DekaBank Deutsche Girozentrale Increases Stock Holdings in State Street Co. (NYSE:STT)

DekaBank Deutsche Girozentrale lifted its stake in State Street Co. (NYSE:STT) by 4.1% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 97,028 shares of the asset manager’s stock after purchasing an additional 3,817 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in State Street were worth $7,355,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank purchased a new position in State Street during the 4th quarter valued at $147,421,000. Jacobs Levy Equity Management Inc. boosted 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 acquiring an additional 634,422 shares during the period. SG Americas Securities LLC lifted its holdings in shares of State Street by 430.5% in the 1st 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 during the period. Balyasny Asset Management L.P. raised its position in shares of State Street by 57.8% in the 4th 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 in the last quarter. Finally, Lazard Asset Management LLC raised its position in shares of State Street by 168.7% in the 1st quarter. Lazard Asset Management LLC now owns 807,950 shares of the asset manager’s stock worth $62,469,000 after acquiring an additional 507,270 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Keefe, Bruyette & Woods reduced 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. Bank of America increased their price objective on State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a report on Wednesday, July 17th. Citigroup increased 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. Argus increased their price objective on State Street from $84.00 to $86.00 and gave the company a “buy” rating in a report on Monday, April 15th. Finally, The Goldman Sachs Group increased their price objective on State Street from $89.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $88.96.

State Street Stock Performance

Shares of STT traded down $2.72 during mid-day trading on Friday, reaching $80.91. The company had a trading volume of 1,941,255 shares, compared to its average volume of 2,240,805. State Street Co. has a 52-week low of $62.78 and a 52-week high of $86.25. The company has a quick ratio of 0.61, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $24.37 billion, a P/E ratio of 15.15, a PEG ratio of 1.30 and a beta of 1.48. The stock has a 50 day moving average of $76.80 and a two-hundred day moving average of $75.19.

State Street (NYSE:STT) last issued its earnings results on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. The firm had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.15 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. The company’s 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. On average, analysts expect that State Street Co. will post 8.12 earnings per share for the current year.

State Street Increases Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.76%. This is an increase from State Street’s previous quarterly dividend of $0.69. State Street’s dividend payout ratio is currently 56.93%.

About State Street

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.