L & S Advisors Inc Invests $2.17 Million in State Street Co. (NYSE:STT)

L & S Advisors Inc bought a new stake in shares of State Street Co. (NYSE:STT) in the second quarter, Holdings Channel reports. The fund bought 29,339 shares of the asset manager’s stock, valued at approximately $2,171,000.

Other hedge funds also recently added to or reduced their stakes in the company. Capital International Investors boosted its stake in shares of State Street by 0.5% in the first quarter. Capital International Investors now owns 6,626,753 shares of the asset manager’s stock worth $512,381,000 after buying an additional 31,314 shares during the last quarter. LSV Asset Management boosted its position in State Street by 30.6% in the 2nd quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock worth $390,897,000 after purchasing an additional 1,238,251 shares in the last quarter. Metropolis Capital Ltd grew its stake in shares of State Street by 13.1% during the 2nd quarter. Metropolis Capital Ltd now owns 4,124,840 shares of the asset manager’s stock worth $305,238,000 after purchasing an additional 479,205 shares during the period. Cooke & Bieler LP increased its holdings in shares of State Street by 3.1% during the 2nd quarter. Cooke & Bieler LP now owns 3,551,282 shares of the asset manager’s stock valued at $262,795,000 after purchasing an additional 105,222 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of State Street by 9.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,033,544 shares of the asset manager’s stock valued at $224,466,000 after purchasing an additional 259,729 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Price Performance

State Street stock opened at $85.50 on Tuesday. The company has a fifty day simple moving average of $82.25 and a 200-day simple moving average of $77.14. The firm has a market capitalization of $25.53 billion, a price-to-earnings ratio of 16.01, a PEG ratio of 1.34 and a beta of 1.48. 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 $87.26.

State Street (NYSE:STT) last announced its quarterly earnings data 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. The company had revenue of $3.19 billion during 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%. State Street’s revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.17 EPS. On average, equities analysts anticipate that State Street Co. will post 8.14 EPS 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. Shareholders of record on Tuesday, October 1st will be paid a dividend of $0.76 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.56%. This is a positive change from State Street’s previous quarterly dividend of $0.69. State Street’s payout ratio is 51.69%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on STT. 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 research report on Wednesday, July 17th. Royal Bank of Canada upped their price target on State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 17th. Evercore ISI raised their price objective on State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. The Goldman Sachs Group upped their target price on State Street from $89.00 to $98.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Finally, Bank of America increased their target price on State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a research report on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $88.89.

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.