Intech Investment Management LLC Sells 117,169 Shares of State Street Co. (NYSE:STT)

Intech Investment Management LLC trimmed its stake in State Street Co. (NYSE:STT) by 40.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 175,911 shares of the asset manager’s stock after selling 117,169 shares during the period. Intech Investment Management LLC owned about 0.06% of State Street worth $13,017,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the stock. Norges Bank acquired a new position in State Street in the fourth quarter worth $147,421,000. LSV Asset Management boosted its stake in State Street by 30.6% in the second quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock worth $390,897,000 after purchasing an additional 1,238,251 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in State Street by 541.2% in the first quarter. Jacobs Levy Equity Management Inc. now owns 751,641 shares of the asset manager’s stock worth $58,117,000 after purchasing an additional 634,422 shares in the last quarter. SG Americas Securities LLC boosted its stake in State Street by 430.5% in the first quarter. SG Americas Securities LLC now owns 735,136 shares of the asset manager’s stock worth $56,841,000 after purchasing an additional 596,567 shares in the last quarter. Finally, Balyasny Asset Management L.P. boosted 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 in the last quarter. 87.44% of the stock is currently owned by institutional investors.

State Street Stock Down 0.9 %

Shares of State Street stock opened at $88.50 on Friday. State Street Co. has a 1 year low of $62.78 and a 1 year high of $89.42. The business has a 50-day moving average of $83.19 and a two-hundred day moving average of $77.48. The company has a market capitalization of $26.43 billion, a P/E ratio of 16.57, a price-to-earnings-growth ratio of 1.38 and a beta of 1.48. 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 (NYSE:STT) last announced its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.12. State Street had a return on equity of 11.78% and a net margin of 8.98%. The company had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same period in the prior year, the company earned $2.17 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, equities analysts predict that State Street Co. will post 8.15 EPS for the current year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be issued a dividend of $0.76 per share. 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. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.44%. State Street’s dividend payout ratio (DPR) is presently 51.69%.

Analyst Ratings Changes

A number of equities analysts have commented on STT shares. Bank of America boosted their price objective on State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 17th. The Goldman Sachs Group upped their price target on State Street from $89.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft cut their price target on State Street from $80.00 to $79.00 and set a “hold” rating on the stock in a research note on Thursday, August 15th. Barclays upped their price target on State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Finally, Citigroup upped their price target on State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, State Street has an average rating of “Hold” and an average price target of $88.89.

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.