State Street Co. (NYSE:STT) Shares Bought by LSV Asset Management

LSV Asset Management lifted its holdings in State Street Co. (NYSE:STT) by 30.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,282,386 shares of the asset manager’s stock after acquiring an additional 1,238,251 shares during the period. State Street makes up 0.9% of LSV Asset Management’s portfolio, making the stock its 20th biggest position. LSV Asset Management owned about 1.75% of State Street worth $390,897,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Capital International Investors increased its position in shares of State Street by 0.5% in the first quarter. Capital International Investors now owns 6,626,753 shares of the asset manager’s stock worth $512,381,000 after acquiring an additional 31,314 shares in the last quarter. Metropolis Capital Ltd boosted its stake in shares of State Street by 13.1% in the second quarter. Metropolis Capital Ltd now owns 4,124,840 shares of the asset manager’s stock valued at $305,238,000 after purchasing an additional 479,205 shares during the period. Cooke & Bieler LP boosted its stake in shares of State Street by 3.1% in the second quarter. Cooke & Bieler LP now owns 3,551,282 shares of the asset manager’s stock valued at $262,795,000 after purchasing an additional 105,222 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of State Street by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,597,783 shares of the asset manager’s stock valued at $201,243,000 after purchasing an additional 79,746 shares during the period. Finally, Putnam Investments LLC boosted its stake in shares of State Street by 5.8% in the fourth quarter. Putnam Investments LLC now owns 2,343,254 shares of the asset manager’s stock valued at $181,508,000 after purchasing an additional 129,493 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Performance

Shares of State Street stock traded down $1.90 during trading hours on Friday, reaching $83.29. The company’s stock had a trading volume of 2,191,583 shares, compared to its average volume of 1,678,343. The company’s 50 day simple moving average is $81.09 and its 200 day simple moving average is $76.67. 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 $87.26. The stock has a market cap of $24.87 billion, a P/E ratio of 15.60, a price-to-earnings-growth ratio of 1.39 and a beta of 1.48.

State Street (NYSE:STT) last posted its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. State Street had a net margin of 8.98% and a return on equity of 11.78%. The company had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.15 billion. During the same period last year, the firm posted $2.17 EPS. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. As a group, analysts expect that State Street Co. will post 8.14 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently declared 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 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date is Tuesday, October 1st. State Street’s dividend payout ratio (DPR) is presently 51.69%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on STT shares. Barclays upped their target price on shares of State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Royal Bank of Canada upped their target price 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. The Goldman Sachs Group upped their target price on shares of State Street from $89.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Wells Fargo & Company upped their target price 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. Finally, Wolfe Research restated an “underperform” rating and issued a $73.00 target price on shares of State Street in a research note on Monday, July 8th. Two research 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’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $88.89.

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.