Tredje AP fonden Has $3.64 Million Stock Position in State Street Co. (NYSE:STT)

Tredje AP fonden lowered its position in State Street Co. (NYSE:STT) by 1.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 49,125 shares of the asset manager’s stock after selling 758 shares during the period. Tredje AP fonden’s holdings in State Street were worth $3,635,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Capital International Investors grew its position in State Street by 0.5% in the 1st quarter. Capital International Investors now owns 6,626,753 shares of the asset manager’s stock valued at $512,381,000 after purchasing an additional 31,314 shares during the period. LSV Asset Management lifted its stake in shares of State Street by 30.6% in the second quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock valued at $390,897,000 after buying an additional 1,238,251 shares in the last quarter. Metropolis Capital Ltd grew its holdings in shares of State Street by 13.1% during the second quarter. Metropolis Capital Ltd now owns 4,124,840 shares of the asset manager’s stock valued at $305,238,000 after buying an additional 479,205 shares during the last quarter. Cooke & Bieler LP raised its holdings in shares of State Street by 3.1% in the 2nd quarter. Cooke & Bieler LP now owns 3,551,282 shares of the asset manager’s stock worth $262,795,000 after acquiring an additional 105,222 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in State Street by 9.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,033,544 shares of the asset manager’s stock valued at $224,466,000 after acquiring an additional 259,729 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Performance

NYSE:STT opened at $87.16 on Thursday. State Street Co. has a 1 year low of $62.78 and a 1 year high of $88.18. 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 business has a fifty day simple moving average of $82.73 and a two-hundred day simple moving average of $77.30. The company has a market capitalization of $26.26 billion, a P/E ratio of 16.32, a P/E/G ratio of 1.34 and a beta of 1.48.

State Street (NYSE:STT) last announced 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. The business had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.15 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the business posted $2.17 EPS. On average, analysts expect that State Street Co. will post 8.14 earnings per share for the current year.

State Street Increases Dividend

The firm also recently disclosed 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. The ex-dividend date is Tuesday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a yield of 3.49%. State Street’s dividend payout ratio (DPR) is 56.93%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Bank of America raised their target price on State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a report on Wednesday, July 17th. Evercore ISI lifted their price objective on shares of State Street from $88.00 to $91.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods lowered their target price on shares of State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a report on Thursday, June 27th. Morgan Stanley boosted their price target on shares of State Street from $90.00 to $93.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 17th. Finally, Wolfe Research reissued an “underperform” rating and set a $73.00 target price on shares of State Street in a research report on Monday, July 8th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $88.89.

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.