DNB Asset Management AS Sells 18,665 Shares of State Street Corporation $STT

Key Points

• DNB Asset Management AS cut its State Street stake by 4.7% in the fourth quarter, selling 18,665 shares and ending with 376,836 shares valued at about $48.6 million.
• State Street reported better-than-expected first-quarter results, with EPS of $2.84 versus $2.64 expected and revenue of $3.80 billion versus $3.59 billion expected. Revenue rose 15.6% year over year.
• The company recently paid a quarterly dividend of $0.84 per share, equal to an annualized yield of 2.2%, while analysts currently rate the stock a consensus Moderate Buy with an average target price of $155.77.

DNB Asset Management AS reduced its stake in State Street Corporation (NYSE:STT - Free Report) by 4.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 376,836 shares of the asset manager's stock after selling 18,665 shares during the quarter. DNB Asset Management AS owned 0.13% of State Street worth $48,616,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Regents of The University of California bought a new stake in State Street in the 3rd quarter valued at $324,576,000. Jones Financial Companies Lllp lifted its position in State Street by 11.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 208,600 shares of the asset manager's stock valued at $24,139,000 after acquiring an additional 21,810 shares in the last quarter. Machina Capital S.A.S. bought a new stake in State Street in the 3rd quarter valued at $2,622,000. AE Wealth Management LLC bought a new stake in State Street in the 3rd quarter valued at $6,611,000. Finally, Impax Asset Management Group plc lifted its position in State Street by 49.2% in the 3rd quarter. Impax Asset Management Group plc now owns 127,984 shares of the asset manager's stock valued at $14,847,000 after acquiring an additional 42,198 shares in the last quarter. 87.44% of the stock is owned by institutional investors.

State Street Stock Down 0.6%

NYSE:STT opened at $152.89 on Friday. The firm has a market capitalization of $42.32 billion, a price-to-earnings ratio of 15.51, a price-to-earnings-growth ratio of 0.84 and a beta of 1.45. State Street Corporation has a twelve month low of $94.19 and a twelve month high of $156.18. The stock's 50 day moving average price is $136.77 and its two-hundred day moving average price is $129.56. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.64 by $0.20. The firm had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The business's quarterly revenue was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.04 EPS. Equities research analysts expect that State Street Corporation will post 12.35 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st were issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Wednesday, April 1st. State Street's dividend payout ratio is presently 34.08%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on STT shares. JPMorgan Chase & Co. boosted their price objective on shares of State Street from $137.50 to $158.50 and gave the company a "neutral" rating in a research report on Monday, May 11th. Citigroup increased their price objective on shares of State Street from $150.00 to $172.00 and gave the stock a "buy" rating in a research note on Friday, May 8th. Wall Street Zen upgraded shares of State Street from a "sell" rating to a "hold" rating in a research note on Saturday, January 17th. Barclays set a $165.00 target price on State Street in a research report on Monday, April 20th. Finally, Argus lifted their target price on State Street from $140.00 to $168.00 and gave the company a "buy" rating in a research report on Tuesday, April 21st. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, State Street currently has a consensus rating of "Moderate Buy" and an average target price of $155.77.

Insider Activity

In other news, EVP John Plansky sold 16,100 shares of the company's stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total value of $2,001,552.00. Following the sale, the executive vice president directly owned 56,162 shares of the company's stock, valued at approximately $6,982,059.84. This represents a 22.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael L. Richards sold 3,000 shares of the company's stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total transaction of $461,670.00. Following the completion of the sale, the executive vice president directly owned 43,522 shares in the company, valued at approximately $6,697,600.58. The trade was a 6.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 28,711 shares of company stock valued at $3,933,032. 0.27% of the stock is owned by company insiders.

State Street Company 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.

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