Fjarde AP Fonden Fourth Swedish National Pension Fund Boosts Stake in State Street Corporation $STT

Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in shares of State Street Corporation (NYSE:STT) by 65.5% during the first quarter, Holdings Channel reports. The firm owned 60,266 shares of the asset manager’s stock after acquiring an additional 23,850 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in State Street were worth $7,627,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wilkerson Advisory Group LLC acquired a new position in shares of State Street during the fourth quarter worth about $29,000. JPL Wealth Management LLC acquired a new position in State Street in the third quarter valued at $29,000. Phillip James Consulting Co. purchased a new stake in shares of State Street in the 4th quarter valued at about $30,000. Reflection Asset Management purchased a new position in State Street during the 4th quarter worth approximately $35,000. Finally, Measured Wealth Private Client Group LLC acquired a new position in shares of State Street in the 3rd quarter valued at $35,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Argus increased their price target on State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a report on Tuesday, April 21st. Bank of America upgraded State Street from an “underperform” rating to a “neutral” rating and set a $143.00 price target for the company in a research report on Monday, April 6th. Truist Financial increased their target price on State Street from $150.00 to $176.00 and gave the company a “hold” rating in a report on Friday, June 26th. JPMorgan Chase & Co. lifted their price target on shares of State Street from $137.50 to $158.50 and gave the stock a “neutral” rating in a report on Monday, May 11th. Finally, Keefe, Bruyette & Woods lifted their price objective on State Street from $157.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, State Street currently has a consensus rating of “Moderate Buy” and an average target price of $166.84.

Insider Activity at State Street

In other news, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $2,260,808.55. Following the completion of the transaction, the chief executive officer owned 255,512 shares in the company, valued at approximately $39,693,789.20. This trade represents a 5.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Bradford Hu sold 9,212 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $1,431,084.20. Following the completion of the sale, the executive vice president owned 59,552 shares of the company’s stock, valued at $9,251,403.20. This trade represents a 13.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 37,876 shares of company stock valued at $5,866,583. Insiders own 0.27% of the company’s stock.

State Street Price Performance

Shares of NYSE STT opened at $170.57 on Monday. 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 Corporation has a 1-year low of $101.98 and a 1-year high of $175.46. The business has a 50-day moving average of $159.83 and a 200-day moving average of $140.59. The company has a market capitalization of $47.21 billion, a price-to-earnings ratio of 17.30, a PEG ratio of 0.92 and a beta of 1.42.

State Street (NYSE:STT) last posted its earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, topping 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 business had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same period in the previous year, the company posted $2.04 earnings per share. The business’s revenue for the quarter was up 15.6% compared to the same quarter last year. On average, equities analysts anticipate that State Street Corporation will post 12.53 EPS for the current fiscal year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Wednesday, July 1st. State Street’s dividend payout ratio is 34.08%.

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.