State Street Co. (NYSE:STT) Holdings Lowered by New York State Teachers Retirement System

New York State Teachers Retirement System trimmed its stake in shares of State Street Co. (NYSE:STT) by 6.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 301,662 shares of the asset manager’s stock after selling 19,494 shares during the period. New York State Teachers Retirement System’s holdings in State Street were worth $22,323,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. LRI Investments LLC purchased a new stake in State Street in the 1st quarter worth about $25,000. Norwood Financial Corp purchased a new stake in State Street in the 1st quarter worth about $35,000. Accent Capital Management LLC purchased a new stake in State Street in the 4th quarter worth about $39,000. Quarry LP purchased a new stake in State Street in the 4th quarter worth about $39,000. Finally, Versant Capital Management Inc lifted its stake in State Street by 411.9% in the 2nd quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock worth $38,000 after acquiring an additional 416 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Keefe, Bruyette & Woods reduced their price objective on State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a research note on Thursday, June 27th. Bank of America upped their target price on State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 17th. Evercore ISI increased their price objective on State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. The Goldman Sachs Group increased their price objective on State Street from $89.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Finally, Barclays increased their price objective on State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, State Street presently has an average rating of “Hold” and a consensus target price of $88.89.

State Street Price Performance

STT traded up $1.53 during trading on Friday, hitting $84.09. The company’s stock had a trading volume of 1,111,092 shares, compared to its average volume of 2,220,402. The firm’s 50 day moving average price is $78.25 and its two-hundred day moving average price is $75.65. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. State Street Co. has a 12 month low of $62.78 and a 12 month high of $86.25. The stock has a market capitalization of $25.33 billion, a price-to-earnings ratio of 15.75, a price-to-earnings-growth ratio of 1.25 and a beta of 1.50.

State Street (NYSE:STT) last issued its quarterly earnings data 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 return on equity of 11.78% and a net margin of 8.98%. The firm had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter in the previous year, the company posted $2.17 EPS. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. Sell-side analysts forecast that State Street Co. will post 8.15 earnings per share for the current fiscal year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be given a $0.76 dividend. This is an increase from State Street’s previous quarterly dividend of $0.69. The ex-dividend date is Tuesday, October 1st. This represents a $3.04 annualized dividend and a yield of 3.62%. State Street’s payout ratio is presently 56.93%.

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.