DNB Asset Management AS Boosts Stock Position in State Street Corporation $STT

DNB Asset Management AS raised its position in State Street Corporation (NYSE:STT) by 3.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 395,501 shares of the asset manager’s stock after purchasing an additional 13,847 shares during the period. DNB Asset Management AS owned about 0.14% of State Street worth $45,882,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Invesco Ltd. lifted its stake in shares of State Street by 4.7% during the second quarter. Invesco Ltd. now owns 8,566,237 shares of the asset manager’s stock valued at $910,934,000 after buying an additional 381,547 shares during the period. Dodge & Cox raised its holdings in State Street by 1.1% in the 2nd quarter. Dodge & Cox now owns 7,412,414 shares of the asset manager’s stock valued at $788,236,000 after acquiring an additional 80,855 shares during the last quarter. Geode Capital Management LLC raised its holdings in State Street by 0.4% in the 2nd quarter. Geode Capital Management LLC now owns 7,412,130 shares of the asset manager’s stock valued at $784,930,000 after acquiring an additional 27,098 shares during the last quarter. Regents of The University of California purchased a new position in shares of State Street during the 3rd quarter worth $324,576,000. Finally, Nordea Investment Management AB boosted its holdings in shares of State Street by 7.8% during the third quarter. Nordea Investment Management AB now owns 2,451,703 shares of the asset manager’s stock worth $283,343,000 after purchasing an additional 178,136 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Stock Up 0.5%

STT opened at $132.33 on Friday. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $137.05. The firm has a 50 day moving average price of $130.19 and a 200 day moving average price of $121.05. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.61 and a current ratio of 0.61. The company has a market cap of $36.88 billion, a PE ratio of 14.06, a price-to-earnings-growth ratio of 1.15 and a beta of 1.43.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, January 16th. The asset manager reported $2.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.15. State Street had a net margin of 13.02% and a return on equity of 13.46%. The company had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same period in the previous year, the firm earned $2.60 earnings per share. State Street’s revenue for the quarter was up 7.5% on a year-over-year basis. Sell-side analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st will be given a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $3.36 annualized dividend and a yield of 2.5%. State Street’s dividend payout ratio (DPR) is 35.71%.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Zacks Research lowered State Street from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 1st. Morgan Stanley dropped their price objective on shares of State Street from $168.00 to $164.00 and set an “overweight” rating for the company in a research note on Tuesday, January 20th. Citigroup initiated coverage on shares of State Street in a report on Monday. They set a “buy” rating and a $150.00 price objective on the stock. Wall Street Zen upgraded shares of State Street from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. Finally, Truist Financial set a $136.00 price target on shares of State Street in a research report on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $135.83.

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.