State Street Corp Reduces Stake in Enterprise Financial Services Corp (NASDAQ:EFSC)

State Street Corp cut its stake in Enterprise Financial Services Corp (NASDAQ:EFSC) by 1.1% in the third quarter, Holdings Channel reports. The fund owned 1,066,665 shares of the bank’s stock after selling 11,552 shares during the period. State Street Corp’s holdings in Enterprise Financial Services were worth $54,677,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. nVerses Capital LLC acquired a new stake in Enterprise Financial Services during the second quarter worth about $29,000. Innealta Capital LLC acquired a new stake in Enterprise Financial Services during the second quarter worth $31,000. Quarry LP raised its position in Enterprise Financial Services by 2,593.5% in the third quarter. Quarry LP now owns 835 shares of the bank’s stock valued at $43,000 after purchasing an additional 804 shares during the period. Point72 DIFC Ltd acquired a new position in shares of Enterprise Financial Services in the 3rd quarter valued at $102,000. Finally, FMR LLC grew its holdings in shares of Enterprise Financial Services by 34.2% during the 3rd quarter. FMR LLC now owns 2,560 shares of the bank’s stock worth $131,000 after purchasing an additional 653 shares during the period. Institutional investors and hedge funds own 72.21% of the company’s stock.

Insider Activity

In related news, Director Richard Sanborn sold 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $59.56, for a total value of $5,956,000.00. Following the sale, the director now owns 40,950 shares of the company’s stock, valued at $2,438,982. This trade represents a 70.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.30% of the company’s stock.

Enterprise Financial Services Price Performance

EFSC opened at $55.59 on Thursday. The firm has a market cap of $2.06 billion, a price-to-earnings ratio of 11.78 and a beta of 0.99. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.27. The stock’s 50-day moving average price is $56.89 and its 200 day moving average price is $50.31. Enterprise Financial Services Corp has a 12-month low of $37.28 and a 12-month high of $63.13.

Enterprise Financial Services (NASDAQ:EFSC) last posted its quarterly earnings data on Monday, October 21st. The bank reported $1.29 EPS for the quarter, beating the consensus estimate of $1.14 by $0.15. Enterprise Financial Services had a net margin of 19.73% and a return on equity of 10.81%. The business had revenue of $164.89 million during the quarter, compared to analyst estimates of $157.56 million. As a group, sell-side analysts expect that Enterprise Financial Services Corp will post 4.77 earnings per share for the current year.

Enterprise Financial Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be given a dividend of $0.28 per share. The ex-dividend date is Monday, December 16th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.01%. This is a positive change from Enterprise Financial Services’s previous quarterly dividend of $0.27. Enterprise Financial Services’s dividend payout ratio is currently 23.73%.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Piper Sandler upped their target price on shares of Enterprise Financial Services from $58.00 to $62.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted their price target on shares of Enterprise Financial Services from $59.00 to $68.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th.

Enterprise Financial Services Company Profile

Enterprise Financial Services Corp operates as the holding company for Enterprise Bank & Trust that offers banking and wealth management services to individuals and corporate customers primarily in Arizona, California, Florida, Kansas, Missouri, Nevada, and New Mexico. It provides checking, savings, money market accounts, and certificates of deposit.