Lbp Am Sa Decreases Holdings in State Street Co. (NYSE:STT)

Lbp Am Sa trimmed its holdings in shares of State Street Co. (NYSE:STT) by 95.1% in the first quarter, Holdings Channel reports. The firm owned 12,242 shares of the asset manager’s stock after selling 235,211 shares during the period. Lbp Am Sa’s holdings in State Street were worth $947,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in STT. Norges Bank purchased a new stake in State Street during the 4th quarter worth $147,421,000. Jacobs Levy Equity Management Inc. boosted its position in 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 purchasing an additional 634,422 shares during the period. SG Americas Securities LLC boosted its position in 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 purchasing an additional 596,567 shares during the period. Balyasny Asset Management L.P. boosted its position in 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 purchasing an additional 573,016 shares during the period. Finally, Lazard Asset Management LLC lifted its holdings 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 worth $62,469,000 after buying an additional 507,270 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

STT has been the topic of a number of recent analyst reports. Argus boosted their price objective on shares of State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Evercore ISI boosted their price objective on shares of State Street from $88.00 to $91.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. The Goldman Sachs Group boosted their price objective on shares of State Street from $89.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft upped their target price on shares of State Street from $75.00 to $80.00 and gave the company a “hold” rating in a research note on Wednesday, July 17th. Finally, Wolfe Research restated an “underperform” rating and issued a $73.00 target price on shares of State Street in a research note on Monday, July 8th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, State Street currently has a consensus rating of “Hold” and an average price target of $88.96.

State Street Stock Performance

NYSE STT traded down $3.18 during trading hours on Friday, reaching $80.45. The company’s stock had a trading volume of 610,709 shares, compared to its average volume of 2,261,081. The business has a 50-day simple moving average of $76.69 and a 200 day simple moving average of $75.17. State Street Co. has a 52 week low of $62.78 and a 52 week high of $86.25. The stock has a market cap of $24.24 billion, a PE ratio of 15.66, a PEG ratio of 1.32 and a beta of 1.48. The company has a current ratio of 0.54, a quick ratio of 0.61 and a debt-to-equity ratio of 0.89.

State Street (NYSE:STT) last announced its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $3.15 billion. During the same quarter last year, the business earned $2.17 earnings per share. State Street’s revenue was up 2.6% compared to the same quarter last year. Equities research analysts predict that State Street Co. will post 8.12 earnings per share 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. Shareholders of record on Tuesday, October 1st will be paid a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.78%. This is a positive change from State Street’s previous quarterly dividend of $0.69. State Street’s dividend payout ratio (DPR) is presently 51.69%.

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.