KLP Kapitalforvaltning AS Takes $17.25 Million Position in State Street Co. (NYSE:STT)

KLP Kapitalforvaltning AS purchased a new stake in State Street Co. (NYSE:STT) during the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 175,699 shares of the asset manager’s stock, valued at approximately $17,245,000.

Several other hedge funds and other institutional investors also recently modified their holdings of STT. Empowered Funds LLC increased its stake in shares of State Street by 11.4% in the 3rd quarter. Empowered Funds LLC now owns 4,929 shares of the asset manager’s stock valued at $432,000 after purchasing an additional 504 shares during the last quarter. Advisors Asset Management Inc. increased its stake in shares of State Street by 9.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 24,696 shares of the asset manager’s stock valued at $2,185,000 after purchasing an additional 2,124 shares during the last quarter. Citizens Financial Group Inc. RI increased its stake in shares of State Street by 3.3% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 5,790 shares of the asset manager’s stock valued at $512,000 after purchasing an additional 184 shares during the last quarter. Raymond James Trust N.A. bought a new position in shares of State Street in the 3rd quarter valued at $226,000. Finally, Cerity Partners LLC increased its stake in shares of State Street by 35.1% in the 3rd quarter. Cerity Partners LLC now owns 60,936 shares of the asset manager’s stock valued at $5,391,000 after purchasing an additional 15,818 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

Insider Transactions at State Street

In related news, Director Gregory L. Summe sold 10,815 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total value of $1,081,500.00. Following the completion of the sale, the director now directly owns 100,023 shares of the company’s stock, valued at $10,002,300. The trade was a 9.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of the business’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the completion of the sale, the executive vice president now directly owns 50,816 shares of the company’s stock, valued at $5,054,667.52. The trade was a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $105.00 to $120.00 in a report on Tuesday, December 3rd. Morgan Stanley cut their price objective on State Street from $142.00 to $139.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. Wolfe Research raised State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. Truist Financial cut their price objective on State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a report on Tuesday, January 21st. Finally, Barclays raised their price objective on State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, State Street has a consensus rating of “Hold” and an average target price of $101.20.

State Street Stock Performance

STT stock opened at $90.63 on Monday. The stock has a 50-day moving average price of $95.93 and a 200-day moving average price of $94.28. State Street Co. has a 1-year low of $70.20 and a 1-year high of $103.00. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The firm has a market cap of $26.14 billion, a PE ratio of 11.00, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.31. State Street had a return on equity of 12.60% and a net margin of 12.14%. The firm had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.27 billion. During the same period last year, the company posted $2.04 EPS. The business’s quarterly revenue was up 12.1% on a year-over-year basis. As a group, equities research analysts expect that State Street Co. will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be given a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street’s dividend payout ratio (DPR) is presently 36.89%.

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.