Arbejdsmarkedets Tillaegspension Acquires 16,277 Shares of State Street Corporation $STT

Key Points

• Arbejdsmarkedets Tillaegspension increased its State Street stake by 8.8% in Q1, adding 16,277 shares to reach 200,638 shares valued at about $25.4 million.
• State Street has received a wave of positive analyst attention, including a Buy upgrade from Zacks and higher price targets from firms like Keefe, Bruyette & Woods, Wells Fargo, and Bank of America. The stock’s average analyst rating is now Moderate Buy with a $173.91 average target.
• The company recently reported better-than-expected Q1 earnings, with EPS of $2.84 versus $2.64 expected and revenue of $3.80 billion, up 15.6% year over year. State Street also announced a quarterly dividend of $0.84 per share, payable July 13.

Arbejdsmarkedets Tillaegspension boosted its position in State Street Corporation (NYSE:STT - Free Report) by 8.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 200,638 shares of the asset manager's stock after buying an additional 16,277 shares during the quarter. Arbejdsmarkedets Tillaegspension owned approximately 0.07% of State Street worth $25,393,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Chicago Partners Investment Group LLC grew its holdings in State Street by 1.6% during the 4th quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager's stock valued at $675,000 after buying an additional 83 shares in the last quarter. Wedmont Private Capital boosted its position in shares of State Street by 1.3% in the fourth quarter. Wedmont Private Capital now owns 6,498 shares of the asset manager's stock valued at $861,000 after acquiring an additional 85 shares during the period. Arjuna Capital boosted its position in shares of State Street by 0.4% in the fourth quarter. Arjuna Capital now owns 25,139 shares of the asset manager's stock valued at $3,243,000 after acquiring an additional 95 shares during the period. LVW Advisors LLC grew its stake in State Street by 1.7% during the fourth quarter. LVW Advisors LLC now owns 5,605 shares of the asset manager's stock valued at $723,000 after acquiring an additional 96 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its holdings in State Street by 0.3% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager's stock valued at $4,053,000 after purchasing an additional 100 shares during the period. 87.44% of the stock is currently owned by institutional investors.

Key Headlines Impacting State Street

Here are the key news stories impacting State Street this week:

• Positive Sentiment: State Street was upgraded to a Zacks Rank #2 (Buy), reflecting stronger earnings outlooks and improving sentiment heading into earnings. All You Need to Know About State Street (STT) Rating Upgrade to Buy
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target on State Street to $195 from $175 and maintained an outperform rating, suggesting meaningful upside from recent levels. State Street NYSE: STT Given New $195.00 Price Target at Keefe, Bruyette & Woods
• Positive Sentiment: Analysts are revising expectations higher ahead of Q2 results, with consensus pointing to earnings growth and the possibility of a beat if State Street delivers on estimates. Top Wall Street Forecasters Revamp State Street Expectations Ahead Of Q2 Earnings
• Neutral Sentiment: State Street is expected to report quarterly earnings next week, and investors are focused on whether the company can confirm the improved outlook with actual results. State Street (STT) to Release Earnings on Thursday
• Neutral Sentiment: Coverage noting renewed analyst optimism and upgraded estimates may reinforce the bullish setup, but it does not add new company-specific fundamentals by itself. How Investors May Respond To State Street (STT) Renewed Analyst Optimism And Upgraded Earnings Estimates

Insider Buying and Selling

In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the completion of the sale, the chief executive officer directly owned 255,512 shares of the company's stock, valued at $39,693,789.20. The trade was a 5.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 3,000 shares of the firm's stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total transaction of $461,670.00. Following the transaction, the executive vice president owned 43,522 shares in the company, valued at approximately $6,697,600.58. This trade represents a 6.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 37,876 shares of company stock worth $5,866,583 in the last quarter. 0.27% of the stock is currently owned by insiders.

State Street Stock Performance

STT opened at $180.47 on Monday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.57. The stock has a market capitalization of $49.95 billion, a price-to-earnings ratio of 18.30, a PEG ratio of 0.93 and a beta of 1.42. The company has a fifty day moving average of $162.52 and a 200 day moving average of $142.37. State Street Corporation has a fifty-two week low of $101.98 and a fifty-two week high of $183.32.

State Street (NYSE:STT - Get Free Report) last announced its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The business had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the previous year, the business earned $2.04 earnings per share. The company's revenue for the quarter was up 15.6% compared to the same quarter last year. As a group, sell-side analysts forecast that State Street Corporation will post 12.75 earnings per share for the current fiscal year.

State Street Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Wednesday, July 1st. State Street's payout ratio is currently 34.08%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. UBS Group set a $176.00 price target on State Street in a research note on Friday, June 26th. Zacks Research downgraded shares of State Street from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 22nd. Bank of America boosted their price objective on shares of State Street from $160.00 to $190.00 and gave the stock a "neutral" rating in a report on Tuesday, July 7th. Wells Fargo & Company upped their price objective on shares of State Street from $171.00 to $196.00 and gave the company an "overweight" rating in a research note on Wednesday, June 24th. Finally, Truist Financial increased their target price on shares of State Street from $150.00 to $176.00 and gave the company a "hold" rating in a report on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, State Street has an average rating of "Moderate Buy" and an average price target of $173.91.

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.

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