Great Lakes Advisors LLC Has $37.36 Million Holdings in State Street Co. (NYSE:STT)

Great Lakes Advisors LLC trimmed its holdings in State Street Co. (NYSE:STT) by 1.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 504,858 shares of the asset manager’s stock after selling 6,553 shares during the period. Great Lakes Advisors LLC owned about 0.17% of State Street worth $37,360,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. LRI Investments LLC acquired a new stake in State Street during the 1st quarter worth approximately $25,000. Norwood Financial Corp acquired a new stake in shares of State Street during the first quarter worth $35,000. Versant Capital Management Inc lifted its position in State Street by 411.9% in the 2nd 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. Accent Capital Management LLC bought a new position in State Street during the 4th quarter worth about $39,000. Finally, Quarry LP acquired a new stake in shares of State Street in the 4th quarter valued at about $39,000. 87.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Barclays upped their price objective on State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Citigroup lifted their price objective on shares of State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Monday, July 22nd. The Goldman Sachs Group lifted their price target 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. Keefe, Bruyette & Woods reduced their price objective on shares of State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a research note on Thursday, June 27th. Finally, Royal Bank of Canada upped their target price on State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $88.89.

State Street Stock Performance

STT traded down $1.90 during trading on Friday, hitting $83.29. The stock had a trading volume of 2,191,583 shares, compared to its average volume of 1,678,343. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.54. The firm has a market cap of $24.87 billion, a price-to-earnings ratio of 15.60, a P/E/G ratio of 1.39 and a beta of 1.48. The company has a 50 day moving average price of $81.09 and a 200-day moving average price of $76.64. State Street Co. has a one year low of $62.78 and a one year high of $87.26.

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 analysts’ consensus estimates of $2.03 by $0.12. State Street had a net margin of 8.98% and a return on equity of 11.78%. 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 previous year, the firm posted $2.17 EPS. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, research analysts predict that State Street Co. will post 8.14 EPS for the current year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.65%. This is an increase from State Street’s previous quarterly dividend of $0.69. The ex-dividend date is Tuesday, October 1st. State Street’s dividend payout ratio is presently 51.69%.

State Street 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.