Tredje AP fonden Grows Position in State Street Corporation $STT

Tredje AP fonden lifted its holdings in shares of State Street Corporation (NYSE:STT) by 10.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,356 shares of the asset manager’s stock after purchasing an additional 3,330 shares during the quarter. Tredje AP fonden’s holdings in State Street were worth $4,432,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Franklin Resources Inc. raised its stake in State Street by 3.7% in the third quarter. Franklin Resources Inc. now owns 3,859,012 shares of the asset manager’s stock valued at $447,684,000 after purchasing an additional 137,049 shares in the last quarter. Nordea Investment Management AB increased its holdings in shares of State Street by 15.4% in the 4th quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager’s stock worth $367,041,000 after buying an additional 377,568 shares during the last quarter. Regents of The University of California bought a new position in shares of State Street in the 3rd quarter worth $324,576,000. First Trust Advisors LP raised its position in shares of State Street by 36.8% during the 3rd quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager’s stock valued at $318,754,000 after buying an additional 738,456 shares in the last quarter. Finally, Barclays PLC raised its position in shares of State Street by 27.7% during the 3rd quarter. Barclays PLC now owns 1,576,332 shares of the asset manager’s stock valued at $182,870,000 after buying an additional 342,344 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

Insider Buying and Selling at State Street

In other news, EVP John Plansky sold 16,100 shares of the company’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the completion of the transaction, the executive vice president directly owned 56,162 shares of the company’s stock, valued at approximately $6,982,059.84. This represents a 22.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Michael L. Richards sold 3,000 shares of the stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total transaction of $461,670.00. Following the sale, the executive vice president owned 43,522 shares of the company’s stock, valued at approximately $6,697,600.58. This represents a 6.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 28,711 shares of company stock valued at $3,933,032 in the last quarter. Company insiders own 0.27% of the company’s stock.

State Street Trading Down 2.1%

Shares of STT stock opened at $150.58 on Wednesday. The business has a 50-day moving average of $137.94 and a 200 day moving average of $130.13. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57. State Street Corporation has a 1-year low of $94.19 and a 1-year high of $156.18. The stock has a market capitalization of $41.68 billion, a PE ratio of 15.27, a P/E/G ratio of 0.84 and a beta of 1.45.

State Street (NYSE:STT) last announced its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.64 by $0.20. The firm had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The business’s revenue was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.04 earnings per share. As a group, sell-side analysts anticipate that State Street Corporation will post 12.35 earnings per share for the current year.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st were given a dividend of $0.84 per share. The ex-dividend date of this dividend was Wednesday, April 1st. This represents a $3.36 annualized dividend and a yield of 2.2%. State Street’s dividend payout ratio is presently 34.08%.

Analysts Set New Price Targets

Several research analysts recently issued reports on STT shares. Morgan Stanley upped their target price on shares of State Street from $155.00 to $166.00 and gave the stock an “overweight” rating in a research report on Monday, April 20th. Bank of America upgraded State Street from an “underperform” rating to a “neutral” rating and set a $143.00 price target on the stock in a research report on Monday, April 6th. Keefe, Bruyette & Woods upped their price objective on State Street from $157.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, April 20th. Citigroup increased their price objective on State Street from $150.00 to $172.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of State Street in a report on Monday, April 20th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $155.77.

State Street Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.