Lansforsakringar Fondforvaltning AB publ trimmed its holdings in State Street Corporation (NYSE:STT - Free Report) by 8.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 93,939 shares of the asset manager's stock after selling 8,976 shares during the period. Lansforsakringar Fondforvaltning AB publ's holdings in State Street were worth $8,410,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. OMERS ADMINISTRATION Corp raised its position in shares of State Street by 15.8% in the first quarter. OMERS ADMINISTRATION Corp now owns 31,717 shares of the asset manager's stock valued at $2,840,000 after buying an additional 4,332 shares in the last quarter. BNP Paribas Financial Markets raised its position in State Street by 4.4% during the first quarter. BNP Paribas Financial Markets now owns 663,925 shares of the asset manager's stock valued at $59,441,000 after purchasing an additional 28,041 shares in the last quarter. Carlson Capital L.P. raised its position in State Street by 144.2% during the first quarter. Carlson Capital L.P. now owns 10,500 shares of the asset manager's stock valued at $940,000 after purchasing an additional 6,200 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its position in State Street by 32.8% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 225,917 shares of the asset manager's stock valued at $20,226,000 after purchasing an additional 55,800 shares in the last quarter. Finally, Freedom Investment Management Inc. acquired a new position in State Street during the first quarter valued at approximately $330,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.
State Street Stock Down 0.2%
Shares of NYSE:STT opened at $115.02 on Friday. The company has a fifty day moving average of $110.06 and a 200-day moving average of $98.03. The company has a market capitalization of $32.63 billion, a PE ratio of 12.88, a price-to-earnings-growth ratio of 1.13 and a beta of 1.48. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $116.37.
State Street (NYSE:STT - Get Free Report) last announced its quarterly 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. The company had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The company's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the prior year, the business earned $2.15 earnings per share. On average, equities analysts predict that State Street Corporation will post 9.68 EPS for the current fiscal year.
State Street Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be issued a $0.84 dividend. The ex-dividend date is Wednesday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.76. This represents a $3.36 dividend on an annualized basis and a yield of 2.9%. State Street's dividend payout ratio (DPR) is currently 34.04%.
Wall Street Analyst Weigh In
Several research analysts have commented on the stock. Evercore ISI boosted their price objective 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. Morgan Stanley boosted their price objective on shares of State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Citigroup boosted their price objective on shares of State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Wells Fargo & Company boosted their price objective 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. Finally, Truist Financial boosted their price objective on shares of State Street from $116.00 to $125.00 and gave the company a "buy" rating in a research report on Thursday, August 14th. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $112.82.
Get Our Latest Stock Report on STT
Insider Activity
In related news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total value of $108,197.10. Following the transaction, the executive vice president directly owned 41,332 shares of the company's stock, valued at $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.29% of the stock is owned by company insiders.
State Street Company Profile
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Free Report)
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.
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