Forsta AP Fonden Has $4.66 Million Position in State Street Co. (NYSE:STT)

Forsta AP Fonden lowered its stake in shares of State Street Co. (NYSE:STT) by 17.0% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 63,000 shares of the asset manager’s stock after selling 12,900 shares during the period. Forsta AP Fonden’s holdings in State Street were worth $4,662,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. LRI Investments LLC acquired a new position in State Street in the first quarter worth about $25,000. Ashton Thomas Private Wealth LLC acquired a new position in State Street in the second quarter worth about $27,000. Norwood Financial Corp acquired a new position in State Street in the first quarter worth about $35,000. Accent Capital Management LLC acquired a new position in State Street in the fourth quarter worth about $39,000. Finally, Quarry LP acquired a new position in State Street in the fourth quarter worth about $39,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

STT has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft dropped their price target on shares of State Street from $80.00 to $79.00 and set a “hold” rating for the company in a research report on Thursday, August 15th. Morgan Stanley boosted their target price on State Street from $90.00 to $93.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods dropped their price target on State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a report on Thursday, June 27th. Wolfe Research reaffirmed an “underperform” rating and set a $73.00 price target on shares of State Street in a report on Monday, July 8th. Finally, The Goldman Sachs Group raised their price target on State Street from $89.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, State Street has a consensus rating of “Hold” and a consensus price target of $88.89.

State Street Stock Up 0.8 %

NYSE:STT opened at $83.28 on Friday. State Street Co. has a 12-month low of $62.78 and a 12-month high of $87.26. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $25.09 billion, a P/E ratio of 15.60, a P/E/G ratio of 1.34 and a beta of 1.48. The stock’s fifty day simple moving average is $82.01 and its 200-day simple moving average is $77.03.

State Street (NYSE:STT) last posted its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.12. The business had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. The firm’s revenue was up 2.6% on a year-over-year basis. During the same period last year, the company earned $2.17 EPS. Equities research 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 announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be issued a dividend of $0.76 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a yield of 3.65%. State Street’s payout ratio is currently 56.93%.

State Street Company 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.