Wedge Capital Management L L P NC Has $41.99 Million Stock Holdings in State Street Co. (NYSE:STT)

Wedge Capital Management L L P NC increased its position in shares of State Street Co. (NYSE:STT) by 8.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 567,426 shares of the asset manager’s stock after acquiring an additional 42,381 shares during the period. Wedge Capital Management L L P NC owned about 0.19% of State Street worth $41,990,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in STT. Norges Bank acquired a new stake in shares of State Street during the 4th quarter worth approximately $147,421,000. Jacobs Levy Equity Management Inc. boosted its position in shares of 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 worth $58,117,000 after acquiring an additional 634,422 shares in the last quarter. SG Americas Securities LLC boosted its position in shares of State Street by 430.5% during the 1st quarter. SG Americas Securities LLC now owns 735,136 shares of the asset manager’s stock worth $56,841,000 after acquiring an additional 596,567 shares in the last quarter. Balyasny Asset Management L.P. boosted its position in shares of State Street by 57.8% during 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 lifted its stake in State Street by 168.7% in the 1st quarter. Lazard Asset Management LLC now owns 807,950 shares of the asset manager’s stock valued at $62,469,000 after purchasing an additional 507,270 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Trading Up 2.0 %

NYSE STT traded up $1.60 during mid-day trading on Thursday, reaching $80.55. 2,519,636 shares of the stock were exchanged, compared to its average volume of 2,246,677. State Street Co. has a one year low of $62.78 and a one year high of $86.25. The stock has a 50 day simple moving average of $77.29 and a 200-day simple moving average of $75.37. The stock has a market cap of $24.05 billion, a P/E ratio of 15.06, a P/E/G ratio of 1.21 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 0.54.

State Street (NYSE:STT) last announced its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share 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 business had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter last year, the firm earned $2.17 earnings per share. State Street’s quarterly revenue was up 2.6% on a year-over-year basis. On average, analysts anticipate that State Street Co. will post 8.15 EPS for the current year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be paid a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.77%. 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. State Street’s dividend payout ratio (DPR) is currently 51.69%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on STT shares. Morgan Stanley increased their price objective on shares of State Street from $90.00 to $93.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 17th. Citigroup increased their price objective 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. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of State Street from $80.00 to $79.00 and set a “hold” rating for the company in a research note on Thursday. Bank of America increased their price objective on shares of State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a research note on Wednesday, July 17th. Finally, Evercore ISI increased their price objective on shares of State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, State Street currently has a consensus rating of “Hold” and an average target price 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.