Danske Bank A S Takes $34.58 Million Position in State Street Corporation $STT

Danske Bank A S acquired a new position in State Street Corporation (NYSE:STT) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 298,094 shares of the asset manager’s stock, valued at approximately $34,582,000. Danske Bank A S owned approximately 0.11% of State Street as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently added to or reduced their stakes in STT. Stance Capital LLC bought a new position in State Street in the third quarter valued at $44,000. Advisory Services Network LLC lifted its stake in State Street by 1.3% during the third quarter. Advisory Services Network LLC now owns 12,622 shares of the asset manager’s stock worth $1,464,000 after purchasing an additional 156 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in shares of State Street in the 3rd quarter worth about $9,902,000. NewEdge Advisors LLC boosted its holdings in shares of State Street by 560.0% in the 3rd quarter. NewEdge Advisors LLC now owns 27,916 shares of the asset manager’s stock worth $3,239,000 after purchasing an additional 23,686 shares in the last quarter. Finally, Woodline Partners LP increased its position in shares of State Street by 21.5% during the 3rd quarter. Woodline Partners LP now owns 37,494 shares of the asset manager’s stock valued at $4,350,000 after purchasing an additional 6,646 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

State Street Trading Down 0.4%

Shares of STT stock opened at $121.11 on Thursday. The business has a 50-day moving average of $128.18 and a 200 day moving average of $122.17. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.61. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $137.05. The stock has a market capitalization of $33.76 billion, a PE ratio of 12.87, a P/E/G ratio of 1.06 and a beta of 1.43.

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

State Street Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 13th. Investors of record on Wednesday, April 1st will be paid a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $3.36 annualized dividend and a dividend yield of 2.8%. State Street’s dividend payout ratio (DPR) is presently 35.71%.

Insider Transactions at State Street

In other State Street news, EVP John Plansky sold 16,100 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the completion of the transaction, the executive vice president owned 56,162 shares of the company’s stock, valued at $6,982,059.84. This represents a 22.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.29% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Zacks Research downgraded State Street from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 1st. Loop Capital set a $144.00 price target on shares of State Street in a research report on Tuesday, January 6th. Weiss Ratings reissued a “buy (b)” rating on shares of State Street in a research note on Wednesday, January 21st. TD Cowen restated a “buy” rating on shares of State Street in a report on Wednesday, January 7th. Finally, Citigroup started coverage on shares of State Street in a research note on Monday, February 23rd. They issued a “buy” rating and a $150.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $135.83.

State Street 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.