Stablepoint Partners LLC Makes New Investment in State Street Co. (NYSE:STT)

Stablepoint Partners LLC purchased a new stake in shares of State Street Co. (NYSE:STT) during the third quarter, HoldingsChannel.com reports. The institutional investor purchased 2,552 shares of the asset manager’s stock, valued at approximately $226,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. LRI Investments LLC bought a new stake in shares of State Street during the first quarter valued at about $25,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of State Street during the 2nd quarter worth about $27,000. Norwood Financial Corp acquired a new stake in shares of State Street in the 1st quarter worth approximately $35,000. Versant Capital Management Inc boosted its holdings in shares of State Street by 411.9% in the second quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock valued at $38,000 after acquiring an additional 416 shares in the last quarter. Finally, Quarry LP acquired a new position in shares of State Street during the fourth quarter valued at approximately $39,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Stock Performance

State Street stock opened at $90.99 on Tuesday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. The stock has a market cap of $27.41 billion, a PE ratio of 17.04, a P/E/G ratio of 1.30 and a beta of 1.48. State Street Co. has a 12-month low of $62.78 and a 12-month high of $91.14. The business’s 50-day moving average price is $84.71 and its two-hundred day moving average price is $79.16.

State Street (NYSE:STT) last announced its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.12. The business had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.15 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. State Street’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period last year, the company earned $2.17 EPS. As a group, analysts expect that State Street Co. will post 8.15 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st were issued a $0.76 dividend. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.34%. This is an increase from State Street’s previous quarterly dividend of $0.69. State Street’s dividend payout ratio is currently 56.93%.

Analyst Upgrades and Downgrades

STT has been the topic of several research reports. Morgan Stanley boosted their price target on shares of State Street from $93.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Keefe, Bruyette & Woods dropped their target price 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. 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. The Goldman Sachs Group lifted their price target on shares of State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Finally, Barclays increased their price objective on State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, State Street has a consensus rating of “Hold” and a consensus price target of $90.11.

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.