State Street Co. (NYSE:STT) Holdings Decreased by Kentucky Retirement Systems

Kentucky Retirement Systems reduced its holdings in State Street Co. (NYSE:STT) by 1.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,702 shares of the asset manager’s stock after selling 229 shares during the period. Kentucky Retirement Systems’ holdings in State Street were worth $1,680,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of State Street by 4.5% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 941,404 shares of the asset manager’s stock worth $72,789,000 after purchasing an additional 40,835 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its stake in shares of State Street by 3.3% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 198,891 shares of the asset manager’s stock valued at $15,376,000 after buying an additional 6,363 shares during the period. M&G Plc purchased a new position in shares of State Street during the 1st quarter valued at $7,626,000. Public Employees Retirement Association of Colorado increased its stake in shares of State Street by 298.6% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 37,888 shares of the asset manager’s stock worth $2,935,000 after acquiring an additional 28,382 shares during the last quarter. Finally, Cetera Investment Advisers raised its holdings in shares of State Street by 127.8% during the first quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock worth $3,433,000 after acquiring an additional 24,906 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Price Performance

NYSE STT opened at $88.50 on Friday. The stock has a 50-day simple moving average of $83.19 and a 200 day simple moving average of $77.48. State Street Co. has a twelve month low of $62.78 and a twelve month high of $89.42. The stock has a market capitalization of $26.43 billion, a PE ratio of 16.57, a P/E/G ratio of 1.38 and a beta of 1.48. 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 (NYSE:STT) last issued its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. The company had revenue of $3.19 billion during 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 company’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.17 earnings per share. Research analysts anticipate that State Street Co. will post 8.15 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. Shareholders of record on Tuesday, October 1st will be issued a $0.76 dividend. The ex-dividend date 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 3.44%. State Street’s dividend payout ratio is 51.69%.

Wall Street Analyst Weigh In

STT has been the topic of a number of recent research reports. 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. Barclays increased their price objective on State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods reduced their target price on shares of 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. Royal Bank of Canada increased their price target on shares of State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 17th. Finally, Wells Fargo & Company lifted their price objective on shares of State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Two research 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, the stock presently has a consensus rating of “Hold” and an average price target of $88.89.

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.