Skandinaviska Enskilda Banken AB publ has significantly increased its investment in State Street Corporation, acquiring an additional 50,284 shares during the second quarter of 2023. This move enhances its holdings by 25.4%, bringing the total to 248,314 shares, which represent approximately 0.09% of the asset manager’s stock. As of the latest reporting period, these shares are valued at around $26.4 million.
The increase in ownership aligns with a broader trend among institutional investors in State Street. Various hedge funds have also adjusted their stakes recently. For instance, Assetmark Inc. grew its investment in State Street by an impressive 61.9% in the first quarter, now holding 934 shares valued at $84,000 after purchasing 357 shares. Similarly, Nordea Investment Management AB increased its stake by 2.2%, owning 2,273,567 shares worth $241.9 million following the acquisition of an additional 49,475 shares.
Other notable changes include Charles Schwab Investment Management Inc., which raised its holdings by 0.9% to 1,891,862 shares valued at $169.4 million, and Inspire Trust Co. N.A., which expanded its position by 25.8% to hold 45,000 shares worth $4 million. LPL Financial LLC also increased its investment by 6.6%, now owning 123,407 shares valued at $11.1 million. Collectively, institutional investors currently own 87.44% of State Street’s stock.
Analyst Ratings and Price Performance
State Street Corporation has recently attracted the attention of analysts, with several upgrades noted in reports. Weiss Ratings reaffirmed a “buy (b)” rating on October 8. Citigroup raised its target price from $130.00 to $136.00, maintaining a “buy” rating as of October 24. Zacks Research also upgraded the stock from a “hold” to a “strong-buy” rating on October 3.
Wells Fargo & Company raised its price target for State Street from $121.00 to $129.00, rating the stock as “overweight” in a note on October 20. As of now, two analysts have given the stock a Strong Buy rating, eleven have rated it as a Buy, three have issued a Hold rating, and one has assigned a Sell rating. The average target price stands at $125.92, according to data from MarketBeat.com.
On October 17, State Street reported its quarterly earnings, revealing earnings per share (EPS) of $2.78, surpassing analysts’ expectations of $2.57 by $0.21. The company experienced a year-over-year revenue increase of 8.8%, totaling $3.55 billion for the quarter, above the consensus estimate of $3.43 billion. The firm’s return on equity was measured at 13.37% with a net margin of 13.14%.
State Street shares opened at $119.02 on the following trading day, with a fifty-day moving average of $115.75 and a two-hundred-day moving average of $109.75. The company has a market capitalization of $33.24 billion, a PE ratio of 12.59, and a beta of 1.47. Over the past year, the stock has fluctuated between a low of $72.81 and a high of $122.69.
Insider Activity and Company Overview
In related news, on October 27, Executive Vice President Michael L. Richards sold 1,500 shares at an average price of $117.24, totaling $175,860. Following this transaction, Richards owns 38,626 shares valued at approximately $4.5 million. Currently, corporate insiders hold 0.29% of the stock.
State Street Corporation, headquartered in Boston, provides an array of financial products and services to institutional investors globally. Its offerings include investment servicing, regulatory reporting, and various analytics to support investment management. The company’s diverse portfolio caters to a wide range of financial needs for institutional investors around the world.
For further insights on institutional holdings and the latest news regarding State Street Corporation, interested parties can visit HoldingsChannel.com for comprehensive reports and updates.
