BDF Gestion Takes $1.96 Million Position in State Street Co. (NYSE:STT)

BDF Gestion acquired a new position in State Street Co. (NYSE:STT) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 26,438 shares of the asset manager’s stock, valued at approximately $1,956,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Prime Capital Investment Advisors LLC bought a new position in State Street in the 4th quarter worth approximately $211,000. Turtle Creek Wealth Advisors LLC purchased a new stake in State Street during the 4th quarter worth about $35,000. Sequoia Financial Advisors LLC purchased a new position in State Street during the 4th quarter valued at about $365,000. Impax Asset Management Group plc increased its position in shares of State Street by 2.8% during the fourth quarter. Impax Asset Management Group plc now owns 7,072 shares of the asset manager’s stock valued at $548,000 after buying an additional 193 shares during the period. Finally, Cardinal Capital Management lifted its holdings in shares of State Street by 0.4% in the fourth quarter. Cardinal Capital Management now owns 48,917 shares of the asset manager’s stock worth $3,822,000 after buying an additional 174 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

State Street Trading Up 0.6 %

Shares of NYSE STT traded up $0.46 during mid-day trading on Friday, hitting $78.21. The stock had a trading volume of 1,217,873 shares, compared to its average volume of 2,256,351. The business has a 50 day moving average price of $77.07 and a two-hundred day moving average price of $75.28. State Street Co. has a 1 year low of $62.78 and a 1 year high of $86.25. The firm has a market cap of $23.36 billion, a P/E ratio of 14.65, a price-to-earnings-growth ratio of 1.19 and a beta of 1.48. 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 (NYSE:STT) last announced its earnings results on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter in the prior year, the company earned $2.17 earnings per share. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, equities analysts anticipate that State Street Co. will post 8.14 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Tuesday, October 1st. 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 3.89%. State Street’s dividend payout ratio is currently 51.69%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Wolfe Research reiterated an “underperform” rating and issued a $73.00 target price on shares of State Street in a research note on Monday, July 8th. Barclays raised their price target on State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Royal Bank of Canada boosted their price objective on State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 17th. Citigroup raised their target price on shares of State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. Finally, Wells Fargo & Company increased their price target on shares of State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $88.96.

State Street Company 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.