State Street Corporation $STT Shares Purchased by L & S Advisors Inc

L & S Advisors Inc boosted its stake in State Street Corporation (NYSE:STT) by 30.4% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 101,378 shares of the asset manager’s stock after acquiring an additional 23,612 shares during the period. State Street accounts for about 1.1% of L & S Advisors Inc’s holdings, making the stock its 24th biggest position. L & S Advisors Inc’s holdings in State Street were worth $11,761,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Regents of The University of California purchased a new stake in shares of State Street during the third quarter worth approximately $324,576,000. Norges Bank acquired a new position in State Street in the 2nd quarter valued at $256,367,000. First Trust Advisors LP raised its position in State Street by 39.0% during the 2nd quarter. First Trust Advisors LP now owns 2,009,190 shares of the asset manager’s stock worth $213,657,000 after buying an additional 564,202 shares during the last quarter. Invesco Ltd. lifted its stake in shares of State Street by 4.7% in the 2nd quarter. Invesco Ltd. now owns 8,566,237 shares of the asset manager’s stock worth $910,934,000 after acquiring an additional 381,547 shares during the period. Finally, Nordea Investment Management AB lifted its stake in shares of State Street by 7.8% in the 3rd quarter. Nordea Investment Management AB now owns 2,451,703 shares of the asset manager’s stock worth $283,343,000 after acquiring an additional 178,136 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have issued reports on STT. Weiss Ratings reiterated a “buy (b)” rating on shares of State Street in a research report on Wednesday, January 21st. Zacks Research cut State Street from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 1st. The Goldman Sachs Group restated a “buy” rating on shares of State Street in a research report on Tuesday, January 6th. Citigroup increased their price target on shares of State Street from $136.00 to $150.00 and gave the company a “buy” rating in a report on Tuesday, December 30th. Finally, Wall Street Zen raised shares of State Street from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, State Street presently has a consensus rating of “Moderate Buy” and a consensus price target of $135.83.

State Street Price Performance

State Street stock opened at $129.90 on Thursday. The stock has a market capitalization of $36.28 billion, a P/E ratio of 13.80, a P/E/G ratio of 1.12 and a beta of 1.43. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $137.05. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.59. The firm’s 50-day moving average is $130.12 and its two-hundred day moving average is $120.36.

State Street (NYSE:STT) last released its earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, topping the consensus estimate of $2.82 by $0.15. State Street had a return on equity of 13.46% and a net margin of 13.02%.The firm had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.57 billion. The firm’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the prior year, the business posted $2.60 earnings per share. Equities analysts predict that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, January 12th. Investors of record on Friday, January 2nd were given a dividend of $0.84 per share. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $3.36 annualized dividend and a yield of 2.6%. State Street’s dividend payout ratio is 35.71%.

State Street Company Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.