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

DnB Asset Management AS raised its stake in State Street Co. (NYSE:STT - Free Report) by 10.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 279,307 shares of the asset manager's stock after buying an additional 25,753 shares during the quarter. DnB Asset Management AS owned 0.10% of State Street worth $27,414,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Raymond James Trust N.A. purchased a new stake in shares of State Street during the third quarter worth $226,000. Cerity Partners LLC lifted its holdings in shares of State Street by 35.1% during the 3rd quarter. Cerity Partners LLC now owns 60,936 shares of the asset manager's stock valued at $5,391,000 after buying an additional 15,818 shares during the last quarter. FMR LLC grew its stake in shares of State Street by 15.8% in the 3rd quarter. FMR LLC now owns 6,112,758 shares of the asset manager's stock valued at $540,796,000 after buying an additional 833,679 shares in the last quarter. Brooklyn Investment Group acquired a new position in State Street in the third quarter worth approximately $79,000. Finally, Townsquare Capital LLC bought a new position in State Street during the third quarter valued at approximately $351,000. Hedge funds and other institutional investors own 87.44% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Wells Fargo & Company decreased their target price on shares of State Street from $118.00 to $113.00 and set an "overweight" rating for the company in a research report on Friday. StockNews.com downgraded shares of State Street from a "buy" rating to a "hold" rating in a research report on Friday, March 7th. Citigroup decreased their price target on State Street from $105.00 to $100.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $103.00 price objective (down from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Finally, Keefe, Bruyette & Woods raised shares of State Street from a "market perform" rating to an "outperform" rating and lifted their price target for the company from $105.00 to $120.00 in a research report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $101.53.

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Insider Activity

In other State Street news, EVP Ann Fogarty sold 3,705 shares of the firm's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the completion of the sale, the executive vice president now owns 50,816 shares in the company, valued at approximately $5,054,667.52. This trade represents a 6.80 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Gregory L. Summe sold 10,815 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The stock was 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 in the company, valued at $10,002,300. The trade was a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by corporate insiders.

State Street Stock Performance

STT stock traded up $0.58 during midday trading on Monday, hitting $89.62. The stock had a trading volume of 2,222,700 shares, compared to its average volume of 2,169,173. State Street Co. has a 52 week low of $70.20 and a 52 week high of $103.00. 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 stock has a 50-day simple moving average of $95.35 and a 200 day simple moving average of $94.56. The firm has a market capitalization of $25.85 billion, a price-to-earnings ratio of 10.88, a P/E/G ratio of 1.11 and a beta of 1.44.

State Street (NYSE:STT - Get Free Report) last issued its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.31. The business had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. The firm's revenue was up 12.1% on a year-over-year basis. During the same period in the previous year, the business earned $2.04 EPS. As a group, equities research analysts anticipate that State Street Co. will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be given a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street's dividend payout ratio (DPR) is 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.