HBK Sorce Advisory LLC Has $1.36 Million Stock Holdings in State Street Co. (NYSE:STT)

HBK Sorce Advisory LLC decreased its position in shares of State Street Co. (NYSE:STT) by 1.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,332 shares of the asset manager’s stock after selling 193 shares during the quarter. HBK Sorce Advisory LLC’s holdings in State Street were worth $1,357,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of State Street during the fourth quarter worth about $147,421,000. LSV Asset Management lifted its stake in State Street by 30.6% in the second quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock valued at $390,897,000 after buying an additional 1,238,251 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in State Street by 541.2% in the first quarter. Jacobs Levy Equity Management Inc. now owns 751,641 shares of the asset manager’s stock valued at $58,117,000 after buying an additional 634,422 shares in the last quarter. SG Americas Securities LLC boosted its holdings in shares of State Street by 430.5% in the first quarter. SG Americas Securities LLC now owns 735,136 shares of the asset manager’s stock valued at $56,841,000 after buying an additional 596,567 shares during the period. Finally, Balyasny Asset Management L.P. increased its position in shares of State Street by 57.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,563,964 shares of the asset manager’s stock worth $121,145,000 after acquiring an additional 573,016 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on STT shares. Bank of America upped their target price on shares of State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 17th. Royal Bank of Canada lifted their target price on State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 17th. Wells Fargo & Company upped 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. Keefe, Bruyette & Woods lowered 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 report on Thursday, June 27th. Finally, Wolfe Research restated an “underperform” rating and set a $73.00 target price on shares of State Street in a report on Monday, July 8th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $88.89.

State Street Trading Up 0.8 %

Shares of NYSE:STT opened at $83.28 on Friday. The company has a 50-day simple moving average of $82.01 and a 200 day simple moving average of $77.01. The company has a market capitalization of $25.09 billion, a P/E ratio of 15.60, 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 quick ratio of 0.54 and a current ratio of 0.54. State Street Co. has a 52-week low of $62.78 and a 52-week high of $87.26.

State Street (NYSE:STT) last issued its earnings results on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, topping 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 the consensus estimate of $3.15 billion. During the same period in the previous year, the company posted $2.17 EPS. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. Sell-side analysts forecast that State Street Co. will post 8.14 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. Shareholders of record on Tuesday, October 1st will be issued a $0.76 dividend. This is a boost from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a yield of 3.65%. The ex-dividend date of this dividend is Tuesday, October 1st. State Street’s dividend payout ratio is currently 56.93%.

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.