Kentucky Retirement Systems Insurance Trust Fund Cuts Holdings in State Street Co. (NYSE:STT)

Kentucky Retirement Systems Insurance Trust Fund reduced its position in State Street Co. (NYSE:STT) by 9.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,964 shares of the asset manager’s stock after selling 1,030 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in State Street were worth $770,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Capital International Investors boosted its stake in shares of State Street by 0.5% in the 1st quarter. Capital International Investors now owns 6,626,753 shares of the asset manager’s stock worth $512,381,000 after buying an additional 31,314 shares during the last quarter. LSV Asset Management boosted its stake in shares of State Street by 10.5% in the 1st quarter. LSV Asset Management now owns 4,044,135 shares of the asset manager’s stock worth $312,693,000 after buying an additional 385,404 shares during the last quarter. Metropolis Capital Ltd boosted its stake in shares of State Street by 5.3% in the 1st quarter. Metropolis Capital Ltd now owns 3,645,635 shares of the asset manager’s stock worth $281,880,000 after buying an additional 183,591 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of State Street by 3.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,597,783 shares of the asset manager’s stock worth $201,243,000 after buying an additional 79,746 shares during the last quarter. Finally, Putnam Investments LLC boosted its stake in shares of State Street by 5.8% in the 4th quarter. Putnam Investments LLC now owns 2,343,254 shares of the asset manager’s stock worth $181,508,000 after buying an additional 129,493 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Price Performance

Shares of STT stock traded up $0.40 during trading hours on Friday, hitting $85.29. The stock had a trading volume of 1,509,865 shares, compared to its average volume of 2,383,783. State Street Co. has a one year low of $62.78 and a one year high of $86.24. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.61. The stock’s 50-day moving average price is $76.02 and its two-hundred day moving average price is $74.92. The stock has a market capitalization of $25.69 billion, a price-to-earnings ratio of 15.97, a PEG ratio of 1.32 and a beta of 1.48.

State Street (NYSE:STT) last issued its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 earnings per share 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 company had revenue of $3.19 billion for 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. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. Equities analysts forecast that State Street Co. will post 8.12 EPS for the current year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be paid a dividend of $0.76 per share. This is a boost from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a yield of 3.56%. The ex-dividend date is Tuesday, October 1st. State Street’s payout ratio is presently 51.69%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on STT shares. UBS Group lifted their target price on State Street from $80.00 to $82.00 and gave the company a “neutral” rating in a research report on Friday, April 12th. Barclays lifted their target price on State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Keefe, Bruyette & Woods lowered their target price on State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a research report on Thursday, June 27th. Wolfe Research reiterated an “underperform” rating and set a $73.00 target price on shares of State Street in a research report on Monday, July 8th. Finally, Argus lifted their target price on State Street from $84.00 to $86.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, State Street has a consensus rating of “Hold” and a consensus price target of $88.96.

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.