Oslo Pensjonsforsikring AS Acquires Shares of 2,840 State Street Corporation $STT

Oslo Pensjonsforsikring AS bought a new position in State Street Corporation (NYSE:STT) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 2,840 shares of the asset manager’s stock, valued at approximately $359,000.

A number of other institutional investors have also modified their holdings of the stock. Brighton Jones LLC bought a new position in State Street in the fourth quarter worth approximately $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in State Street by 2.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock valued at $2,885,000 after purchasing an additional 918 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in shares of State Street by 105.2% in the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock worth $913,000 after buying an additional 5,226 shares during the period. Empowered Funds LLC lifted its holdings in shares of State Street by 220.1% in the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock worth $2,065,000 after buying an additional 15,996 shares during the period. Finally, Woodline Partners LP grew its position in shares of State Street by 38.4% during the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock worth $2,182,000 after buying an additional 6,767 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Price Performance

NYSE STT opened at $185.26 on Thursday. The firm’s fifty day simple moving average is $167.80 and its two-hundred day simple moving average is $145.33. The firm has a market capitalization of $51.27 billion, a P/E ratio of 16.34, a P/E/G ratio of 0.77 and a beta of 1.42. The company has a current ratio of 0.59, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. State Street Corporation has a 12-month low of $104.64 and a 12-month high of $192.51.

State Street (NYSE:STT) last issued its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating the consensus estimate of $3.34 by $0.31. The firm had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The business’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.04 EPS. Analysts forecast that State Street Corporation will post 13.44 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be paid a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. This is a boost from State Street’s previous quarterly dividend of $0.84. The ex-dividend date is Thursday, October 1st. State Street’s dividend payout ratio (DPR) is 29.63%.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Evercore set a $200.00 price target on State Street in a research note on Monday. Citigroup increased their target price on shares of State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a report on Friday, July 17th. Keefe, Bruyette & Woods raised their target price on shares of State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a research report on Friday, July 17th. Morgan Stanley boosted their price target on shares of State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Finally, Truist Financial reiterated a “hold” rating and set a $191.00 price objective (up from $176.00) on shares of State Street in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $184.72.

Insiders Place Their Bets

In other news, EVP W. Bradford Hu sold 9,212 shares of State Street stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $1,431,084.20. Following the completion of the sale, the executive vice president directly owned 59,552 shares in the company, valued at approximately $9,251,403.20. The trade was a 13.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the sale, the chief executive officer directly owned 255,512 shares in the company, valued at $39,693,789.20. This trade represents a 5.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 25,265 shares of company stock valued at $3,935,103. 0.27% of the stock is currently owned by corporate insiders.

About State Street

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.