Forsta AP Fonden Has $8.50 Million Stock Holdings in State Street Corporation $STT

Forsta AP Fonden trimmed its stake in State Street Corporation (NYSE:STT) by 4.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 65,900 shares of the asset manager’s stock after selling 3,300 shares during the quarter. Forsta AP Fonden’s holdings in State Street were worth $8,502,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. JPL Wealth Management LLC acquired a new stake in State Street in the third quarter worth $29,000. Measured Wealth Private Client Group LLC acquired a new stake in State Street in the third quarter worth $35,000. Ameriflex Group Inc. grew its holdings in State Street by 102.5% in the third quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager’s stock worth $37,000 after purchasing an additional 161 shares during the period. Annis Gardner Whiting Capital Advisors LLC grew its holdings in State Street by 38.2% in the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager’s stock worth $39,000 after purchasing an additional 94 shares during the period. Finally, Board of the Pension Protection Fund acquired a new stake in State Street in the fourth quarter worth $39,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Stock Down 0.0%

Shares of NYSE STT opened at $155.63 on Monday. The stock has a market capitalization of $43.07 billion, a P/E ratio of 15.78, a P/E/G ratio of 0.85 and a beta of 1.43. The company has a 50-day moving average price of $143.30 and a 200-day moving average price of $132.31. State Street Corporation has a 1 year low of $94.72 and a 1 year high of $159.31. 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 (NYSE:STT) last issued its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The firm had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same period last year, the company earned $2.04 earnings per share. The business’s revenue was up 15.6% on a year-over-year basis. On average, equities research analysts forecast that State Street Corporation will post 12.35 EPS for the current fiscal year.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be issued a dividend of $0.84 per share. The ex-dividend date is Wednesday, July 1st. This represents a $3.36 annualized dividend and a yield of 2.2%. State Street’s payout ratio is 34.08%.

Analyst Upgrades and Downgrades

STT has been the subject of a number of research reports. Evercore set a $158.00 price target on shares of State Street and gave the stock an “outperform” rating in a report on Monday, April 20th. Royal Bank Of Canada lifted their price objective on shares of State Street from $135.00 to $155.00 and gave the company a “sector perform” rating in a report on Monday, April 20th. Barclays set a $165.00 price objective on shares of State Street in a report on Monday, April 20th. Citigroup lifted their price objective on shares of State Street from $150.00 to $172.00 and gave the company a “buy” rating in a report on Friday, May 8th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of State Street from $157.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, April 20th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, State Street has an average rating of “Moderate Buy” and a consensus price target of $158.57.

Key State Street News

Here are the key news stories impacting State Street this week:

• Positive Sentiment: State Street was highlighted as one of the better-positioned names in the regional banks/financials group, with analysts citing favorable industry trends such as restructuring, acquisitions, digitization, loan demand, and lower rates as potential tailwinds for growth. Article Title
• Positive Sentiment: State Street Investment Management announced it will close and liquidate the EMTL ETF, which can be read as disciplined product management and a focus on pruning weaker offerings to improve capital efficiency. Article Title
• Neutral Sentiment: State Street announced that CFO John Woods will present at the Morgan Stanley U.S. Financials Conference on June 10. The event may provide updates on strategy and outlook, but it is not a direct business catalyst by itself. Article Title
• Neutral Sentiment: State Street’s entities ceased to be substantial holders in several Australian companies, reflecting portfolio ownership changes that do not appear material to State Street’s own earnings power. Article Title
• Negative Sentiment: CEO Ronald P. Hanley and EVP W. Bradford Hu both sold shares under pre-arranged 10b5-1 plans. While routine, insider selling can still pressure sentiment when the stock is trading close to recent highs. Article Title

Insider Activity

In related news, EVP Michael L. Richards sold 3,000 shares of the stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total transaction of $461,670.00. Following the completion of the sale, the executive vice president directly owned 43,522 shares of the company’s stock, valued at approximately $6,697,600.58. This trade represents a 6.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP John Plansky sold 16,100 shares of the stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total value of $2,001,552.00. Following the sale, the executive vice president directly owned 56,162 shares of the company’s stock, valued at $6,982,059.84. The trade was a 22.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 52,476 shares of company stock worth $7,624,925. Corporate insiders own 0.27% of the company’s stock.

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.