State Street Co. (NYSE:STT) Shares Acquired by Park Avenue Securities LLC

Park Avenue Securities LLC lifted its position in shares of State Street Co. (NYSE:STT) by 5.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,971 shares of the asset manager’s stock after purchasing an additional 267 shares during the period. Park Avenue Securities LLC’s holdings in State Street were worth $440,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Benjamin F. Edwards & Company Inc. increased its position in shares of State Street by 5.4% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,514 shares of the asset manager’s stock worth $186,000 after purchasing an additional 129 shares in the last quarter. Symmetry Partners LLC increased its position in State Street by 3.5% in the 1st quarter. Symmetry Partners LLC now owns 3,802 shares of the asset manager’s stock valued at $294,000 after acquiring an additional 130 shares during the period. HB Wealth Management LLC increased its position in State Street by 3.4% in the 1st quarter. HB Wealth Management LLC now owns 4,309 shares of the asset manager’s stock valued at $333,000 after acquiring an additional 140 shares during the period. Massmutual Trust Co. FSB ADV increased its position in State Street by 9.3% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,739 shares of the asset manager’s stock valued at $129,000 after acquiring an additional 148 shares during the period. Finally, Tompkins Financial Corp increased its position in State Street by 28.3% in the 1st quarter. Tompkins Financial Corp now owns 680 shares of the asset manager’s stock valued at $53,000 after acquiring an additional 150 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Price Performance

Shares of NYSE:STT opened at $89.83 on Friday. The business’s 50 day simple moving average is $84.43 and its 200-day simple moving average is $79.04. The firm has a market capitalization of $26.83 billion, a price-to-earnings ratio of 16.89, a price-to-earnings-growth ratio of 1.30 and a beta of 1.48. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.54. State Street Co. has a 12 month low of $62.78 and a 12 month high of $90.80.

State Street (NYSE:STT) last announced its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, topping the consensus estimate of $2.03 by $0.12. The business had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. The company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.17 EPS. As a group, equities analysts forecast that State Street Co. will post 8.14 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st were paid a dividend of $0.76 per share. This is a positive change 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 payout ratio is 57.14%.

Analysts Set New Price Targets

Several brokerages recently issued reports on STT. Deutsche Bank Aktiengesellschaft boosted their price target on State Street from $79.00 to $87.00 and gave the company a “hold” rating in a research report on Monday, September 23rd. Morgan Stanley boosted their price target on State Street from $93.00 to $100.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Royal Bank of Canada boosted their price target on State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 17th. Citigroup boosted their price target on State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Monday, July 22nd. Finally, Wolfe Research reiterated an “underperform” rating and set a $73.00 target price on shares of State Street in a research report on Monday, July 8th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, State Street has an average rating of “Hold” and an average price target of $90.11.

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.