Fjarde AP Fonden Fourth Swedish National Pension Fund Increases Stock Holdings in State Street Corporation $STT

Key Points

• Fjarde AP Fonden increased its State Street stake by 65.5% in the first quarter, buying 23,850 additional shares and bringing its total holding to 60,266 shares worth about $7.63 million.
• Other institutional investors also added modestly to their positions, and 87.44% of State Street’s stock is owned by institutions, highlighting strong institutional interest.
• State Street reported better-than-expected quarterly results, with EPS of $2.84 and revenue of $3.80 billion, while also announcing a quarterly dividend of $0.84 per share for a 2.0% yield.

Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 65.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 60,266 shares of the asset manager's stock after purchasing an additional 23,850 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in State Street were worth $7,627,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of STT. Chicago Partners Investment Group LLC raised its stake 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 purchasing an additional 83 shares during the period. Wedmont Private Capital raised its holdings in shares of State Street by 1.3% during the 4th quarter. Wedmont Private Capital now owns 6,498 shares of the asset manager's stock worth $861,000 after acquiring an additional 85 shares in the last quarter. Arjuna Capital raised its position in shares of State Street by 0.4% during the 4th quarter. Arjuna Capital now owns 25,139 shares of the asset manager's stock valued at $3,243,000 after buying an additional 95 shares in the last quarter. LVW Advisors LLC increased its position 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 during the last quarter. Finally, Security National Bank of SO Dak grew its position in State Street by 0.5% in the 2nd quarter. Security National Bank of SO Dak now owns 21,528 shares of the asset manager's stock valued at $2,289,000 after acquiring an additional 105 shares during the last quarter. 87.44% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, COO Mostapha Tahiri sold 9,611 shares of the business's stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the completion of the sale, the chief operating officer owned 64,642 shares of the company's stock, valued at $9,885,701.06. The trade was a 12.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Hanley Ronald P. O sold 14,553 shares of the firm's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $2,260,808.55. Following the completion of the transaction, the chief executive officer owned 255,512 shares in the company, valued at approximately $39,693,789.20. This trade represents a 5.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 37,876 shares of company stock worth $5,866,583. Corporate insiders own 0.27% of the company's stock.

Analyst Ratings Changes

STT has been the topic of several research reports. Royal Bank Of Canada raised their price target on State Street from $135.00 to $155.00 and gave the company a "sector perform" rating in a research note on Monday, April 20th. Seaport Research Partners reiterated a "buy" rating and issued a $170.00 price target on shares of State Street in a report on Monday, April 20th. Truist Financial lifted their price target on shares of State Street from $150.00 to $176.00 and gave the stock a "hold" rating in a report on Friday, June 26th. Barclays set a $165.00 price target on State Street in a research note on Monday, April 20th. Finally, Evercore set a $158.00 price objective on shares of State Street and gave the company an "outperform" rating in a research report on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $166.84.

State Street Stock Performance

Shares of STT stock opened at $170.57 on Monday. State Street Corporation has a 52-week low of $101.98 and a 52-week high of $175.46. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. The stock has a market cap of $47.21 billion, a PE ratio of 17.30, a price-to-earnings-growth ratio of 0.92 and a beta of 1.42. The business has a 50-day simple moving average of $159.83 and a 200-day simple moving average of $140.59.

State Street (NYSE:STT - Get Free Report) last posted its earnings results on Friday, April 17th. The asset manager reported $2.84 EPS 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%.State Street's revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period last year, the company earned $2.04 earnings per share. On average, equities analysts expect that State Street Corporation will post 12.53 EPS for the current year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Wednesday, July 1st. State Street's dividend payout ratio is presently 34.08%.

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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