State of New Jersey Common Pension Fund D Sells 70,437 Shares of State Street Co. (NYSE:STT)

State of New Jersey Common Pension Fund D decreased its stake in State Street Co. (NYSE:STT) by 40.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 104,360 shares of the asset manager’s stock after selling 70,437 shares during the period. State of New Jersey Common Pension Fund D’s holdings in State Street were worth $7,723,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. LRI Investments LLC bought a new position in State Street in the 1st quarter valued at approximately $25,000. Ashton Thomas Private Wealth LLC bought a new position in State Street in the 2nd quarter valued at approximately $27,000. Norwood Financial Corp bought a new position in State Street in the 1st quarter valued at approximately $35,000. Versant Capital Management Inc lifted its stake in 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 purchasing an additional 416 shares during the last quarter. Finally, Accent Capital Management LLC bought a new position in State Street in the 4th quarter valued at approximately $39,000. Institutional investors own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on STT shares. Barclays upped their price target on shares of State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Citigroup upped their price target on shares of State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Monday, July 22nd. Keefe, Bruyette & Woods decreased their price target on shares of 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. Bank of America upped their price target on shares of State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a research report on Wednesday, July 17th. Finally, Royal Bank of Canada upped 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 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 company. According to MarketBeat, State Street presently has an average rating of “Hold” and a consensus target price of $88.89.

State Street Trading Up 0.8 %

NYSE:STT opened at $83.28 on Friday. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $25.09 billion, a price-to-earnings ratio of 15.60, a PEG ratio of 1.34 and a beta of 1.48. The firm has a fifty day simple moving average of $82.01 and a two-hundred day simple moving average of $77.03. State Street Co. has a 12 month low of $62.78 and a 12 month high of $87.26.

State Street (NYSE:STT) last posted its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $3.15 billion. State Street had a net margin of 8.98% and a return on equity of 11.78%. The business’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period last year, the company posted $2.17 earnings per share. Analysts expect that State Street Co. will post 8.14 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be paid a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.65%. This is a positive change from State Street’s previous quarterly dividend of $0.69. The ex-dividend date is Tuesday, October 1st. State Street’s dividend payout ratio (DPR) is 56.93%.

About State Street

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.