Acadian Asset Management LLC grew its holdings in State Street Co. (NYSE:STT – Free Report) by 165.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 134,998 shares of the asset manager’s stock after buying an additional 84,234 shares during the quarter. Acadian Asset Management LLC’s holdings in State Street were worth $10,433,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. CVA Family Office LLC purchased a new position in State Street in the 4th quarter valued at about $27,000. Venturi Wealth Management LLC boosted its stake in shares of State Street by 92.5% in the fourth quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock worth $30,000 after acquiring an additional 184 shares during the last quarter. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of State Street during the fourth quarter worth approximately $35,000. Norwood Financial Corp acquired a new position in State Street in the 1st quarter valued at $35,000. Finally, Accent Capital Management LLC purchased a new position in State Street in the 4th quarter valued at $39,000. 87.44% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
STT has been the subject of a number of research reports. UBS Group upped their target price on shares of State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a report on Friday, April 12th. Evercore ISI upped their price objective on shares of State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a research note on Wednesday. Morgan Stanley raised 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 note on Wednesday. JPMorgan Chase & Co. upped their price target on State Street from $79.50 to $80.50 in a research report on Friday, April 12th. Finally, Bank of America increased their price target on State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $88.88.
State Street Trading Up 0.2 %
Shares of NYSE STT traded up $0.16 during mid-day trading on Friday, reaching $84.49. 1,565,933 shares of the company’s stock were exchanged, compared to its average volume of 2,457,966. The company’s 50-day moving average is $75.32 and its 200-day moving average is $74.68. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.61 and a current ratio of 0.54. The firm has a market capitalization of $25.45 billion, a price-to-earnings ratio of 15.82, a PEG ratio of 1.32 and a beta of 1.48. State Street Co. has a 52-week low of $62.78 and a 52-week high of $86.24.
State Street (NYSE:STT – Get Free Report) last announced its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.12. The company 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%. State Street’s revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the firm posted $2.17 earnings per share. Analysts expect that State Street Co. will post 8.11 EPS for the current fiscal year.
State Street Increases Dividend
The company 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 $0.76 dividend. This is a positive change from State Street’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.60%. State Street’s payout ratio is presently 51.69%.
State Street 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.