Mutual of America Capital Management LLC Reduces Holdings in State Street Co. (NYSE:STT)

Mutual of America Capital Management LLC decreased its stake in shares of State Street Co. (NYSE:STT) by 4.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,992 shares of the asset manager’s stock after selling 1,595 shares during the period. Mutual of America Capital Management LLC’s holdings in State Street were worth $2,811,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. LSV Asset Management boosted its position in State Street by 30.6% during the 2nd 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. lifted its stake in shares of State Street by 541.2% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 751,641 shares of the asset manager’s stock valued at $58,117,000 after purchasing an additional 634,422 shares during the period. SG Americas Securities LLC boosted its position in shares of State Street by 430.5% during the first quarter. SG Americas Securities LLC now owns 735,136 shares of the asset manager’s stock valued at $56,841,000 after purchasing an additional 596,567 shares in the last quarter. Balyasny Asset Management L.P. grew its stake in State Street by 57.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,563,964 shares of the asset manager’s stock worth $121,145,000 after purchasing an additional 573,016 shares during the period. Finally, Lazard Asset Management LLC raised its holdings in State Street by 168.7% in the first quarter. Lazard Asset Management LLC now owns 807,950 shares of the asset manager’s stock worth $62,469,000 after purchasing an additional 507,270 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Analysts Set New Price Targets

STT has been the topic of a number of recent research reports. Morgan Stanley upped their target price 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. Evercore ISI upped their price objective on shares of State Street from $88.00 to $91.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods lowered 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 report on Thursday, June 27th. The Goldman Sachs Group upped their price target on State Street from $89.00 to $98.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Finally, Wolfe Research reaffirmed an “underperform” rating and set a $73.00 price objective on shares of State Street in a research report on Monday, July 8th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, State Street presently has a consensus rating of “Hold” and a consensus price target of $89.46.

State Street Trading Down 0.2 %

Shares of NYSE:STT opened at $88.91 on Wednesday. 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 Co. has a 1 year low of $62.78 and a 1 year high of $89.49. The company has a market cap of $26.78 billion, a P/E ratio of 16.65, a PEG ratio of 1.38 and a beta of 1.48. The stock’s fifty day moving average price is $83.47 and its 200-day moving average price is $77.79.

State Street (NYSE:STT) last posted its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) 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 in the prior year, the business earned $2.17 EPS. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. Sell-side analysts expect that State Street Co. will post 8.15 earnings per share for the current year.

State Street Increases Dividend

The business 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 $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date of this dividend is Tuesday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.69. State Street’s payout ratio is 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.