Public Employees Retirement Association of Colorado Reduces Stake in State Street Co. (NYSE:STT)

Public Employees Retirement Association of Colorado cut its holdings in shares of State Street Co. (NYSE:STT) by 14.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 32,473 shares of the asset manager’s stock after selling 5,415 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in State Street were worth $2,511,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Sumitomo Mitsui Trust Holdings Inc. lifted 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 purchasing an additional 40,835 shares during the period. Mitsubishi UFJ Trust & Banking Corp boosted its position in 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 worth $15,376,000 after purchasing an additional 6,363 shares in the last quarter. M&G Plc acquired a new stake in State Street in the first quarter valued at approximately $7,626,000. Federated Hermes Inc. increased its position in shares of State Street by 4.9% in the fourth quarter. Federated Hermes Inc. now owns 270,342 shares of the asset manager’s stock valued at $20,941,000 after buying an additional 12,594 shares in the last quarter. Finally, Mackenzie Financial Corp raised its stake in shares of State Street by 19.9% during the 4th quarter. Mackenzie Financial Corp now owns 181,856 shares of the asset manager’s stock worth $14,087,000 after buying an additional 30,124 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have issued reports on STT. Wells Fargo & Company upped their target price on State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Bank of America increased their price target on shares of State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a research note on Wednesday, July 17th. Wolfe Research reaffirmed an “underperform” rating and set a $73.00 price target on shares of State Street in a research report on Monday, July 8th. Barclays increased their price objective on State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Finally, Argus raised their target price on State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $88.96.

State Street Stock Performance

Shares of State Street stock opened at $84.92 on Tuesday. The stock has a market capitalization of $25.58 billion, a price-to-earnings ratio of 15.90, a PEG ratio of 1.32 and a beta of 1.49. The firm’s fifty day simple moving average is $76.17 and its 200-day simple moving average is $74.97. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.61. State Street Co. has a 12 month low of $62.78 and a 12 month high of $86.24.

State Street (NYSE:STT) last issued its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.12. State Street had a return on equity of 11.78% and a net margin of 8.98%. The firm had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.15 billion. During the same quarter in the previous year, the firm posted $2.17 EPS. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. As a group, equities analysts forecast that State Street Co. will post 8.12 earnings per share for the current year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be given a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.58%. This is a positive change from State Street’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Tuesday, October 1st. State Street’s dividend payout ratio (DPR) is 51.69%.

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.