Skandinaviska Enskilda Banken AB publ Boosts Position in State Street Co. (NYSE:STT)

Skandinaviska Enskilda Banken AB publ raised its holdings in shares of State Street Co. (NYSE:STT) by 152.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 150,022 shares of the asset manager’s stock after acquiring an additional 90,500 shares during the period. Skandinaviska Enskilda Banken AB publ owned approximately 0.05% of State Street worth $11,102,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Capital International Investors boosted its holdings in State Street by 0.5% in the first 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 last quarter. LSV Asset Management boosted 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 worth $390,897,000 after buying an additional 1,238,251 shares during the last quarter. Metropolis Capital Ltd grew its holdings in State Street by 13.1% during the second quarter. Metropolis Capital Ltd now owns 4,124,840 shares of the asset manager’s stock worth $305,238,000 after acquiring an additional 479,205 shares during the period. Cooke & Bieler LP raised its position in State Street by 3.1% during the second quarter. Cooke & Bieler LP now owns 3,551,282 shares of the asset manager’s stock valued at $262,795,000 after acquiring an additional 105,222 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in State Street by 9.4% in the second 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 during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Price Performance

Shares of NYSE STT opened at $88.50 on Friday. The firm has a 50-day simple moving average of $83.19 and a 200-day simple moving average of $77.51. 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 stock has a market capitalization of $26.43 billion, a price-to-earnings ratio of 16.57, a price-to-earnings-growth ratio of 1.38 and a beta of 1.48. State Street Co. has a 52 week low of $62.78 and a 52 week high of $89.42.

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, topping analysts’ consensus estimates 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 net margin of 8.98% and a return on equity of 11.78%. The business’s revenue was up 2.6% on a year-over-year basis. During the same period last year, the company posted $2.17 EPS. On average, equities analysts predict that State Street Co. will post 8.15 earnings per share for the current fiscal year.

State Street Increases Dividend

The business 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 $0.76 dividend. This is a boost from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a yield of 3.44%. The ex-dividend date of this dividend is Tuesday, October 1st. State Street’s dividend payout ratio is presently 51.69%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on STT shares. The Goldman Sachs Group lifted their target price on shares of State Street from $89.00 to $98.00 and gave the company a “buy” 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 on the stock in a research note on Thursday, June 27th. Evercore ISI lifted their price target on State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Royal Bank of Canada increased their price target 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. Finally, Barclays boosted their price objective on State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target 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.