State Street Co. (NYSE:STT) Shares Bought by Burney Co.

Burney Co. increased its position in State Street Co. (NYSE:STT) by 2.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,916 shares of the asset manager’s stock after buying an additional 286 shares during the quarter. Burney Co.’s holdings in State Street were worth $844,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Norges Bank acquired a new stake in shares of State Street during the 4th quarter valued at $147,421,000. Jacobs Levy Equity Management Inc. increased its stake in State Street by 541.2% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 751,641 shares of the asset manager’s stock worth $58,117,000 after purchasing an additional 634,422 shares in the last quarter. SG Americas Securities LLC increased its stake in 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 purchasing an additional 596,567 shares in the last quarter. Balyasny Asset Management L.P. lifted its stake in State Street by 57.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,563,964 shares of the asset manager’s stock valued at $121,145,000 after buying an additional 573,016 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its stake in State Street by 168.7% during the first quarter. Lazard Asset Management LLC now owns 807,950 shares of the asset manager’s stock valued at $62,469,000 after buying an additional 507,270 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

State Street Stock Performance

Shares of NYSE STT traded down $2.72 during trading hours on Friday, reaching $80.91. The stock had a trading volume of 1,941,255 shares, compared to its average volume of 2,240,805. The company has a market cap of $24.37 billion, a price-to-earnings ratio of 15.15, a PEG ratio of 1.30 and a beta of 1.48. 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 business’s fifty day moving average is $76.80 and its two-hundred day moving average is $75.20. State Street Co. has a twelve month low of $62.78 and a twelve month high of $86.25.

State Street (NYSE:STT) last announced its quarterly 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. State Street had a net margin of 8.98% and a return on equity of 11.78%. The firm had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. During the same quarter last year, the company earned $2.17 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, research analysts expect 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 issued a dividend of $0.76 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This is a boost 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 3.76%. State Street’s dividend payout ratio (DPR) is presently 51.69%.

Analysts Set New Price Targets

STT has been the subject of several research analyst reports. Royal Bank of Canada upped their price target on shares of State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 17th. Wells Fargo & Company increased their target price on State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Morgan Stanley lifted their price target on State Street from $90.00 to $93.00 and gave the company an “equal weight” rating in a report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft increased their price objective on State Street from $75.00 to $80.00 and gave the stock a “hold” rating in a research note on Wednesday, July 17th. Finally, Evercore ISI lifted their target price on State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $88.96.

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.