GAMMA Investing LLC Buys 661 Shares of State Street Co. (NYSE:STT)

GAMMA Investing LLC increased its stake in shares of State Street Co. (NYSE:STT) by 36.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,493 shares of the asset manager’s stock after acquiring an additional 661 shares during the quarter. GAMMA Investing LLC’s holdings in State Street were worth $221,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of STT. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of State Street by 4.5% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 941,404 shares of the asset manager’s stock valued at $72,789,000 after buying an additional 40,835 shares during the period. Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of State Street by 3.3% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 198,891 shares of the asset manager’s stock valued at $15,376,000 after acquiring an additional 6,363 shares in the last quarter. M&G Plc bought a new stake in shares of State Street during the first quarter valued at approximately $7,626,000. Cetera Investment Advisers raised its position in shares of State Street by 127.8% during the first quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock worth $3,433,000 after purchasing an additional 24,906 shares during the period. Finally, FORA Capital LLC lifted its holdings in shares of State Street by 549.0% in the 1st quarter. FORA Capital LLC now owns 27,425 shares of the asset manager’s stock worth $2,121,000 after purchasing an additional 23,199 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on STT shares. Wells Fargo & Company upped their price objective on shares of State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. 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. Keefe, Bruyette & Woods decreased their price objective on State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a report on Thursday, June 27th. Bank of America increased 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. Finally, Evercore ISI upped their price target on State Street from $88.00 to $91.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, State Street has a consensus rating of “Hold” and an average price target of $90.11.

State Street Stock Up 0.5 %

State Street stock opened at $89.83 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $26.83 billion, a P/E ratio of 16.89, a P/E/G ratio of 1.30 and a beta of 1.48. The firm has a 50 day moving average price of $84.25 and a 200-day moving average price of $78.93. State Street Co. has a twelve month low of $62.78 and a twelve month high of $90.80.

State Street (NYSE:STT) last released its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, topping 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 business had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same period last year, the business posted $2.17 earnings per share. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. As a group, equities analysts predict that State Street Co. will post 8.14 EPS for the current year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st were paid a $0.76 dividend. This is an increase from State Street’s previous quarterly dividend of $0.69. The ex-dividend date was Tuesday, October 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.38%. State Street’s dividend payout ratio (DPR) is presently 57.14%.

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.