DoubleLine ETF Adviser LP Sells 305 Shares of State Street Co. (NYSE:STT)

DoubleLine ETF Adviser LP trimmed its position in State Street Co. (NYSE:STT) by 5.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,358 shares of the asset manager’s stock after selling 305 shares during the period. DoubleLine ETF Adviser LP’s holdings in State Street were worth $396,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in STT. LRI Investments LLC bought a new stake in shares of State Street during the first quarter valued at approximately $25,000. Ashton Thomas Private Wealth LLC acquired a new stake in State Street in the 2nd quarter valued at $27,000. Norwood Financial Corp bought a new stake in State Street during the 1st quarter valued at $35,000. Versant Capital Management Inc raised its holdings in State Street by 411.9% during the second quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock worth $38,000 after buying an additional 416 shares during the last quarter. Finally, Accent Capital Management LLC bought a new position in shares of State Street in the fourth quarter valued at $39,000. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Price Performance

STT opened at $88.09 on Friday. State Street Co. has a fifty-two week low of $62.78 and a fifty-two week high of $89.49. The firm has a 50-day moving average of $83.54 and a 200 day moving average of $77.86. 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 has a market cap of $26.31 billion, a P/E ratio of 16.50, a PEG ratio of 1.44 and a beta of 1.48.

State Street (NYSE:STT) last released its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. The firm had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. State Street had a net margin of 8.98% and a return on equity of 11.78%. The company’s revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.17 EPS. On average, research analysts expect that State Street Co. will post 8.15 EPS for the current 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 paid a $0.76 dividend. 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. This represents a $3.04 annualized dividend and a dividend yield of 3.45%. State Street’s payout ratio is presently 51.69%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Royal Bank of Canada boosted their target price on shares of State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 17th. Barclays boosted their price objective on State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft raised their target price on State Street from $79.00 to $87.00 and gave the company a “hold” rating in a report on Monday. Citigroup upped their price target on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. Finally, The Goldman Sachs Group increased their price target on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, State Street currently has an average rating of “Hold” and an average price target of $89.61.

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.