State Street Co. (NYSE:STT) Stock Position Lifted by Pine Valley Investments Ltd Liability Co

Pine Valley Investments Ltd Liability Co boosted its stake in State Street Co. (NYSE:STT) by 7.8% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 35,060 shares of the asset manager’s stock after buying an additional 2,549 shares during the quarter. Pine Valley Investments Ltd Liability Co’s holdings in State Street were worth $2,594,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the stock. Kings Path Partners LLC purchased a new stake in shares of State Street during the second quarter worth $993,000. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of State Street by 0.9% during the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 30,704 shares of the asset manager’s stock worth $2,272,000 after purchasing an additional 274 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in shares of State Street by 3.1% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 186,406 shares of the asset manager’s stock valued at $13,617,000 after buying an additional 5,646 shares during the last quarter. HB Wealth Management LLC grew its stake in shares of State Street by 9.2% in the 2nd quarter. HB Wealth Management LLC now owns 4,706 shares of the asset manager’s stock valued at $348,000 after buying an additional 397 shares in the last quarter. Finally, Kintegral Advisory LLC grew its stake in shares of State Street by 13.5% in the 2nd quarter. Kintegral Advisory LLC now owns 62,687 shares of the asset manager’s stock valued at $4,639,000 after buying an additional 7,474 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Performance

NYSE:STT traded up $1.20 during mid-day trading on Friday, hitting $87.10. 1,749,063 shares of the company’s stock traded hands, compared to its average volume of 2,218,288. The firm has a market capitalization of $26.24 billion, a price-to-earnings ratio of 16.31, a price-to-earnings-growth ratio of 1.37 and a beta of 1.50. The firm has a 50 day moving average of $79.85 and a two-hundred day moving average of $76.17. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.89. State Street Co. has a 12 month low of $62.78 and a 12 month high of $87.26.

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, 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 company had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. During the same period in the prior year, the business earned $2.17 earnings per share. State Street’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, equities analysts forecast that State Street Co. will post 8.13 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be issued a dividend of $0.76 per share. This is an increase from State Street’s previous quarterly dividend of $0.69. The ex-dividend date is Tuesday, October 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.49%. State Street’s payout ratio is presently 56.93%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods cut their price objective on shares of 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. The Goldman Sachs Group raised their price target on shares of State Street from $89.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Barclays upped their price objective on shares of State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Wells Fargo & Company raised 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. Finally, Bank of America upped their price target on State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, State Street has an average rating of “Hold” and an average price target of $88.89.

State Street Company 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.