Verity & Verity LLC Has $13.19 Million Stock Holdings in State Street Co. (NYSE:STT)

Verity & Verity LLC grew its holdings in shares of State Street Co. (NYSE:STT) by 2.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 178,225 shares of the asset manager’s stock after acquiring an additional 4,912 shares during the period. State Street comprises 1.5% of Verity & Verity LLC’s holdings, making the stock its 28th largest holding. Verity & Verity LLC owned about 0.06% of State Street worth $13,189,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. LSV Asset Management raised its position in shares of State Street by 30.6% during the second quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock worth $390,897,000 after acquiring an additional 1,238,251 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted 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 last quarter. SG Americas Securities LLC increased 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 worth $56,841,000 after buying an additional 596,567 shares during the period. Balyasny Asset Management L.P. raised its stake in State Street by 57.8% during 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 buying an additional 573,016 shares during the last quarter. Finally, Lazard Asset Management LLC lifted 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 valued at $62,469,000 after buying an additional 507,270 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on STT shares. The Goldman Sachs Group boosted their price target on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Citigroup increased 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. Royal Bank of Canada upped their target price on 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 target 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. Finally, Wells Fargo & Company lifted their price objective on shares of State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Two 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 company’s stock. According to data from MarketBeat.com, State Street currently has a consensus rating of “Hold” and an average target price of $90.11.

State Street Stock Down 1.2 %

STT opened at $86.65 on Wednesday. State Street Co. has a twelve month low of $62.78 and a twelve month high of $89.49. The company’s 50-day moving average price is $83.83 and its two-hundred day moving average price is $78.33. The stock has a market cap of $25.88 billion, a price-to-earnings ratio of 16.23, a PEG ratio of 1.36 and a beta of 1.48. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89.

State Street (NYSE:STT) last released its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $3.15 billion. During the same period last year, the business posted $2.17 earnings per share. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. As a group, equities analysts expect that State Street Co. will post 8.17 earnings per share for the current year.

State Street Increases Dividend

The firm 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 3.51%. The ex-dividend date 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 (DPR) is currently 51.69%.

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.