Diversified Trust Co Buys 4,728 Shares of State Street Co. (NYSE:STT)

Diversified Trust Co grew its stake in State Street Co. (NYSE:STT) by 12.2% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 43,576 shares of the asset manager’s stock after purchasing an additional 4,728 shares during the quarter. Diversified Trust Co’s holdings in State Street were worth $3,225,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Norges Bank bought a new position in shares of State Street during the 4th quarter worth approximately $147,421,000. Jacobs Levy Equity Management Inc. boosted its position in State Street by 541.2% in 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 last quarter. SG Americas Securities LLC increased its position in shares of 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 during the last quarter. Balyasny Asset Management L.P. raised its stake in shares of 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 increased its holdings in State Street by 168.7% during the first 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 during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Up 0.4 %

State Street stock traded up $0.30 during mid-day trading on Wednesday, reaching $79.10. 30,293 shares of the company traded hands, compared to its average volume of 2,236,871. The firm’s 50 day moving average price is $77.20 and its 200 day moving average price is $75.34. State Street Co. has a 52-week low of $62.78 and a 52-week high of $86.25. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.54. The firm has a market capitalization of $23.62 billion, a price-to-earnings ratio of 14.76, a P/E/G ratio of 1.21 and a beta of 1.48.

State Street (NYSE:STT) last released its quarterly 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. The company had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. The firm’s revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the company posted $2.17 earnings per share. On average, analysts anticipate that State Street Co. will post 8.15 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be paid a dividend of $0.76 per share. This is a boost 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 yield of 3.84%. State Street’s payout ratio is presently 51.69%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on STT shares. Morgan Stanley upped their price target on State Street from $90.00 to $93.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 17th. The Goldman Sachs Group boosted their price target on shares of State Street from $89.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Wolfe Research reaffirmed an “underperform” rating and issued a $73.00 price objective on shares of State Street in a report on Monday, July 8th. Bank of America boosted their target price on shares of State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a report on Wednesday, July 17th. Finally, Wells Fargo & Company boosted their price objective on State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Two 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. According to MarketBeat.com, State Street has an average rating of “Hold” and a consensus price target of $88.96.

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.