Norges Bank Buys Shares of 2,352,399 State Street Corporation $STT

Norges Bank bought a new stake in shares of State Street Corporation (NYSE:STT) during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 2,352,399 shares of the asset manager’s stock, valued at approximately $303,483,000.

A number of other large investors have also recently bought and sold shares of the stock. Regents of The University of California purchased a new position in shares of State Street during the 3rd quarter worth $324,576,000. Jones Financial Companies Lllp lifted its stake in shares of State Street by 11.7% during the 3rd quarter. Jones Financial Companies Lllp now owns 208,600 shares of the asset manager’s stock worth $24,139,000 after purchasing an additional 21,810 shares during the period. Machina Capital S.A.S. purchased a new position in shares of State Street during the 3rd quarter worth $2,622,000. Impax Asset Management Group plc raised its position in shares of State Street by 49.2% in the 3rd quarter. Impax Asset Management Group plc now owns 127,984 shares of the asset manager’s stock worth $14,847,000 after buying an additional 42,198 shares during the period. Finally, Nordea Investment Management AB raised its position in shares of State Street by 15.4% in the 4th quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager’s stock worth $367,041,000 after buying an additional 377,568 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

Insider Buying and Selling at State Street

In other news, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the completion of the transaction, the chief executive officer directly owned 255,512 shares in the company, valued at approximately $39,693,789.20. The trade was a 5.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Mostapha Tahiri sold 9,611 shares of the business’s stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total value of $1,469,810.23. Following the transaction, the chief operating officer owned 64,642 shares of the company’s stock, valued at approximately $9,885,701.06. This represents a 12.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 52,476 shares of company stock valued at $7,624,925. 0.27% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on STT shares. Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 21st. Argus increased their target price on State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a research report on Tuesday, April 21st. Barclays set a $165.00 target price on State Street in a research report on Monday, April 20th. The Goldman Sachs Group increased their target price on State Street from $152.00 to $168.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Finally, Evercore set a $158.00 target price on State Street and gave the stock an “outperform” rating in a research report on Monday, April 20th. Three investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, State Street currently has a consensus rating of “Moderate Buy” and an average price target of $158.57.

State Street Stock Up 2.7%

Shares of NYSE STT opened at $159.79 on Tuesday. State Street Corporation has a 1 year low of $94.72 and a 1 year high of $160.08. The firm has a market cap of $44.22 billion, a price-to-earnings ratio of 16.21, a PEG ratio of 0.85 and a beta of 1.45. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.57. The stock’s 50-day simple moving average is $144.07 and its 200-day simple moving average is $132.59.

State Street (NYSE:STT) last posted its quarterly 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. The business had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period last year, the firm earned $2.04 earnings per share. As a group, equities analysts anticipate that State Street Corporation will post 12.35 earnings per share for the current fiscal year.

State Street Dividend Announcement

The business also recently announced 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. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $3.36 annualized dividend and a dividend yield of 2.1%. State Street’s dividend payout ratio is 34.08%.

State Street Company 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.