South Dakota Investment Council Sells 19,826 Shares of State Street Corporation $STT

South Dakota Investment Council reduced its position in shares of State Street Corporation (NYSE:STT) by 16.8% during the third quarter, Holdings Channel reports. The firm owned 98,120 shares of the asset manager’s stock after selling 19,826 shares during the period. South Dakota Investment Council’s holdings in State Street were worth $11,383,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Invesco Ltd. increased its stake in State Street by 4.7% in the 2nd quarter. Invesco Ltd. now owns 8,566,237 shares of the asset manager’s stock valued at $910,934,000 after buying an additional 381,547 shares during the last quarter. Dodge & Cox grew its holdings in shares of State Street by 1.1% in the second quarter. Dodge & Cox now owns 7,412,414 shares of the asset manager’s stock valued at $788,236,000 after acquiring an additional 80,855 shares in the last quarter. Geode Capital Management LLC increased its position in shares of State Street by 0.4% during the second quarter. Geode Capital Management LLC now owns 7,412,130 shares of the asset manager’s stock valued at $784,930,000 after acquiring an additional 27,098 shares during the last quarter. Regents of The University of California bought a new stake in State Street during the third quarter worth $324,576,000. Finally, Nordea Investment Management AB lifted its holdings in State Street by 7.8% during the third 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 currently owned by hedge funds and other institutional investors.

State Street Price Performance

Shares of NYSE STT opened at $129.50 on Tuesday. The stock’s 50-day simple moving average is $130.17 and its two-hundred day simple moving average is $121.43. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $137.05. The firm has a market capitalization of $36.10 billion, a P/E ratio of 13.76, a P/E/G ratio of 1.13 and a beta of 1.43. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.82 by $0.15. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.57 billion. State Street had a return on equity of 13.46% and a net margin of 13.02%.The company’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter last year, the company posted $2.60 EPS. As a group, equities analysts anticipate that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st will be paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Wednesday, April 1st. State Street’s payout ratio is currently 35.71%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. The Goldman Sachs Group restated a “buy” rating on shares of State Street in a research note on Tuesday, January 6th. Weiss Ratings restated a “buy (b)” rating on shares of State Street in a research report on Wednesday, January 21st. Wall Street Zen raised shares of State Street from a “sell” rating to a “hold” rating in a research report on Saturday, January 17th. Citigroup started coverage on shares of State Street in a research note on Monday, February 23rd. They issued a “buy” rating and a $150.00 target price on the stock. Finally, Zacks Research lowered shares of State Street from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 1st. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $135.83.

State Street 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.