Kathmere Capital Management LLC Purchases Shares of 2,652 State Street Co. (NYSE:STT)

Kathmere Capital Management LLC bought a new stake in State Street Co. (NYSE:STT) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,652 shares of the asset manager’s stock, valued at approximately $205,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new position in shares of State Street during the 4th quarter worth about $147,421,000. Jacobs Levy Equity Management Inc. lifted its stake in State Street by 541.2% during the first 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 holdings in State Street by 430.5% during the first quarter. SG Americas Securities LLC now owns 735,136 shares of the asset manager’s stock valued at $56,841,000 after purchasing an additional 596,567 shares in the last quarter. Balyasny Asset Management L.P. grew its stake in shares of State Street by 57.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,563,964 shares of the asset manager’s stock valued at $121,145,000 after purchasing an additional 573,016 shares during the period. Finally, Lazard Asset Management LLC raised its holdings in shares of 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 institutional investors.

State Street Trading Down 3.3 %

Shares of STT traded down $2.72 during trading hours on Friday, hitting $80.91. 1,941,255 shares of the stock traded hands, compared to its average volume of 2,240,805. The business has a fifty day moving average of $76.80 and a 200-day moving average of $75.19. The company has a current ratio of 0.54, a quick ratio of 0.61 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $24.37 billion, a PE ratio of 15.15, a price-to-earnings-growth ratio of 1.30 and a beta of 1.48. State Street Co. has a 1-year low of $62.78 and a 1-year high of $86.25.

State Street (NYSE:STT) last issued its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (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 firm earned $2.17 EPS. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. Analysts expect that State Street Co. will post 8.12 EPS for the current year.

State Street Increases Dividend

The business 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. This represents a $3.04 annualized dividend and a dividend yield of 3.76%. The ex-dividend date is Tuesday, October 1st. State Street’s dividend payout ratio (DPR) is currently 56.93%.

Analyst Ratings Changes

Several brokerages recently commented on STT. Deutsche Bank Aktiengesellschaft boosted their price target on State Street from $75.00 to $80.00 and gave the company a “hold” rating in a research note on Wednesday, July 17th. Argus upped their target price 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. Citigroup increased their target price on shares of State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Keefe, Bruyette & Woods dropped their price objective on shares of State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a report on Thursday, June 27th. Finally, Evercore ISI lifted their target price 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 investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $88.96.

About State Street

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.