Kentucky Retirement Systems Sells 1,759 Shares of State Street Co. (NYSE:STT)

Kentucky Retirement Systems decreased its position in shares of State Street Co. (NYSE:STT) by 7.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,931 shares of the asset manager’s stock after selling 1,759 shares during the quarter. Kentucky Retirement Systems’ holdings in State Street were worth $1,773,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of STT. Price T Rowe Associates Inc. MD grew its holdings in State Street by 22.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 576,333 shares of the asset manager’s stock worth $44,563,000 after buying an additional 105,710 shares in the last quarter. Lazard Asset Management LLC boosted its position in State Street by 168.7% in the first quarter. Lazard Asset Management LLC now owns 807,950 shares of the asset manager’s stock worth $62,469,000 after purchasing an additional 507,270 shares during the last quarter. LRI Investments LLC purchased a new position in State Street in the first quarter worth $73,000. Canada Pension Plan Investment Board boosted its position in State Street by 108.6% in the first quarter. Canada Pension Plan Investment Board now owns 615,514 shares of the asset manager’s stock worth $47,592,000 after purchasing an additional 320,414 shares during the last quarter. Finally, Capital International Sarl boosted its position in State Street by 3.3% in the first quarter. Capital International Sarl now owns 32,673 shares of the asset manager’s stock worth $2,526,000 after purchasing an additional 1,048 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on STT. Argus lifted their target price on shares of State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. Wells Fargo & Company increased their target price on 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 reduced their price target on State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a research report on Thursday, June 27th. Evercore ISI lifted their price target on State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Finally, Citigroup boosted their target price on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $88.96.

State Street Trading Up 0.5 %

Shares of NYSE STT traded up $0.40 during midday trading on Friday, reaching $85.29. The company had a trading volume of 1,509,865 shares, compared to its average volume of 2,383,783. State Street Co. has a one year low of $62.78 and a one year high of $86.24. The company has a quick ratio of 0.61, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. The firm’s fifty day moving average price is $76.02 and its 200-day moving average price is $74.92. The stock has a market cap of $25.69 billion, a PE ratio of 15.97, a price-to-earnings-growth ratio of 1.32 and a beta of 1.48.

State Street (NYSE:STT) last released its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $3.15 billion. During the same quarter in the previous year, the company posted $2.17 EPS. State Street’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, equities research analysts anticipate that State Street Co. will post 8.12 earnings per share for the current year.

State Street Increases Dividend

The firm also recently declared 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. This represents a $3.04 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date is Tuesday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.69. State Street’s payout ratio is currently 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.