State Street Co. (NYSE:STT) Holdings Lowered by Public Employees Retirement Association of Colorado

Public Employees Retirement Association of Colorado lowered its stake in State Street Co. (NYSE:STT) by 5.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,853 shares of the asset manager’s stock after selling 1,620 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in State Street were worth $2,283,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. LRI Investments LLC purchased a new stake in State Street in the 1st quarter worth about $25,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of State Street during the second quarter worth $27,000. Norwood Financial Corp acquired a new stake in State Street during the first quarter valued at $35,000. Versant Capital Management Inc grew its stake in State Street by 411.9% in the second quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock valued at $38,000 after purchasing an additional 416 shares in the last quarter. Finally, Accent Capital Management LLC purchased a new stake in shares of State Street during the 4th quarter worth about $39,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Price Performance

State Street stock opened at $89.13 on Tuesday. The company has a market capitalization of $26.85 billion, a PE ratio of 16.69, a price-to-earnings-growth ratio of 1.38 and a beta of 1.48. The business has a 50 day simple moving average of $83.39 and a 200 day simple moving average of $77.67. State Street Co. has a one year low of $62.78 and a one year high of $89.49. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.54.

State Street (NYSE:STT) last released its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. State Street had a return on equity of 11.78% and a net margin of 8.98%. The business had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. During the same period in the previous year, the business posted $2.17 earnings per share. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, sell-side analysts forecast that State Street Co. will post 8.15 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be paid a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend is Tuesday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.69. State Street’s dividend payout ratio is 56.93%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Barclays lifted their target price on shares of State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft boosted their target price on State Street from $79.00 to $87.00 and gave the stock a “hold” rating in a report on Monday. Wells Fargo & Company lifted their price target on shares of State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Evercore ISI raised their target price on shares of State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Finally, Wolfe Research restated an “underperform” rating and set a $73.00 target price on shares of State Street in a research note on Monday, July 8th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $89.46.

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.