State Street Corporation $STT Shares Purchased by DNB Asset Management AS

DNB Asset Management AS raised its position in State Street Corporation (NYSE:STT) by 3.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 395,501 shares of the asset manager’s stock after acquiring an additional 13,847 shares during the quarter. DNB Asset Management AS’s holdings in State Street were worth $45,882,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the company. True Wealth Design LLC boosted its stake in shares of State Street by 166.3% in the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock valued at $29,000 after purchasing an additional 158 shares during the period. Flagship Wealth Advisors LLC purchased a new position in State Street in the 3rd quarter valued at about $35,000. SJS Investment Consulting Inc. grew its stake in shares of State Street by 2,142.9% during the third quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock valued at $36,000 after acquiring an additional 300 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its position in shares of State Street by 38.2% during the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager’s stock worth $39,000 after acquiring an additional 94 shares during the last quarter. Finally, Root Financial Partners LLC acquired a new position in shares of State Street in the third quarter worth about $47,000. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Stock Performance

Shares of STT opened at $132.33 on Friday. The stock has a market capitalization of $36.88 billion, a PE ratio of 14.06, a price-to-earnings-growth ratio of 1.15 and a beta of 1.43. The business’s fifty day moving average price is $130.19 and its 200 day moving average price is $121.05. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.61. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $137.05.

State Street (NYSE:STT) last issued its earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, topping analysts’ consensus estimates of $2.82 by $0.15. State Street had a net margin of 13.02% and a return on equity of 13.46%. The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.57 billion. During the same period in the prior year, the company earned $2.60 earnings per share. The firm’s revenue was up 7.5% compared to the same quarter last year. Equities research analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st will be issued a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.5%. State Street’s dividend payout ratio (DPR) is currently 35.71%.

Analyst Upgrades and Downgrades

STT has been the subject of a number of recent analyst reports. Wall Street Zen upgraded State Street from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. The Goldman Sachs Group reissued a “buy” rating on shares of State Street in a research report on Tuesday, January 6th. Citigroup assumed coverage on shares of State Street in a research note on Monday. They issued a “buy” rating and a $150.00 price target for the company. Weiss Ratings reiterated a “buy (b)” rating on shares of State Street in a research note on Wednesday, January 21st. Finally, TD Cowen reissued a “buy” rating on shares of State Street in a report on Wednesday, January 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $135.83.

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.