State Street Corporation $STT Shares Acquired by Handelsbanken Fonder AB

Key Points

• Handelsbanken Fonder AB increased its State Street stake by 24.8% in the second quarter, bringing its holdings to 111,637 shares valued at approximately $18.9 million. Institutional investors collectively own 87.44% of the company.
• Analysts maintain a generally positive outlook, with State Street receiving a “Moderate Buy” consensus rating and an average price target of $185.38; several firms recently raised their targets to as high as $215.
• State Street reported better-than-expected quarterly results, with EPS of $3.65 and revenue of $4.05 billion, while raising its quarterly dividend from $0.84 to $0.92 per share. The stock opened at $190.08, near its 12-month high.

Handelsbanken Fonder AB lifted its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 24.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 111,637 shares of the asset manager's stock after purchasing an additional 22,156 shares during the period. Handelsbanken Fonder AB's holdings in State Street were worth $18,934,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Wilkerson Advisory Group LLC acquired a new stake in State Street during the 4th quarter worth about $29,000. JPL Wealth Management LLC purchased a new stake in State Street during the third quarter valued at about $29,000. Phillip James Consulting Co. acquired a new position in shares of State Street in the fourth quarter worth about $30,000. Elevation Wealth Partners LLC boosted its holdings in shares of State Street by 153.6% in the second quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager's stock worth $30,000 after buying an additional 106 shares during the period. Finally, Whipplewood Advisors LLC purchased a new position in shares of State Street in the first quarter worth approximately $34,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on STT shares. Weiss Ratings upgraded shares of State Street from a "buy (b)" rating to a "buy (b+)" rating in a report on Thursday, May 28th. Keefe, Bruyette & Woods raised their price objective on shares of State Street from $195.00 to $215.00 and gave the stock an "outperform" rating in a research note on Friday, July 17th. Wells Fargo & Company lifted their price objective on shares of State Street from $196.00 to $215.00 and gave the stock an "overweight" rating in a research report on Friday, July 17th. Truist Financial reissued a "hold" rating and set a $191.00 target price (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Finally, Morgan Stanley increased their target price on State Street from $183.00 to $195.00 and gave the company an "overweight" rating in a report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $185.38.

State Street Stock Up 1.5%

State Street stock opened at $190.08 on Thursday. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $192.51. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. The firm has a market cap of $52.21 billion, a PE ratio of 16.76, a P/E/G ratio of 0.77 and a beta of 1.41. The firm's 50 day moving average price is $176.51 and its two-hundred day moving average price is $150.98.

State Street (NYSE:STT - Get Free Report) last issued its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) 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 company had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same quarter last year, the business posted $2.04 EPS. The company's revenue for the quarter was up 23.3% on a year-over-year basis. On average, research analysts predict that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be issued 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 dividend yield of 1.9%. The ex-dividend date is Thursday, October 1st. State Street's dividend payout ratio is 29.63%.

Insider Activity at State Street

In other State Street news, EVP W. Bradford Hu sold 9,758 shares of the business's stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the transaction, the executive vice president owned 49,794 shares in the company, valued at $9,187,988.88. The trade was a 16.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available 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 company's stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total value of $2,680,226.01. Following the completion of the transaction, the chief executive officer directly owned 240,959 shares in the company, valued at approximately $44,377,419.03. The trade was a 5.70% decrease in their ownership of the stock. 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 90 days, insiders sold 49,576 shares of company stock valued at $8,415,875. Insiders own 0.27% of the company's stock.

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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