Czech National Bank Buys 3,424 Shares of State Street Co. (NYSE:STT)

Czech National Bank increased its stake in State Street Co. (NYSE:STT) by 6.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 60,832 shares of the asset manager’s stock after acquiring an additional 3,424 shares during the quarter. Czech National Bank’s holdings in State Street were worth $5,382,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. LRI Investments LLC acquired a new position in shares of State Street in the 1st quarter worth approximately $25,000. Ashton Thomas Private Wealth LLC bought a new stake in State Street during the second quarter valued at $27,000. Norwood Financial Corp bought a new stake in State Street during the first quarter valued at $35,000. Accent Capital Management LLC acquired a new stake in State Street during the 4th quarter worth about $39,000. Finally, Quarry LP bought a new position in shares of State Street in the 4th quarter worth about $39,000. 87.44% of the stock is currently owned by institutional investors.

State Street Price Performance

Shares of NYSE STT opened at $89.34 on Friday. The stock has a market cap of $26.91 billion, a price-to-earnings ratio of 16.73, a PEG ratio of 1.35 and a beta of 1.48. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.54 and a current ratio of 0.54. State Street Co. has a fifty-two week low of $62.78 and a fifty-two week high of $89.78. The firm’s 50-day simple moving average is $84.14 and its 200 day simple moving average is $78.85.

State Street (NYSE:STT) last posted its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. State Street had a return on equity of 11.78% and a net margin of 8.98%. The company had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. During the same quarter last year, the company earned $2.17 earnings per share. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. As a group, research analysts anticipate that State Street Co. will post 8.17 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be paid a $0.76 dividend. This is a positive change from State Street’s previous quarterly dividend of $0.69. The ex-dividend date is Tuesday, October 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.40%. State Street’s dividend payout ratio is presently 56.93%.

Analysts Set New Price Targets

STT has been the subject of several recent analyst reports. Evercore ISI raised their target price on State Street from $88.00 to $91.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of State Street from $79.00 to $87.00 and gave the stock a “hold” rating in a research report on Monday, September 23rd. Wolfe Research reiterated an “underperform” rating and set a $73.00 target price on shares of State Street in a research report on Monday, July 8th. Royal Bank of Canada raised their price target on shares of State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 17th. Finally, Citigroup upped their price objective on shares of State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Monday, July 22nd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, State Street currently has an average rating of “Hold” and a consensus target price of $90.11.

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.