PensionDanmark Pensionsforsikringsaktieselskab Acquires 5,775 Shares of State Street Corporation $STT

Key Points

• PensionDanmark increased its State Street stake by 11.5% in the second quarter, purchasing 5,775 shares and bringing its holdings to 56,117 shares valued at approximately $9.5 million. Institutional investors collectively own 87.44% of the company.
• State Street reported strong quarterly results, with earnings of $3.65 per share and revenue of $4.05 billion, exceeding analyst expectations; revenue rose 23.3% year over year.
• The company raised its quarterly dividend to $0.92 per share, equivalent to an annualized $3.68 dividend and a 2.0% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $185.38.

PensionDanmark Pensionsforsikringsaktieselskab grew its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 11.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 56,117 shares of the asset manager's stock after purchasing an additional 5,775 shares during the quarter. PensionDanmark Pensionsforsikringsaktieselskab's holdings in State Street were worth $9,517,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Wilkerson Advisory Group LLC acquired a new stake in shares of State Street in the fourth quarter worth about $29,000. JPL Wealth Management LLC acquired a new position in shares of State Street during the 3rd quarter valued at about $29,000. Phillip James Consulting Co. acquired a new position in shares of State Street during the 4th quarter valued at about $30,000. Whipplewood Advisors LLC bought a new position in shares of State Street in the 1st quarter valued at approximately $34,000. Finally, Reflection Asset Management bought a new position in shares of State Street in the 4th quarter valued at approximately $35,000. 87.44% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on STT shares. The Goldman Sachs Group upped their target price on State Street from $168.00 to $194.00 and gave the stock a "buy" rating in a research report on Tuesday, June 30th. Weiss Ratings raised shares of State Street from a "buy (b)" rating to a "buy (b+)" rating in a research report on Thursday, May 28th. Zacks Research raised shares of State Street from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 21st. Citigroup raised their target price on shares of State Street from $193.00 to $210.00 and gave the company a "buy" rating in a research note on Friday, July 17th. Finally, Royal Bank Of Canada lifted their target price on shares of State Street from $155.00 to $196.00 and gave the stock a "sector perform" rating in a report on Friday, July 17th. Two equities research analysts have 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. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $185.38.

State Street Trading Down 0.3%

Shares of STT stock opened at $184.46 on Friday. The firm has a market capitalization of $50.67 billion, a P/E ratio of 16.27, a price-to-earnings-growth ratio of 0.76 and a beta of 1.41. State Street Corporation has a 1 year low of $104.64 and a 1 year high of $192.51. The firm's fifty day simple moving average is $174.80 and its 200 day simple moving average is $149.54. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, beating analysts' consensus estimates of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The firm had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the prior year, the firm earned $2.04 EPS. The business's revenue was up 23.3% on a year-over-year basis. As a group, sell-side analysts predict that State Street Corporation will post 13.75 EPS for the current year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be paid a dividend of $0.92 per share. This is a positive change from State Street's previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a yield of 2.0%. The ex-dividend date is Thursday, October 1st. State Street's dividend payout ratio is presently 32.45%.

Insider Activity at State Street

In other news, EVP W. Bradford Hu sold 9,758 shares of the business's stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the sale, the executive vice president directly owned 49,794 shares in the company, valued at approximately $9,187,988.88. The trade was a 16.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the business's stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total value of $2,680,226.01. Following the sale, the chief executive officer owned 240,959 shares in the company, valued at approximately $44,377,419.03. This represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 49,576 shares of company stock worth $8,415,875 over the last three months. Company insiders own 0.27% of the company's stock.

State Street 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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