Fjarde AP Fonden Fourth Swedish National Pension Fund Lowers Stake in State Street Corporation $STT

Key Points

• The Fjarde AP Fonden Fourth Swedish National Pension Fund reduced its holdings in State Street Corporation by 50.4%, now owning 32,516 shares valued at approximately $2.91 million.
• In contrast, several other institutional investors significantly increased their stakes in State Street, with Assetmark Inc. boosting its position by 61.9%.
• State Street recently declared a quarterly dividend increase to $0.84 from $0.76, reflecting a 3.0% yield on an annualized basis.

Fjarde AP Fonden Fourth Swedish National Pension Fund lowered its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 50.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 32,516 shares of the asset manager's stock after selling 33,006 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in State Street were worth $2,911,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in STT. Meeder Advisory Services Inc. grew its position in shares of State Street by 2.0% during the 1st quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager's stock valued at $515,000 after acquiring an additional 114 shares during the period. Sequoia Financial Advisors LLC grew its position in shares of State Street by 2.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager's stock valued at $395,000 after acquiring an additional 118 shares during the period. Larson Financial Group LLC grew its position in shares of State Street by 40.8% during the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after acquiring an additional 118 shares during the period. MassMutual Private Wealth & Trust FSB grew its position in shares of State Street by 13.1% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,157 shares of the asset manager's stock valued at $104,000 after acquiring an additional 134 shares during the period. Finally, Ironwood Investment Counsel LLC grew its position in shares of State Street by 2.6% during the 1st quarter. Ironwood Investment Counsel LLC now owns 5,921 shares of the asset manager's stock valued at $530,000 after acquiring an additional 149 shares during the period. Institutional investors and hedge funds own 87.44% of the company's stock.

State Street Price Performance

NYSE STT traded up $0.5960 on Wednesday, hitting $111.7460. The stock had a trading volume of 1,683,125 shares, compared to its average volume of 2,076,227. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $114.28. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. The company has a market capitalization of $31.70 billion, a price-to-earnings ratio of 12.51, a price-to-earnings-growth ratio of 1.22 and a beta of 1.48. The firm has a 50-day moving average of $107.41 and a 200-day moving average of $97.16.

State Street (NYSE:STT - Get Free Report) last posted its earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business had revenue of $3.47 billion for the quarter, compared to analysts' expectations of $3.33 billion. During the same period in the prior year, the company posted $2.15 EPS. The business's revenue for the quarter was up 2.9% compared to the same quarter last year. Equities analysts expect that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be given a dividend of $0.84 per share. This is an increase from State Street's previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 annualized dividend and a dividend yield of 3.0%. State Street's dividend payout ratio is 37.63%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. Wells Fargo & Company increased their target price on shares of State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Evercore ISI increased their target price on shares of State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. Bank of America upped their price target on shares of State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research note on Wednesday, July 16th. Finally, Truist Financial upped their price target on shares of State Street from $116.00 to $125.00 and gave the company a "buy" rating in a research note on Thursday, August 14th. Seven equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, State Street currently has a consensus rating of "Moderate Buy" and a consensus target price of $112.82.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 990 shares of the firm's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the sale, the executive vice president owned 41,332 shares in the company, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.29% of the company's stock.

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.