State Street Co. (NYSE:STT) Shares Sold by CHICAGO TRUST Co NA

CHICAGO TRUST Co NA lessened its holdings in shares of State Street Co. (NYSE:STT) by 36.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,581 shares of the asset manager’s stock after selling 3,737 shares during the period. CHICAGO TRUST Co NA’s holdings in State Street were worth $487,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in STT. Norges Bank acquired a new stake in shares of State Street in the 4th quarter worth approximately $147,421,000. Jacobs Levy Equity Management Inc. boosted its stake 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 valued at $58,117,000 after purchasing an additional 634,422 shares in the last quarter. SG Americas Securities LLC boosted its stake 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 valued at $56,841,000 after purchasing an additional 596,567 shares in the last quarter. Balyasny Asset Management L.P. boosted its stake 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 valued at $121,145,000 after purchasing an additional 573,016 shares in the last quarter. Finally, Lazard Asset Management LLC boosted its stake in State Street by 168.7% during the 1st quarter. Lazard Asset Management LLC now owns 807,950 shares of the asset manager’s stock valued at $62,469,000 after purchasing an additional 507,270 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on STT. Evercore ISI increased their price target on State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Wells Fargo & Company raised their price objective on State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Royal Bank of Canada raised their price objective on State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 17th. Wolfe Research reissued an “underperform” rating and set a $73.00 price objective on shares of State Street in a research note on Monday, July 8th. Finally, Citigroup raised their price objective on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, July 22nd. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $88.96.

State Street Stock Up 0.6 %

Shares of NYSE:STT traded up $0.46 during midday trading on Friday, hitting $78.21. 1,217,873 shares of the stock were exchanged, compared to its average volume of 2,256,351. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.54 and a current ratio of 0.54. State Street Co. has a 52-week low of $62.78 and a 52-week high of $86.25. The business’s fifty day simple moving average is $77.07 and its two-hundred day simple moving average is $75.28. The company has a market capitalization of $23.36 billion, a PE ratio of 14.65, a P/E/G ratio of 1.19 and a beta of 1.48.

State Street (NYSE:STT) last posted its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $3.15 billion. During the same period last year, the company earned $2.17 earnings per share. The business’s revenue was up 2.6% compared to the same quarter last year. As a group, research analysts predict that State Street Co. will post 8.14 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be given a dividend of $0.76 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 dividend on an annualized basis and a yield of 3.89%. State Street’s dividend payout ratio (DPR) is 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.