BI Asset Management Fondsmaeglerselskab A S Sells 1,832 Shares of State Street Corporation $STT

BI Asset Management Fondsmaeglerselskab A S reduced its stake in State Street Corporation (NYSE:STT) by 11.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,400 shares of the asset manager’s stock after selling 1,832 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in State Street were worth $1,289,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of STT. First Pacific Financial bought a new stake in State Street in the first quarter valued at $25,000. Larson Financial Group LLC increased its stake in State Street by 40.8% in the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 118 shares in the last quarter. Coppell Advisory Solutions LLC increased its stake in State Street by 2,942.9% in the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager’s stock valued at $42,000 after purchasing an additional 412 shares in the last quarter. Golden State Wealth Management LLC increased its stake in State Street by 186.7% in the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock valued at $43,000 after purchasing an additional 310 shares in the last quarter. Finally, MV Capital Management Inc. increased its stake in State Street by 98.4% in the first quarter. MV Capital Management Inc. now owns 506 shares of the asset manager’s stock valued at $45,000 after purchasing an additional 251 shares in the last quarter. 87.44% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on STT shares. Evercore ISI boosted their target price on shares of State Street from $102.00 to $115.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 2nd. Cfra Research raised shares of State Street from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, July 15th. Citigroup boosted their target price on shares of State Street from $100.00 to $115.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 2nd. Bank of America boosted their target price on shares of State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 16th. Finally, Truist Financial boosted their target price on shares of State Street from $116.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, August 14th. Seven 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 company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $112.82.

State Street Stock Up 0.3%

STT opened at $112.2530 on Friday. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. The stock has a market cap of $31.85 billion, a price-to-earnings ratio of 12.57, a PEG ratio of 1.10 and a beta of 1.48. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $114.28. The company’s 50-day moving average price is $108.00 and its two-hundred day moving average price is $97.36.

State Street (NYSE:STT) last released its earnings results 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. The firm had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The company’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the company earned $2.15 earnings per share. As a group, equities analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be paid 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 3.0%. State Street’s dividend payout ratio is presently 34.04%.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 990 shares of the business’s stock in a transaction dated Tuesday, July 22nd. The shares were 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 in the company, 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 currently owned by insiders.

State Street Company 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.