LRI Investments LLC Makes New $73,000 Investment in State Street Co. (NYSE:STT)

LRI Investments LLC acquired a new stake in State Street Co. (NYSE:STT) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 963 shares of the asset manager’s stock, valued at approximately $73,000.

Several other institutional investors have also recently modified their holdings of the company. CVA Family Office LLC purchased a new position in State Street during the 4th quarter worth approximately $27,000. Venturi Wealth Management LLC boosted its holdings in State Street by 92.5% in the fourth quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock valued at $30,000 after purchasing an additional 184 shares during the last quarter. Turtle Creek Wealth Advisors LLC acquired a new stake in State Street during the 4th quarter worth about $35,000. Norwood Financial Corp purchased a new position in shares of State Street during the 1st quarter valued at about $35,000. Finally, Accent Capital Management LLC acquired a new position in shares of State Street in the 4th quarter valued at about $39,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

STT has been the subject of several recent research reports. Wells Fargo & Company lifted their price target on State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Citigroup lifted their target price on shares of 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 price target 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. Barclays lifted their price objective on shares of State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Finally, Royal Bank of Canada upped their price target on State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a report 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. Based on data from MarketBeat.com, State Street currently has an average rating of “Hold” and a consensus price target of $88.96.

State Street Price Performance

Shares of State Street stock traded up $0.40 during trading hours on Friday, reaching $85.29. 1,509,865 shares of the company’s stock were exchanged, compared to its average volume of 2,383,783. The business has a fifty day moving average of $76.02 and a two-hundred day moving average of $74.92. 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 company has a market capitalization of $25.69 billion, a P/E ratio of 15.97, a price-to-earnings-growth ratio of 1.32 and a beta of 1.48. State Street Co. has a 1 year low of $62.78 and a 1 year high of $86.24.

State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. The company had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. State Street had a net margin of 8.98% and a return on equity of 11.78%. State Street’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.17 EPS. As a group, research analysts predict that State Street Co. will post 8.12 earnings per share 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 issued a $0.76 dividend. 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 dividend payout ratio is presently 51.69%.

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.