State Street Co. (NYSE:STT) Stake Decreased by Mackenzie Financial Corp

Mackenzie Financial Corp trimmed its holdings in State Street Co. (NYSE:STT) by 42.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 121,763 shares of the asset manager’s stock after selling 90,577 shares during the quarter. Mackenzie Financial Corp’s holdings in State Street were worth $9,010,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of State Street by 4.5% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 941,404 shares of the asset manager’s stock worth $72,789,000 after purchasing an additional 40,835 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in State Street by 3.3% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 198,891 shares of the asset manager’s stock worth $15,376,000 after purchasing an additional 6,363 shares during the period. M&G Plc bought a new position in State Street in the 1st quarter valued at about $7,626,000. Public Employees Retirement Association of Colorado increased its stake in State Street by 298.6% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 37,888 shares of the asset manager’s stock valued at $2,935,000 after buying an additional 28,382 shares during the period. Finally, Cetera Investment Advisers raised its position in shares of State Street by 127.8% during the 1st quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock worth $3,433,000 after buying an additional 24,906 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Bank of America increased their price objective on shares of State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods lowered their price target on State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a research report on Thursday, June 27th. Morgan Stanley upped their price objective on State Street from $93.00 to $100.00 and gave the company an “equal weight” rating in a report on Monday. Wolfe Research reaffirmed an “underperform” rating and set a $73.00 target price on shares of State Street in a report on Monday, July 8th. 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 report on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, State Street has a consensus rating of “Hold” and an average target price of $90.11.

State Street Stock Performance

State Street stock opened at $88.47 on Tuesday. State Street Co. has a fifty-two week low of $62.78 and a fifty-two week high of $89.49. The firm’s 50 day simple moving average is $83.78 and its 200-day simple moving average is $78.23. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.54. The company has a market cap of $26.65 billion, a P/E ratio of 16.57, a price-to-earnings-growth ratio of 1.44 and a beta of 1.48.

State Street (NYSE:STT) last posted its quarterly earnings data 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 firm had revenue of $3.19 billion for 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 company’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.17 EPS. As a group, equities research analysts predict that State Street Co. will post 8.15 EPS for the current year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be paid a $0.76 dividend. This is an increase from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a yield of 3.44%. The ex-dividend date of this dividend is Tuesday, October 1st. State Street’s dividend payout ratio is currently 56.93%.

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.