IQ EQ FUND MANAGEMENT IRELAND Ltd Has $724,000 Position in State Street Corporation $STT

IQ EQ FUND MANAGEMENT IRELAND Ltd cut its position in State Street Corporation (NYSE:STT) by 62.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,242 shares of the asset manager’s stock after selling 10,461 shares during the quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in State Street were worth $724,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Invesco Ltd. boosted its position in shares of State Street by 4.7% in the second quarter. Invesco Ltd. now owns 8,566,237 shares of the asset manager’s stock valued at $910,934,000 after acquiring an additional 381,547 shares during the period. Dodge & Cox boosted its holdings in State Street by 1.1% in the 2nd quarter. Dodge & Cox now owns 7,412,414 shares of the asset manager’s stock valued at $788,236,000 after purchasing an additional 80,855 shares during the period. Geode Capital Management LLC grew its position in shares of State Street by 0.4% during the 2nd quarter. Geode Capital Management LLC now owns 7,412,130 shares of the asset manager’s stock worth $784,930,000 after purchasing an additional 27,098 shares in the last quarter. Nordea Investment Management AB grew its position in shares of State Street by 7.8% during the 3rd quarter. Nordea Investment Management AB now owns 2,451,703 shares of the asset manager’s stock worth $283,343,000 after purchasing an additional 178,136 shares in the last quarter. Finally, Norges Bank bought a new position in shares of State Street during the second quarter worth approximately $256,367,000. Institutional investors own 87.44% of the company’s stock.

State Street Price Performance

Shares of NYSE:STT opened at $132.34 on Friday. State Street Corporation has a one year low of $72.81 and a one year high of $137.05. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.59. The company has a market cap of $36.96 billion, a price-to-earnings ratio of 14.06, a PEG ratio of 1.16 and a beta of 1.43. The firm has a 50 day simple moving average of $129.00 and a 200 day simple moving average of $119.35.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.15. State Street had a net margin of 13.02% and a return on equity of 13.46%. The company had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same period in the prior year, the business earned $2.60 earnings per share. The company’s revenue for the quarter was up 7.5% compared to the same quarter last year. Research analysts predict that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, January 12th. Stockholders of record on Friday, January 2nd were issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Friday, January 2nd. State Street’s payout ratio is 35.71%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on STT. Loop Capital set a $144.00 price target on State Street in a research report on Tuesday, January 6th. Wells Fargo & Company increased their target price on State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a report on Monday, October 20th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of State Street in a research note on Tuesday, January 6th. Citigroup increased their price objective on shares of State Street from $136.00 to $150.00 and gave the stock a “buy” rating in a research note on Tuesday, December 30th. Finally, Keefe, Bruyette & Woods raised their target price on shares of State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a report on Monday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, State Street currently has an average rating of “Moderate Buy” and an average price target of $135.83.

About State Street

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.