LRI Investments LLC Acquires New Position in State Street Co. (NYSE:STT)

LRI Investments LLC bought a new position in shares of State Street Co. (NYSE:STT) during the 1st quarter, Holdings Channel reports. The firm bought 963 shares of the asset manager’s stock, valued at approximately $73,000.

A number of other hedge funds also recently added to or reduced their stakes in STT. Symmetry Partners LLC grew its holdings in shares of State Street by 3.5% in the 1st quarter. Symmetry Partners LLC now owns 3,802 shares of the asset manager’s stock worth $294,000 after acquiring an additional 130 shares during the period. HB Wealth Management LLC raised its stake in shares of State Street by 3.4% during the 1st quarter. HB Wealth Management LLC now owns 4,309 shares of the asset manager’s stock worth $333,000 after buying an additional 140 shares during the last quarter. Tompkins Financial Corp boosted its position in shares of State Street by 28.3% in the 1st quarter. Tompkins Financial Corp now owns 680 shares of the asset manager’s stock worth $53,000 after buying an additional 150 shares in the last quarter. CWM LLC grew its stake in State Street by 2.6% in the 1st quarter. CWM LLC now owns 6,435 shares of the asset manager’s stock valued at $498,000 after acquiring an additional 165 shares during the last quarter. Finally, Syon Capital LLC increased its holdings in State Street by 3.7% during the 4th quarter. Syon Capital LLC now owns 4,735 shares of the asset manager’s stock valued at $367,000 after acquiring an additional 168 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Stock Up 0.5 %

NYSE:STT traded up $0.40 on Friday, reaching $85.29. The stock had a trading volume of 1,509,865 shares, compared to its average volume of 2,383,783. State Street Co. has a 12-month low of $62.78 and a 12-month high of $86.24. The stock has a market cap of $25.69 billion, a P/E ratio of 15.97, a price-to-earnings-growth ratio of 1.32 and a beta of 1.48. The company has a current ratio of 0.54, a quick ratio of 0.61 and a debt-to-equity ratio of 0.89. The company has a 50-day moving average of $76.02 and a 200 day moving average of $74.92.

State Street (NYSE:STT) last issued its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter in the prior year, the business posted $2.17 earnings per share. State Street’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, research analysts predict that State Street Co. will post 8.12 earnings per share for the current year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be paid a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.56%. The ex-dividend date is Tuesday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.69. State Street’s payout ratio is 51.69%.

Analysts Set New Price Targets

STT has been the topic of several recent research reports. Royal Bank of Canada upped their price target on shares of State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a report on Wednesday, July 17th. Wolfe Research reissued an “underperform” rating and set a $73.00 price target on shares of State Street in a research report on Monday, July 8th. The Goldman Sachs Group upped their price objective on shares of State Street from $89.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Wells Fargo & Company lifted their target price on shares of State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Finally, UBS Group raised their price objective on State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a report on Friday, April 12th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $88.96.

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.