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) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 29,339 shares of the asset manager’s stock, valued at approximately $2,171,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Envestnet Portfolio Solutions Inc. raised its position in State Street by 6.5% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 7,443 shares of the asset manager’s stock worth $577,000 after purchasing an additional 456 shares during the period. Brown Advisory Inc. increased its stake in State Street by 2.5% in the 4th quarter. Brown Advisory Inc. now owns 18,993 shares of the asset manager’s stock worth $1,471,000 after buying an additional 467 shares during the period. Norges Bank purchased a new stake in State Street in the 4th quarter valued at about $147,421,000. Coldstream Capital Management Inc. grew its stake in State Street by 4.3% in the 4th quarter. Coldstream Capital Management Inc. now owns 4,132 shares of the asset manager’s stock worth $320,000 after acquiring an additional 170 shares in the last quarter. Finally, Thoroughbred Financial Services LLC increased its position in shares of State Street by 14.3% during the fourth quarter. Thoroughbred Financial Services LLC now owns 5,218 shares of the asset manager’s stock worth $404,000 after acquiring an additional 654 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Stock Up 2.7 %

Shares of STT stock opened at $85.50 on Tuesday. The stock’s fifty day moving average price is $82.25 and its 200 day moving average price is $77.14. State Street Co. has a 1-year low of $62.78 and a 1-year high of $87.26. The company has a market cap of $25.53 billion, a price-to-earnings ratio of 16.01, a price-to-earnings-growth ratio of 1.34 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 (NYSE:STT) last posted 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 firm had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.15 billion. State Street had a net margin of 8.98% and a return on equity of 11.78%. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.17 earnings per share. On average, research analysts expect that State Street Co. will post 8.14 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. The ex-dividend date of this dividend is 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 dividend yield of 3.56%. State Street’s payout ratio is 51.69%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Royal Bank of Canada increased their price objective on State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 17th. Morgan Stanley raised their price target on State Street from $90.00 to $93.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 17th. The Goldman Sachs Group lifted their price objective on State Street from $89.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of State Street from $80.00 to $79.00 and set a “hold” rating on the stock in a report on Thursday, August 15th. Finally, Wells Fargo & Company boosted their price target on shares of State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, State Street currently has an average rating of “Hold” and an average target price 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.