State Street Co. (NYSE:STT) Shares Sold by Selway Asset Management

Selway Asset Management cut its holdings in shares of State Street Co. (NYSE:STT) by 20.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,400 shares of the asset manager’s stock after selling 3,600 shares during the period. Selway Asset Management’s holdings in State Street were worth $1,274,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in STT. LSV Asset Management increased its position in shares of State Street by 30.6% in the 2nd quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock valued at $390,897,000 after acquiring an additional 1,238,251 shares during the period. Jacobs Levy Equity Management Inc. increased its position in shares of State Street by 541.2% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 751,641 shares of the asset manager’s stock valued at $58,117,000 after acquiring an additional 634,422 shares during the period. SG Americas Securities LLC increased its position in shares of State Street by 430.5% in the 1st quarter. SG Americas Securities LLC now owns 735,136 shares of the asset manager’s stock valued at $56,841,000 after acquiring an additional 596,567 shares during the period. Lazard Asset Management LLC increased its position in shares of State Street by 168.7% in the 1st quarter. Lazard Asset Management LLC now owns 807,950 shares of the asset manager’s stock valued at $62,469,000 after acquiring an additional 507,270 shares during the period. Finally, Metropolis Capital Ltd increased its position in shares of State Street by 13.1% in the 2nd quarter. Metropolis Capital Ltd now owns 4,124,840 shares of the asset manager’s stock valued at $305,238,000 after acquiring an additional 479,205 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Price Performance

Shares of STT stock traded up $0.49 during mid-day trading on Friday, hitting $89.83. 2,793,355 shares of the stock were exchanged, compared to its average volume of 2,274,691. The firm has a fifty day moving average of $84.43 and a 200 day moving average of $79.04. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. State Street Co. has a 52-week low of $62.78 and a 52-week high of $90.80. The company has a market cap of $26.83 billion, a PE ratio of 16.89, a price-to-earnings-growth ratio of 1.30 and a beta of 1.48.

State Street (NYSE:STT) last issued its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates 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%. State Street’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period last year, the company posted $2.17 EPS. Research analysts anticipate that State Street Co. will post 8.15 earnings per share for the current year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Tuesday, October 1st were paid a $0.76 dividend. The ex-dividend date of this dividend was Tuesday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 dividend on an annualized basis and a yield of 3.38%. State Street’s dividend payout ratio (DPR) is currently 57.14%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on STT. Wolfe Research reissued an “underperform” rating and issued a $73.00 target price on shares of State Street in a research report on Monday, July 8th. Deutsche Bank Aktiengesellschaft increased their price target on State Street from $79.00 to $87.00 and gave the stock a “hold” rating in a research report on Monday, September 23rd. Citigroup increased their price target on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Bank of America increased their price target on State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 17th. Finally, Wells Fargo & Company increased their price target on State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, State Street has a consensus 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.