Gabelli Funds LLC Has $36.77 Million Holdings in State Street Co. (NYSE:STT)

Gabelli Funds LLC trimmed its stake in State Street Co. (NYSE:STT) by 1.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 496,830 shares of the asset manager’s stock after selling 7,050 shares during the period. Gabelli Funds LLC owned about 0.17% of State Street worth $36,765,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of STT. Brown Advisory Inc. increased its holdings in State Street by 2.5% in the fourth quarter. Brown Advisory Inc. now owns 18,993 shares of the asset manager’s stock valued at $1,471,000 after purchasing an additional 467 shares during the period. Coldstream Capital Management Inc. increased its holdings in State Street by 4.3% in the fourth quarter. Coldstream Capital Management Inc. now owns 4,132 shares of the asset manager’s stock valued at $320,000 after purchasing an additional 170 shares during the period. Corient Private Wealth LLC increased its holdings in State Street by 1.3% in the fourth quarter. Corient Private Wealth LLC now owns 201,603 shares of the asset manager’s stock valued at $15,616,000 after purchasing an additional 2,610 shares during the period. Assetmark Inc. increased its holdings in State Street by 8.5% in the fourth quarter. Assetmark Inc. now owns 3,771 shares of the asset manager’s stock valued at $292,000 after purchasing an additional 296 shares during the period. Finally, Franklin Resources Inc. increased its holdings in State Street by 33.2% in the fourth quarter. Franklin Resources Inc. now owns 437,076 shares of the asset manager’s stock valued at $33,836,000 after purchasing an additional 109,025 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

STT has been the topic of a number of research analyst reports. Bank of America upped their price target on shares of State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a research report on Wednesday, July 17th. Wolfe Research reaffirmed an “underperform” rating and set a $73.00 price target on shares of State Street in a research report on Monday, July 8th. Royal Bank of Canada upped their price target on shares of State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 17th. Keefe, Bruyette & Woods cut their price target on shares of State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a research report on Thursday, June 27th. Finally, Citigroup upped their price target on shares of State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Monday, July 22nd. Two equities 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. According to MarketBeat.com, State Street has a consensus rating of “Hold” and an average target price of $88.89.

State Street Price Performance

Shares of NYSE STT opened at $88.50 on Friday. State Street Co. has a fifty-two week low of $62.78 and a fifty-two week high of $89.42. The stock has a market cap of $26.43 billion, a price-to-earnings ratio of 16.57, a PEG 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. The firm’s 50-day simple moving average is $83.19 and its 200 day simple moving average is $77.51.

State Street (NYSE:STT) last announced 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. State Street had a net margin of 8.98% and a return on equity of 11.78%. The business had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.15 billion. During the same quarter last year, the firm earned $2.17 EPS. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, research analysts anticipate that State Street Co. will post 8.15 earnings per share for the current fiscal year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be given a $0.76 dividend. 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 annualized dividend and a yield of 3.44%. State Street’s dividend payout ratio (DPR) is presently 51.69%.

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.