Norges Bank Invests $161.02 Million in State Street Co. (NYSE:STT)

Norges Bank purchased a new stake in shares of State Street Co. (NYSE:STT - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,640,563 shares of the asset manager's stock, valued at approximately $161,021,000. Norges Bank owned 0.56% of State Street at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in STT. Flagship Harbor Advisors LLC acquired a new stake in State Street in the 4th quarter valued at approximately $272,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of State Street by 3.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 457,924 shares of the asset manager's stock valued at $44,725,000 after acquiring an additional 14,476 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of State Street by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager's stock worth $184,025,000 after acquiring an additional 10,404 shares during the last quarter. Janney Montgomery Scott LLC increased its position in State Street by 11.1% during the fourth quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager's stock worth $7,289,000 after acquiring an additional 7,446 shares during the period. Finally, Merit Financial Group LLC acquired a new position in State Street during the 4th quarter valued at $395,000. 87.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on STT shares. Wells Fargo & Company dropped their price objective on shares of State Street from $118.00 to $113.00 and set an "overweight" rating on the stock in a report on Friday, March 28th. StockNews.com downgraded State Street from a "buy" rating to a "hold" rating in a research report on Friday, March 7th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $103.00 price target (down previously from $104.00) on shares of State Street in a report on Wednesday, January 22nd. Barclays lifted their price objective on State Street from $108.00 to $127.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. Finally, Morgan Stanley cut their target price on State Street from $139.00 to $132.00 and set an "overweight" rating for the company in a research note on Wednesday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $102.07.

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Insider Buying and Selling at State Street

In other news, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction dated 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 position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Ann Fogarty sold 3,705 shares of the business's stock in a transaction that occurred on 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 transaction, the executive vice president now owns 50,816 shares of the company's stock, valued at $5,054,667.52. This represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.31% of the company's stock.

State Street Trading Down 7.8 %

Shares of NYSE:STT traded down $6.95 during trading on Thursday, hitting $82.64. 3,019,991 shares of the company's stock were exchanged, compared to its average volume of 2,165,790. 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 has a market cap of $23.84 billion, a P/E ratio of 10.03, a PEG ratio of 1.11 and a beta of 1.44. The firm has a 50-day moving average price of $94.85 and a two-hundred day moving average price of $94.62. State Street Co. has a 1-year low of $70.20 and a 1-year high of $103.00.

State Street (NYSE:STT - Get Free Report) last issued 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. State Street had a net margin of 12.14% and a return on equity of 12.60%. The company had revenue of $3.41 billion during the quarter, compared to analysts' expectations of $3.27 billion. During the same quarter in the previous year, the company posted $2.04 EPS. The business's revenue for the quarter was up 12.1% compared to the same quarter last year. Equities analysts predict that State Street Co. will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be issued a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.68%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street's dividend payout ratio is currently 36.89%.

State Street 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.