Diversified Trust Co Sells 16,846 Shares of State Street Co. (NYSE:STT)

Diversified Trust Co lessened its holdings in State Street Co. (NYSE:STT) by 38.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 26,730 shares of the asset manager’s stock after selling 16,846 shares during the quarter. Diversified Trust Co’s holdings in State Street were worth $2,365,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of STT. LSV Asset Management raised its position in shares of State Street by 30.6% in 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 during the period. Jacobs Levy Equity Management Inc. raised its position 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 acquiring an additional 634,422 shares during the period. SG Americas Securities LLC raised its position in shares of State Street by 430.5% in the 1st quarter. SG Americas Securities LLC now owns 735,136 shares of the asset manager’s stock valued at $56,841,000 after acquiring an additional 596,567 shares during the period. Balyasny Asset Management L.P. raised its holdings in State Street by 57.8% during the 4th 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 period. Finally, Lazard Asset Management LLC raised its holdings in State Street by 168.7% during the 1st quarter. Lazard Asset Management LLC now owns 807,950 shares of the asset manager’s stock worth $62,469,000 after buying an additional 507,270 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Trading Up 0.2 %

STT opened at $87.47 on Tuesday. 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 fifty-two week low of $62.78 and a fifty-two week high of $89.49. The firm has a market capitalization of $26.35 billion, a PE ratio of 16.38, a P/E/G ratio of 1.33 and a beta of 1.48. The company’s 50-day moving average is $83.95 and its 200 day moving average is $78.61.

State Street (NYSE:STT) last posted its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, beating the consensus estimate of $2.03 by $0.12. The firm had revenue of $3.19 billion during the quarter, compared to analyst estimates 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 for the quarter was up 2.6% on a year-over-year basis. During the same quarter last year, the business posted $2.17 EPS. As a group, research analysts predict that State Street Co. will post 8.16 earnings per share for the current fiscal year.

State Street Increases Dividend

The business 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. The ex-dividend date is Tuesday, October 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.48%. This is a positive change from State Street’s previous quarterly dividend of $0.69. State Street’s dividend payout ratio (DPR) is presently 56.93%.

Analyst Ratings Changes

Several analysts have commented on STT shares. Wells Fargo & Company raised their target price on shares of State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. The Goldman Sachs Group raised their target price on shares of State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Barclays lifted their price objective on shares of State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Morgan Stanley lifted their price objective on shares of State Street from $93.00 to $100.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Finally, Citigroup lifted their price objective on shares of State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Monday, July 22nd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $90.11.

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.