Bradley Foster & Sargent Inc. CT Reduces Holdings in State Street Co. (NYSE:STT)

Bradley Foster & Sargent Inc. CT decreased its position in shares of State Street Co. (NYSE:STT) by 28.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 41,636 shares of the asset manager’s stock after selling 16,241 shares during the period. Bradley Foster & Sargent Inc. CT’s holdings in State Street were worth $3,081,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in STT. Norges Bank purchased a new stake in State Street during the 4th quarter worth $147,421,000. LSV Asset Management increased its stake in State Street by 30.6% during the 2nd quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock worth $390,897,000 after buying an additional 1,238,251 shares during the period. Jacobs Levy Equity Management Inc. increased its stake in State Street by 541.2% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 751,641 shares of the asset manager’s stock worth $58,117,000 after buying an additional 634,422 shares during the period. SG Americas Securities LLC increased its stake in State Street by 430.5% during the 1st quarter. SG Americas Securities LLC now owns 735,136 shares of the asset manager’s stock worth $56,841,000 after buying an additional 596,567 shares during the period. Finally, Balyasny Asset Management L.P. increased its position in shares of State Street by 57.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,563,964 shares of the asset manager’s stock worth $121,145,000 after purchasing an additional 573,016 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Stock Up 0.5 %

State Street stock opened at $87.16 on Thursday. The firm has a market cap of $26.26 billion, a PE ratio of 16.32, a P/E/G ratio of 1.34 and a beta of 1.48. 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 firm’s 50 day moving average price is $82.73 and its two-hundred day moving average price is $77.30. State Street Co. has a twelve month low of $62.78 and a twelve month high of $88.18.

State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.12. The firm had revenue of $3.19 billion for 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%. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.17 EPS. On average, research analysts predict that State Street Co. will post 8.14 EPS for the current fiscal year.

State Street Increases Dividend

The firm 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 represents a $3.04 annualized dividend and a yield of 3.49%. This is an increase from State Street’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Tuesday, October 1st. State Street’s payout ratio is currently 56.93%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on STT. Barclays boosted their target price on shares of State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Royal Bank of Canada boosted their target price on shares of State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of State Street from $80.00 to $79.00 and set a “hold” rating for the company in a research report on Thursday, August 15th. Wells Fargo & Company boosted their target price on shares of State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Finally, Morgan Stanley boosted 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. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $88.89.

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.