State Street Co. (NYSE:STT) Shares Sold by Kentucky Retirement Systems

Kentucky Retirement Systems trimmed its stake in State Street Co. (NYSE:STT) by 7.1% during the first quarter, HoldingsChannel reports. The institutional investor owned 22,931 shares of the asset manager’s stock after selling 1,759 shares during the period. Kentucky Retirement Systems’ holdings in State Street were worth $1,773,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Symmetry Partners LLC grew its position in State Street by 3.5% during the 1st quarter. Symmetry Partners LLC now owns 3,802 shares of the asset manager’s stock worth $294,000 after purchasing an additional 130 shares during the last quarter. HB Wealth Management LLC raised its position in State Street by 3.4% during the first quarter. HB Wealth Management LLC now owns 4,309 shares of the asset manager’s stock worth $333,000 after acquiring an additional 140 shares during the last quarter. Tompkins Financial Corp lifted its stake in shares of State Street by 28.3% during the first quarter. Tompkins Financial Corp now owns 680 shares of the asset manager’s stock valued at $53,000 after buying an additional 150 shares during the period. CWM LLC lifted its stake in shares of State Street by 2.6% during the first quarter. CWM LLC now owns 6,435 shares of the asset manager’s stock valued at $498,000 after buying an additional 165 shares during the period. Finally, Syon Capital LLC lifted its stake in shares of State Street by 3.7% during the fourth quarter. Syon Capital LLC now owns 4,735 shares of the asset manager’s stock valued at $367,000 after buying an additional 168 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on STT. Royal Bank of Canada upped their price objective on shares of State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 17th. Evercore ISI increased their price objective on shares of State Street from $88.00 to $91.00 and gave the stock an “outperform” rating in a research report 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 raised their price target on shares of State Street from $75.00 to $80.00 and gave the stock a “hold” rating in a research report on Wednesday, July 17th. Finally, JPMorgan Chase & Co. increased their price objective on shares of State Street from $79.50 to $80.50 in a report on Friday, April 12th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $88.96.

State Street Price Performance

Shares of STT traded up $0.40 during mid-day trading on Friday, hitting $85.29. The company’s stock had a trading volume of 1,509,865 shares, compared to its average volume of 2,383,783. State Street Co. has a fifty-two week low of $62.78 and a fifty-two week high of $86.24. The firm has a 50-day moving average price of $76.02 and a 200 day moving average price of $74.92. The stock has a market capitalization of $25.69 billion, a price-to-earnings ratio of 15.97, a PEG ratio of 1.32 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.

State Street (NYSE:STT) last announced its earnings results on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, topping the consensus estimate of $2.03 by $0.12. State Street had a net margin of 8.98% and a return on equity of 11.78%. The company had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. During the same period last year, the company posted $2.17 earnings per share. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, research analysts predict that State Street Co. will post 8.12 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently declared 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. This is a positive change from State Street’s previous quarterly dividend of $0.69. The ex-dividend date is Tuesday, October 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.56%. State Street’s dividend payout ratio (DPR) is currently 51.69%.

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.