State Street Corporation (NYSE:STT) Shares Acquired by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS raised its stake in State Street Corporation (NYSE:STT - Free Report) by 20.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 212,099 shares of the asset manager's stock after buying an additional 36,400 shares during the period. KLP Kapitalforvaltning AS owned about 0.07% of State Street worth $18,989,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of STT. Invesco Ltd. grew its position in State Street by 5.7% during the fourth quarter. Invesco Ltd. now owns 7,510,570 shares of the asset manager's stock valued at $737,162,000 after buying an additional 406,396 shares during the period. Geode Capital Management LLC raised its stake in State Street by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 7,193,687 shares of the asset manager's stock worth $704,238,000 after purchasing an additional 24,617 shares during the period. FMR LLC raised its stake in State Street by 14.2% during the fourth quarter. FMR LLC now owns 6,983,607 shares of the asset manager's stock worth $685,441,000 after purchasing an additional 870,849 shares during the period. Northern Trust Corp raised its stake in shares of State Street by 15.7% in the 4th quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager's stock valued at $407,166,000 after acquiring an additional 563,790 shares during the period. Finally, Franklin Resources Inc. raised its stake in shares of State Street by 1.7% in the 4th quarter. Franklin Resources Inc. now owns 3,422,147 shares of the asset manager's stock valued at $335,884,000 after acquiring an additional 55,598 shares during the period. Hedge funds and other institutional investors own 87.44% of the company's stock.

Insider Buying and Selling

In other State Street news, EVP Michael L. Richards sold 990 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the completion of the transaction, the executive vice president owned 41,332 shares of the company's stock, valued at $4,517,174.28. This trade represents a 2.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Elizabeth Schaefer sold 1,300 shares of the firm's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total transaction of $117,936.00. Following the completion of the sale, the chief accounting officer owned 7,354 shares in the company, valued at $667,154.88. The trade was a 15.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.29% of the company's stock.

Analyst Upgrades and Downgrades

STT has been the topic of a number of research reports. The Goldman Sachs Group increased their price objective on shares of State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Truist Financial decreased their price objective on shares of State Street from $122.00 to $116.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Citigroup lifted their price objective on shares of State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Evercore ISI boosted their price objective on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Finally, Wells Fargo & Company lifted their target price on State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $112.00.

State Street Trading Up 0.3%

STT traded up $0.37 on Thursday, hitting $111.02. The company had a trading volume of 1,999,777 shares, compared to its average volume of 2,346,665. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $111.61. The business's fifty day simple moving average is $102.31 and its 200 day simple moving average is $95.57. The company has a market cap of $31.66 billion, a PE ratio of 12.43, a PEG ratio of 1.23 and a beta of 1.45. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09.

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

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be issued a dividend of $0.84 per share. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.03%. This is an increase from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio (DPR) is currently 34.04%.

About State Street

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.