DnB Asset Management AS Has $27.41 Million Stake in State Street Co. (NYSE:STT)

DnB Asset Management AS raised its position in State Street Co. (NYSE:STT) by 10.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 279,307 shares of the asset manager’s stock after acquiring an additional 25,753 shares during the quarter. DnB Asset Management AS’s holdings in State Street were worth $27,414,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in STT. Norges Bank acquired a new position in State Street during the fourth quarter worth approximately $161,021,000. Hotchkis & Wiley Capital Management LLC lifted its holdings in State Street by 30.4% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock valued at $514,136,000 after purchasing an additional 1,354,560 shares during the last quarter. FMR LLC boosted its position in State Street by 15.8% during the third quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock worth $540,796,000 after purchasing an additional 833,679 shares during the period. Amundi increased its holdings in shares of State Street by 11.1% in the fourth quarter. Amundi now owns 5,602,547 shares of the asset manager’s stock valued at $547,636,000 after purchasing an additional 561,773 shares during the last quarter. Finally, Wellington Management Group LLP lifted its stake in shares of State Street by 818.1% during the 3rd quarter. Wellington Management Group LLP now owns 518,697 shares of the asset manager’s stock worth $45,889,000 after buying an additional 462,201 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Insider Activity at State Street

In other news, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the transaction, the director now owns 100,023 shares of the company’s stock, valued at $10,002,300. This represents a 9.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Ann Fogarty sold 3,705 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value of $368,536.35. Following the transaction, the executive vice president now directly owns 50,816 shares in the company, valued at approximately $5,054,667.52. This trade represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

STT has been the topic of a number of research reports. Wolfe Research upgraded shares of State Street from an “underperform” rating to a “peer perform” rating in a research note on Monday, January 27th. Citigroup dropped their price target on State Street from $105.00 to $100.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Morgan Stanley decreased their price objective on State Street from $142.00 to $139.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. Barclays lifted their target price on State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Finally, Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $105.00 to $120.00 in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, State Street presently has an average rating of “Hold” and a consensus target price of $101.53.

State Street Stock Performance

Shares of STT opened at $88.95 on Friday. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The firm’s fifty day simple moving average is $95.35 and its two-hundred day simple moving average is $94.40. State Street Co. has a 12 month low of $70.20 and a 12 month high of $103.00. The stock has a market capitalization of $25.66 billion, a P/E ratio of 10.80, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44.

State Street (NYSE:STT) last announced its earnings results on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, beating the consensus estimate of $2.29 by $0.31. The company had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.04 EPS. As a group, analysts predict that State Street Co. will post 9.68 EPS for the current year.

State Street Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be paid a $0.76 dividend. The ex-dividend date is Tuesday, April 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.42%. State Street’s dividend payout ratio is currently 36.89%.

State Street Company Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.