M&R Capital Management Inc. Has $407,000 Stake in State Street Co. (NYSE:STT)

M&R Capital Management Inc. lowered its position in State Street Co. (NYSE:STT) by 30.2% in the third quarter, HoldingsChannel.com reports. The fund owned 4,606 shares of the asset manager’s stock after selling 1,992 shares during the quarter. M&R Capital Management Inc.’s holdings in State Street were worth $407,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of STT. LSV Asset Management boosted its holdings in shares of State Street by 30.6% during the 2nd quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock worth $390,897,000 after buying an additional 1,238,251 shares during the period. Jacobs Levy Equity Management Inc. raised its stake in State Street by 541.2% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 751,641 shares of the asset manager’s stock worth $58,117,000 after purchasing an additional 634,422 shares in the last quarter. SG Americas Securities LLC boosted its holdings in State Street by 430.5% in the 1st quarter. SG Americas Securities LLC now owns 735,136 shares of the asset manager’s stock valued at $56,841,000 after purchasing an additional 596,567 shares during the period. Balyasny Asset Management L.P. increased its holdings 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 purchasing an additional 573,016 shares during the period. Finally, Lazard Asset Management LLC raised its position in shares of State Street by 168.7% in the first quarter. Lazard Asset Management LLC now owns 807,950 shares of the asset manager’s stock valued at $62,469,000 after buying an additional 507,270 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

State Street Stock Down 0.8 %

Shares of STT stock opened at $85.98 on Thursday. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.89. State Street Co. has a 12 month low of $62.78 and a 12 month high of $89.49. The stock has a market cap of $25.90 billion, a P/E ratio of 16.10, a P/E/G ratio of 1.36 and a beta of 1.48. The company has a 50 day simple moving average of $83.89 and a two-hundred day simple moving average of $78.38.

State Street (NYSE:STT) last released its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share 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 company had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.15 billion. During the same quarter in the previous year, the company earned $2.17 EPS. State Street’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, research analysts expect that State Street Co. will post 8.17 earnings per share for the current year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be issued a $0.76 dividend. This is an increase from State Street’s previous quarterly dividend of $0.69. The ex-dividend date is Tuesday, October 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.54%. State Street’s dividend payout ratio (DPR) is presently 56.93%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on STT shares. Citigroup raised their price target on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Bank of America raised their target price on shares of State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a report on Wednesday, July 17th. Barclays upped their price target on shares of State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. The Goldman Sachs Group lifted their price objective on shares of State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Finally, Royal Bank of Canada upped their price objective on State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, State Street presently has an average rating of “Hold” and an average price target of $90.11.

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.