The State of Kentucky Grows Position in State Street Co. (NYSE:STT)

Teachers Retirement System of The State of Kentucky boosted its stake in State Street Co. (NYSE:STT) by 1,078.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 305,973 shares of the asset manager’s stock after buying an additional 280,019 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in State Street were worth $22,642,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in STT. KBC Group NV lifted its stake in State Street by 117.5% during the 4th quarter. KBC Group NV now owns 162,516 shares of the asset manager’s stock worth $12,589,000 after acquiring an additional 87,811 shares in the last quarter. Jones Financial Companies Lllp raised its stake in shares of State Street by 47.4% in the fourth quarter. Jones Financial Companies Lllp now owns 11,174 shares of the asset manager’s stock valued at $866,000 after acquiring an additional 3,591 shares in the last quarter. NEOS Investment Management LLC grew its position in shares of State Street by 17.4% during the fourth quarter. NEOS Investment Management LLC now owns 4,375 shares of the asset manager’s stock worth $339,000 after buying an additional 647 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in State Street by 9.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 44,616 shares of the asset manager’s stock valued at $3,456,000 after acquiring an additional 3,802 shares in the last quarter. Finally, Morningstar Investment Management LLC purchased a new position in State Street in the fourth quarter worth approximately $779,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Price Performance

State Street stock opened at $88.47 on Tuesday. 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 Co. has a one year low of $62.78 and a one year high of $89.49. The company has a market cap of $26.65 billion, a P/E ratio of 16.57, a price-to-earnings-growth ratio of 1.44 and a beta of 1.48. The business has a fifty day moving average of $83.78 and a two-hundred day moving average of $78.23.

State Street (NYSE:STT) last issued 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. State Street had a return on equity of 11.78% and a net margin of 8.98%. 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 firm posted $2.17 earnings per share. State Street’s revenue was up 2.6% on a year-over-year basis. As a group, analysts predict that State Street Co. will post 8.15 earnings per share for the current fiscal 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 given a $0.76 dividend. This is an increase from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a dividend yield of 3.44%. The ex-dividend date is Tuesday, October 1st. State Street’s dividend payout ratio is currently 56.93%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group lifted their price objective on shares of State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Wells Fargo & Company increased their price objective on State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Wolfe Research reaffirmed an “underperform” rating and issued a $73.00 price target on shares of State Street in a report on Monday, July 8th. Keefe, Bruyette & Woods reduced their price objective 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, Royal Bank of Canada upped their price objective on shares of State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $90.11.

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.