Danske Bank A S Purchases New Position in State Street Corporation $STT

Danske Bank A S purchased a new position in State Street Corporation (NYSE:STT) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 298,094 shares of the asset manager’s stock, valued at approximately $34,582,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. JPL Wealth Management LLC purchased a new position in shares of State Street during the 3rd quarter worth approximately $29,000. True Wealth Design LLC lifted its stake in shares of State Street by 166.3% in the 3rd 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 shares of State Street in the 3rd quarter valued at approximately $35,000. Measured Wealth Private Client Group LLC bought a new stake in shares of State Street during the third quarter valued at approximately $35,000. Finally, SJS Investment Consulting Inc. grew its stake in State Street by 2,142.9% in the third quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock worth $36,000 after purchasing an additional 300 shares during the period. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at State Street

In related news, EVP John Plansky sold 16,100 shares of the firm’s stock in a transaction that occurred on 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 sale, the executive vice president owned 56,162 shares of the company’s stock, valued at $6,982,059.84. This trade represents a 22.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on STT shares. Truist Financial set a $136.00 price objective on State Street in a research report on Tuesday, January 20th. TD Cowen reaffirmed a “buy” rating on shares of State Street in a research report on Wednesday, January 7th. Weiss Ratings reiterated a “buy (b)” rating on shares of State Street in a research note on Wednesday, January 21st. Morgan Stanley lowered their price target on shares of State Street from $168.00 to $164.00 and set an “overweight” rating for the company in a research report on Tuesday, January 20th. Finally, Citigroup began coverage on shares of State Street in a research note on Monday, February 23rd. They set a “buy” rating and a $150.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, State Street currently has a consensus rating of “Moderate Buy” and an average target price of $135.83.

State Street Stock Down 0.4%

Shares of NYSE:STT opened at $121.11 on Thursday. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 1.04. The stock has a fifty day simple moving average of $128.18 and a two-hundred day simple moving average of $122.17. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $137.05. The stock has a market capitalization of $33.76 billion, a price-to-earnings ratio of 12.87, a PEG ratio of 1.06 and a beta of 1.43.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share (EPS) 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 quarter in the previous year, the business posted $2.60 EPS. State Street’s revenue was up 7.5% compared to the same quarter last year. On average, research analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st will be issued a dividend of $0.84 per share. The ex-dividend date is Wednesday, April 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.8%. State Street’s dividend payout ratio is presently 35.71%.

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.