Envestnet Asset Management Inc. Cuts Stake in State Street Co. (NYSE:STT)

Envestnet Asset Management Inc. decreased its stake in State Street Co. (NYSE:STT) by 3.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 344,399 shares of the asset manager’s stock after selling 11,442 shares during the period. Envestnet Asset Management Inc. owned approximately 0.11% of State Street worth $25,486,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. LSV Asset Management grew its position in State Street by 30.6% in the second quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock valued at $390,897,000 after acquiring an additional 1,238,251 shares in the last quarter. Jacobs Levy Equity Management Inc. increased 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 worth $58,117,000 after buying an additional 634,422 shares during the period. SG Americas Securities LLC lifted its holdings in State Street by 430.5% in the 1st quarter. SG Americas Securities LLC now owns 735,136 shares of the asset manager’s stock worth $56,841,000 after buying an additional 596,567 shares in the last quarter. Balyasny Asset Management L.P. boosted its position in 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 buying an additional 573,016 shares during the last quarter. Finally, Lazard Asset Management LLC grew its stake in shares of State Street by 168.7% during the first quarter. Lazard Asset Management LLC now owns 807,950 shares of the asset manager’s stock valued at $62,469,000 after acquiring an additional 507,270 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Performance

Shares of NYSE STT opened at $88.50 on Friday. State Street Co. has a 1 year low of $62.78 and a 1 year high of $89.42. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.54 and a current ratio of 0.54. The stock has a fifty day moving average price of $83.19 and a two-hundred day moving average price of $77.51. The firm has a market cap of $26.43 billion, a P/E ratio of 16.57, a PEG ratio of 1.38 and a beta of 1.48.

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 the consensus estimate of $2.03 by $0.12. The firm had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.15 billion. State Street had a net margin of 8.98% and a return on equity of 11.78%. State Street’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the previous year, the business earned $2.17 earnings per share. Research analysts forecast that State Street Co. will post 8.15 EPS for the current fiscal year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be issued a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.44%. This is a boost from State Street’s previous quarterly dividend of $0.69. The ex-dividend date is Tuesday, October 1st. State Street’s payout ratio is presently 51.69%.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Keefe, Bruyette & Woods reduced their price target on State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a report on Thursday, June 27th. Deutsche Bank Aktiengesellschaft reduced their target price on State Street from $80.00 to $79.00 and set a “hold” rating for the company in a research note on Thursday, August 15th. Wolfe Research reaffirmed an “underperform” rating and issued a $73.00 price target on shares of State Street in a report on Monday, July 8th. Morgan Stanley raised their price objective on shares of State Street from $90.00 to $93.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 17th. Finally, Bank of America upped their target price on shares of State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a research note on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, State Street presently has an average rating of “Hold” and an average price target of $88.89.

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.