BI Asset Management Fondsmaeglerselskab A S Trims Stock Holdings in State Street Corporation $STT

BI Asset Management Fondsmaeglerselskab A S reduced its holdings in shares of State Street Corporation (NYSE:STT) by 21.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 18,564 shares of the asset manager’s stock after selling 5,130 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in State Street were worth $2,349,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of STT. Chicago Partners Investment Group LLC increased its stake in State Street by 1.6% in the fourth quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager’s stock worth $675,000 after purchasing an additional 83 shares during the period. Wedmont Private Capital grew its holdings in shares of State Street by 1.3% in the fourth quarter. Wedmont Private Capital now owns 6,498 shares of the asset manager’s stock worth $861,000 after purchasing an additional 85 shares during the last quarter. Arjuna Capital increased its stake in State Street by 0.4% in the 4th quarter. Arjuna Capital now owns 25,139 shares of the asset manager’s stock worth $3,243,000 after buying an additional 95 shares during the period. LVW Advisors LLC lifted its holdings in State Street by 1.7% during the 4th quarter. LVW Advisors LLC now owns 5,605 shares of the asset manager’s stock valued at $723,000 after buying an additional 96 shares in the last quarter. Finally, Security National Bank of SO Dak boosted its position in State Street by 0.5% in the 2nd quarter. Security National Bank of SO Dak now owns 21,528 shares of the asset manager’s stock valued at $2,289,000 after buying an additional 105 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insiders Place Their Bets

In related news, EVP W. Bradford Hu sold 9,212 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total transaction of $1,431,084.20. Following the transaction, the executive vice president directly owned 59,552 shares of the company’s stock, valued at $9,251,403.20. This represents a 13.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the transaction, the executive vice president directly owned 41,827 shares in the company, valued at $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 37,876 shares of company stock worth $5,866,583. 0.27% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on STT. Royal Bank Of Canada upped their target price on shares of State Street from $135.00 to $155.00 and gave the stock a “sector perform” rating in a research note on Monday, April 20th. Truist Financial boosted their price target on State Street from $136.00 to $150.00 and gave the company a “hold” rating in a report on Monday, April 20th. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, May 28th. Bank of America raised State Street from an “underperform” rating to a “neutral” rating and set a $143.00 price objective on the stock in a research note on Monday, April 6th. Finally, Argus raised their price objective on State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a report on Tuesday, April 21st. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, State Street has an average rating of “Moderate Buy” and an average price target of $159.97.

State Street Trading Up 0.2%

NYSE STT opened at $174.13 on Wednesday. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. The firm has a market cap of $48.19 billion, a PE ratio of 17.66, a price-to-earnings-growth ratio of 0.95 and a beta of 1.43. The company has a 50 day moving average price of $156.07 and a 200 day moving average price of $138.15. State Street Corporation has a 52 week low of $101.84 and a 52 week high of $175.46.

State Street (NYSE:STT) last posted its earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, beating analysts’ consensus estimates of $2.64 by $0.20. The company had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. State Street’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.04 earnings per share. As a group, sell-side analysts forecast that State Street Corporation will post 12.35 EPS for the current fiscal year.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Wednesday, July 1st. State Street’s dividend payout ratio is currently 34.08%.

State Street News Summary

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

• Neutral Sentiment: State Street exited or reduced substantial holdings in several companies, including Smartgroup, Aussie Broadband, Deterra Royalties, Electro Optic Systems, Super Retail Group, Austal, Bapcor, Bega Cheese, and Clarity Pharmaceuticals. These are disclosure items tied to asset management positions, not State Street’s own earnings or guidance. Article: State Street exits substantial holding in Smartgroup
• Neutral Sentiment: State Street SPDR Straits Times Index ETF issued an updated prospectus for its Singapore benchmark fund, another routine fund-management update that is unlikely to have a major direct impact on STT’s near-term fundamentals. Article: State Street SPDR STI ETF issues updated prospectus for Singapore benchmark fund

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.