Magnetar Financial LLC Takes Position in State Street Co. (NYSE:STT)

Magnetar Financial LLC bought a new position in shares of State Street Co. (NYSE:STT) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 15,888 shares of the asset manager’s stock, valued at approximately $1,176,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Public Sector Pension Investment Board grew its stake in shares of State Street by 7.4% in the 2nd quarter. Public Sector Pension Investment Board now owns 51,086 shares of the asset manager’s stock worth $3,780,000 after purchasing an additional 3,499 shares during the last quarter. ProShare Advisors LLC boosted its holdings in State Street by 3.4% during the second quarter. ProShare Advisors LLC now owns 79,042 shares of the asset manager’s stock worth $5,849,000 after buying an additional 2,574 shares in the last quarter. Ensign Peak Advisors Inc grew its position in State Street by 39.3% in the second quarter. Ensign Peak Advisors Inc now owns 145,859 shares of the asset manager’s stock worth $10,794,000 after buying an additional 41,180 shares during the last quarter. Sei Investments Co. increased its holdings in shares of State Street by 14.5% in the second quarter. Sei Investments Co. now owns 500,238 shares of the asset manager’s stock valued at $37,017,000 after buying an additional 63,438 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its position in shares of State Street by 4.6% during the 2nd quarter. Pacer Advisors Inc. now owns 20,939 shares of the asset manager’s stock valued at $1,549,000 after acquiring an additional 922 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

State Street Trading Up 0.7 %

Shares of NYSE STT opened at $89.13 on Tuesday. State Street Co. has a 52 week low of $62.78 and a 52 week high of $89.49. The business has a 50 day simple moving average of $83.39 and a 200 day simple moving average of $77.67. 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 stock has a market cap of $26.85 billion, a price-to-earnings ratio of 16.69, a PEG ratio of 1.38 and a beta of 1.48.

State Street (NYSE:STT) last posted its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. The business had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the previous year, the company posted $2.17 earnings per share. On average, research analysts predict that State Street Co. will post 8.15 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be given a dividend of $0.76 per share. The ex-dividend date is Tuesday, October 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.41%. This is a positive change from State Street’s previous quarterly dividend of $0.69. State Street’s payout ratio is 56.93%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on STT. Keefe, Bruyette & Woods decreased their target price on State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a report on Thursday, June 27th. Wolfe Research reissued an “underperform” rating and issued a $73.00 price target on shares of State Street in a research note on Monday, July 8th. Royal Bank of Canada upped their price objective on shares of State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 17th. Morgan Stanley lifted their target price on shares of State Street from $90.00 to $93.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 17th. Finally, The Goldman Sachs Group boosted their price target on shares of State Street from $89.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Two equities research 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’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $89.46.

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.