State Street Co. (NYSE:STT) Shares Sold by Kiltearn Partners LLP

Kiltearn Partners LLP trimmed its holdings in State Street Co. (NYSE:STT) by 18.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 282,600 shares of the asset manager’s stock after selling 62,000 shares during the quarter. State Street comprises approximately 2.5% of Kiltearn Partners LLP’s portfolio, making the stock its 15th biggest position. Kiltearn Partners LLP owned approximately 0.09% of State Street worth $20,912,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of State Street by 4.5% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 941,404 shares of the asset manager’s stock valued at $72,789,000 after buying an additional 40,835 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its position in State Street by 3.3% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 198,891 shares of the asset manager’s stock valued at $15,376,000 after acquiring an additional 6,363 shares during the last quarter. M&G Plc acquired a new position in State Street in the first quarter valued at $7,626,000. Public Employees Retirement Association of Colorado grew its holdings in shares of State Street by 298.6% during 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 purchasing an additional 28,382 shares during the last quarter. Finally, Cetera Investment Advisers increased its position 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 purchasing an additional 24,906 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on STT shares. Barclays raised their price target on State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Citigroup raised their target price on shares of State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Evercore ISI upped their price target on shares of State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. 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 research report on Wednesday, July 17th. Finally, The Goldman Sachs Group upped their target price on shares of State Street from $89.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Two equities 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.com, the stock currently has a consensus rating of “Hold” and an average target price of $89.46.

State Street Stock Performance

NYSE:STT opened at $89.13 on Tuesday. The firm’s fifty day simple moving average is $83.39 and its 200-day simple moving average is $77.67. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. The stock has a market cap 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. State Street Co. has a fifty-two week low of $62.78 and a fifty-two week high of $89.49.

State Street (NYSE:STT) last issued its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, topping 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 company had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. During the same period in the prior 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. Analysts expect that State Street Co. will post 8.15 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.41%. This is an increase 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 56.93%.

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.