Swedbank AB Raises Holdings in State Street Corporation $STT

Key Points

• Swedbank AB increased its holdings in State Street Corporation by 2.4% during the second quarter, acquiring an additional 3,266 shares, bringing its total ownership to 138,495 shares valued at approximately $14.7 million.
• State Street Corporation recently raised its quarterly dividend from $0.76 to $0.84, representing an annualized yield of 3.0%.
• Several analysts have upgraded their price targets for State Street shares, with Evercore ISI setting a new target of $115.00 and Truist Financial increasing theirs to $125.00, indicating positive sentiment towards the stock.

Swedbank AB raised its position in shares of State Street Corporation (NYSE:STT - Free Report) by 2.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 138,495 shares of the asset manager's stock after purchasing an additional 3,266 shares during the quarter. Swedbank AB's holdings in State Street were worth $14,728,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC bought a new position in State Street in the 4th quarter worth $296,000. Tidal Investments LLC increased its holdings in State Street by 15.9% in the 4th quarter. Tidal Investments LLC now owns 10,248 shares of the asset manager's stock valued at $998,000 after acquiring an additional 1,404 shares during the last quarter. Two Sigma Investments LP lifted its stake in State Street by 34.9% in the 4th quarter. Two Sigma Investments LP now owns 51,195 shares of the asset manager's stock worth $5,025,000 after purchasing an additional 13,251 shares in the last quarter. Two Sigma Advisers LP boosted its holdings in shares of State Street by 984.4% during the 4th quarter. Two Sigma Advisers LP now owns 34,700 shares of the asset manager's stock valued at $3,406,000 after purchasing an additional 31,500 shares during the last quarter. Finally, Vident Advisory LLC grew its position in shares of State Street by 7.3% during the fourth quarter. Vident Advisory LLC now owns 5,577 shares of the asset manager's stock valued at $547,000 after purchasing an additional 378 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

State Street Trading Down 0.9%

STT traded down $0.97 during trading on Tuesday, hitting $112.35. 437,486 shares of the stock were exchanged, compared to its average volume of 2,033,678. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. The firm has a 50 day simple moving average of $111.66 and a 200 day simple moving average of $99.80. The firm has a market cap of $31.87 billion, a price-to-earnings ratio of 12.59, a P/E/G ratio of 1.11 and a beta of 1.50. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $116.37.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.36 by $0.17. The business 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 business's revenue was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.15 EPS. As a group, equities analysts expect that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be given a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 1st. This is a boost from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio is currently 34.04%.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 990 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the transaction, the executive vice president directly owned 41,332 shares in the company, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.29% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on STT shares. Morgan Stanley boosted their target price on State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Evercore ISI lifted their price objective on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. Wells Fargo & Company increased their target price on State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Truist Financial raised their target price on shares of State Street from $116.00 to $125.00 and gave the company a "buy" rating in a report on Thursday, August 14th. Finally, Citigroup upgraded shares of State Street from a "neutral" rating to a "buy" rating and increased their price objective for the company from $115.00 to $130.00 in a research report on Friday, September 5th. Eight investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $114.18.

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.