Calamos Advisors LLC Sells 2,763 Shares of State Street Co. (NYSE:STT)

Calamos Advisors LLC trimmed its holdings in shares of State Street Co. (NYSE:STT) by 3.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 75,696 shares of the asset manager’s stock after selling 2,763 shares during the quarter. Calamos Advisors LLC’s holdings in State Street were worth $5,602,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. LRI Investments LLC purchased a new stake in State Street in the 1st quarter valued at about $25,000. Norwood Financial Corp purchased a new stake in State Street in the 1st quarter worth about $35,000. Versant Capital Management Inc increased its holdings in State Street by 411.9% in the 2nd quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock worth $38,000 after acquiring an additional 416 shares during the last quarter. Accent Capital Management LLC purchased a new stake in State Street in the 4th quarter worth about $39,000. Finally, Quarry LP purchased a new stake in State Street in the 4th quarter worth about $39,000. Institutional investors own 87.44% of the company’s stock.

State Street Trading Up 1.8 %

STT stock traded up $1.48 during midday trading on Friday, hitting $84.04. The company had a trading volume of 2,364,882 shares, compared to its average volume of 2,228,091. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.89. State Street Co. has a 52 week low of $62.78 and a 52 week high of $86.25. The stock’s 50 day moving average price is $78.52 and its 200 day moving average price is $75.78. The stock has a market cap of $25.32 billion, a price-to-earnings ratio of 15.74, a PEG ratio of 1.25 and a beta of 1.50.

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 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 analyst estimates of $3.15 billion. During the same quarter last year, the firm posted $2.17 earnings per share. The firm’s revenue was up 2.6% on a year-over-year basis. As a group, equities research analysts expect that State Street Co. will post 8.15 earnings per share for the current fiscal year.

State Street Increases Dividend

The company 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 $0.76 dividend. This is an increase from State Street’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.62%. State Street’s dividend payout ratio is 56.93%.

Analyst Ratings Changes

A number of research firms have weighed in on STT. Citigroup lifted their target price on State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Monday, July 22nd. The Goldman Sachs Group lifted their target price on State Street from $89.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft dropped their price target on State Street from $80.00 to $79.00 and set a “hold” rating for the company in a research report on Thursday, August 15th. Keefe, Bruyette & Woods dropped their target price on State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a research report on Thursday, June 27th. Finally, Royal Bank of Canada boosted their target price on State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, State Street presently has a consensus rating of “Hold” and a consensus price target of $88.89.

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.