Sompo Asset Management Co. Ltd. Trims Position in State Street Co. (NYSE:STT)

Sompo Asset Management Co. Ltd. lowered its position in State Street Co. (NYSE:STT) by 7.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 25,500 shares of the asset manager’s stock after selling 2,150 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in State Street were worth $1,887,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of STT. LRI Investments LLC purchased a new stake in shares of State Street in the 1st quarter valued at approximately $25,000. Ashton Thomas Private Wealth LLC acquired a new position in State Street in the second quarter valued at about $27,000. Norwood Financial Corp acquired a new stake in shares of State Street during the first quarter valued at about $35,000. Versant Capital Management Inc raised its stake in shares of State Street by 411.9% in the 2nd quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock valued at $38,000 after acquiring an additional 416 shares during the period. Finally, Accent Capital Management LLC purchased a new stake in State Street in the fourth quarter valued at approximately $39,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on STT. Citigroup increased their target price on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, July 22nd. Wells Fargo & Company increased their price target on shares of State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Keefe, Bruyette & Woods dropped their price objective 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 target price on shares of State Street from $89.00 to $98.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Finally, Royal Bank of Canada raised their price target on shares of State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 17th. Two equities 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 stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $88.89.

State Street Price Performance

State Street stock opened at $88.50 on Friday. The business has a 50 day simple moving average of $83.19 and a 200-day simple moving average of $77.48. State Street Co. has a 12 month low of $62.78 and a 12 month high of $89.42. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.54. The stock has a market capitalization of $26.43 billion, a PE ratio of 16.57, a price-to-earnings-growth ratio of 1.38 and a beta of 1.48.

State Street (NYSE:STT) last posted 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 net margin of 8.98% and a return on equity of 11.78%. The firm had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. During the same period in the prior year, the company posted $2.17 earnings per share. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. Equities analysts predict 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 dividend of $0.76 per share. This is a positive change from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a yield of 3.44%. The ex-dividend date of this dividend is Tuesday, October 1st. State Street’s dividend payout ratio is presently 51.69%.

State Street Company Profile

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.