Canada Pension Plan Investment Board Grows Stake in State Street Co. (NYSE:STT)

Canada Pension Plan Investment Board boosted its position in shares of State Street Co. (NYSE:STT) by 108.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 615,514 shares of the asset manager’s stock after purchasing an additional 320,414 shares during the quarter. Canada Pension Plan Investment Board owned about 0.20% of State Street worth $47,592,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Symmetry Partners LLC boosted its position in State Street by 3.5% during the 1st quarter. Symmetry Partners LLC now owns 3,802 shares of the asset manager’s stock valued at $294,000 after acquiring an additional 130 shares in the last quarter. HB Wealth Management LLC boosted its position in State Street by 3.4% during the 1st quarter. HB Wealth Management LLC now owns 4,309 shares of the asset manager’s stock valued at $333,000 after acquiring an additional 140 shares in the last quarter. Tompkins Financial Corp boosted its position in State Street by 28.3% during the 1st quarter. Tompkins Financial Corp now owns 680 shares of the asset manager’s stock valued at $53,000 after acquiring an additional 150 shares in the last quarter. CWM LLC boosted its position in State Street by 2.6% during the 1st quarter. CWM LLC now owns 6,435 shares of the asset manager’s stock valued at $498,000 after acquiring an additional 165 shares in the last quarter. Finally, Syon Capital LLC boosted its position in State Street by 3.7% during the 4th quarter. Syon Capital LLC now owns 4,735 shares of the asset manager’s stock valued at $367,000 after acquiring an additional 168 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on STT shares. UBS Group increased their target price on State Street from $80.00 to $82.00 and gave the company a “neutral” rating in a research report on Friday, April 12th. Deutsche Bank Aktiengesellschaft raised their price objective on State Street from $75.00 to $80.00 and gave the stock a “hold” rating in a research report on Wednesday, July 17th. Morgan Stanley raised their price objective on State Street from $90.00 to $93.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 17th. Wells Fargo & Company raised their price objective on State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Finally, Citigroup raised their price objective on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, State Street has an average rating of “Hold” and a consensus target price of $88.96.

State Street Stock Performance

Shares of STT stock opened at $85.29 on Friday. The firm has a market capitalization of $25.69 billion, a price-to-earnings ratio of 15.97, a price-to-earnings-growth ratio of 1.32 and a beta of 1.48. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.61. The business has a fifty day moving average of $76.02 and a 200 day moving average of $74.92. State Street Co. has a 1 year low of $62.78 and a 1 year high of $86.24.

State Street (NYSE:STT) last issued its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.12. The business had revenue of $3.19 billion during 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 company’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.17 EPS. As a group, research analysts expect that State Street Co. will post 8.12 earnings per share for the current year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be issued a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.56%. The ex-dividend date is Tuesday, October 1st. This is a boost from State Street’s previous quarterly dividend of $0.69. State Street’s payout ratio is 51.69%.

About State Street

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.