State Street Corporation (NYSE:STT) Shares Purchased by Forsta AP Fonden

Key Points

• Forsta AP Fonden increased its holdings in State Street Corporation by 47.3%, acquiring an additional 31,600 shares during the first quarter, bringing its total to 98,400 shares valued at approximately $8.81 million.
• State Street's recent quarterly earnings report revealed a profit of $2.53 per share, exceeding analysts' expectations by $0.17, along with a revenue of $3.47 billion.
• The company announced an increase in its quarterly dividend to $0.84, effective October 14th, which reflects an annualized yield of 3.0%.

Forsta AP Fonden increased its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 47.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 98,400 shares of the asset manager's stock after acquiring an additional 31,600 shares during the quarter. Forsta AP Fonden's holdings in State Street were worth $8,810,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Eastern Bank boosted its stake in shares of State Street by 6,967.4% in the 1st quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock valued at $267,646,000 after purchasing an additional 2,947,153 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of State Street by 236.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager's stock worth $226,642,000 after purchasing an additional 1,622,408 shares during the period. Azora Capital LP acquired a new position in shares of State Street in the 4th quarter worth approximately $80,294,000. Northern Trust Corp lifted its position in shares of State Street by 15.7% in the 4th quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager's stock worth $407,166,000 after purchasing an additional 563,790 shares during the period. Finally, Miller Howard Investments Inc. NY acquired a new position in shares of State Street during the 1st quarter valued at $42,504,000. 87.44% of the stock is owned by institutional investors.

Analyst Ratings Changes

STT has been the subject of a number of recent research reports. Morgan Stanley boosted their price target on shares of State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Keefe, Bruyette & Woods reduced their target price on shares of State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. The Goldman Sachs Group boosted their price target on shares of State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Bank of America boosted their price target on shares of State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a report on Wednesday, July 16th. Finally, Citigroup upped their price objective on shares of State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, State Street has an average rating of "Hold" and a consensus target price of $112.00.

State Street Price Performance

Shares of NYSE STT traded up $1.49 during midday trading on Tuesday, reaching $111.32. 2,380,011 shares of the stock traded hands, compared to its average volume of 2,190,725. The company's 50 day moving average is $106.03 and its 200 day moving average is $96.79. State Street Corporation has a one year low of $72.81 and a one year high of $114.28. The stock has a market capitalization of $31.58 billion, a PE ratio of 12.47, a P/E/G ratio of 1.21 and a beta of 1.48. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, beating analysts' consensus estimates of $2.36 by $0.17. The company had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%. The firm's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter last year, the company earned $2.15 earnings per share. On average, equities research analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be given a dividend of $0.84 per share. The ex-dividend date is Wednesday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a dividend yield of 3.0%. State Street's dividend payout ratio (DPR) is presently 34.04%.

Insider Activity at State Street

In other State Street news, EVP Michael L. Richards sold 990 shares of the business's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the transaction, the executive vice president owned 41,332 shares of the company's stock, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.29% of the company's stock.

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.