BI Asset Management Fondsmaeglerselskab A S Acquires 8,931 Shares of State Street Corporation $STT

BI Asset Management Fondsmaeglerselskab A S grew its holdings in shares of State Street Corporation (NYSE:STT) by 56.8% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 24,644 shares of the asset manager’s stock after acquiring an additional 8,931 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in State Street were worth $2,859,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Savant Capital LLC increased its stake in State Street by 1.4% during the third quarter. Savant Capital LLC now owns 27,139 shares of the asset manager’s stock worth $3,148,000 after acquiring an additional 382 shares during the last quarter. Machina Capital S.A.S. bought a new position in shares of State Street during the 3rd quarter valued at approximately $2,622,000. J.W. Cole Advisors Inc. raised its holdings in State Street by 4.3% during the 3rd quarter. J.W. Cole Advisors Inc. now owns 7,567 shares of the asset manager’s stock valued at $878,000 after buying an additional 312 shares during the period. Atlantic Union Bankshares Corp lifted its position in State Street by 1,748.3% in the third quarter. Atlantic Union Bankshares Corp now owns 26,430 shares of the asset manager’s stock worth $3,066,000 after buying an additional 25,000 shares during the last quarter. Finally, AGF Management Ltd. boosted its stake in State Street by 5.2% during the third quarter. AGF Management Ltd. now owns 7,125 shares of the asset manager’s stock worth $827,000 after buying an additional 349 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on STT shares. Keefe, Bruyette & Woods increased their target price on shares of State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a research note on Monday, October 20th. Truist Financial set a $136.00 price objective on shares of State Street in a research report on Tuesday, January 20th. The Goldman Sachs Group restated a “buy” rating on shares of State Street in a research report on Tuesday, January 6th. Morgan Stanley cut their target price on State Street from $168.00 to $164.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 20th. Finally, Zacks Research lowered State Street from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 1st. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $135.83.

State Street Stock Performance

Shares of NYSE:STT opened at $132.34 on Friday. The firm’s 50 day simple moving average is $129.00 and its 200-day simple moving average is $119.35. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.61. State Street Corporation has a one year low of $72.81 and a one year high of $137.05. The firm has a market cap of $36.96 billion, a PE ratio of 14.06, a price-to-earnings-growth ratio of 1.16 and a beta of 1.43.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.82 by $0.15. The firm had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.57 billion. State Street had a return on equity of 13.46% and a net margin of 13.02%.State Street’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.60 earnings per share. As a group, equities analysts predict that State Street Corporation will post 9.68 EPS for the current year.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, January 12th. Stockholders of record on Friday, January 2nd were given a dividend of $0.84 per share. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.5%. State Street’s dividend payout ratio is presently 35.71%.

About State Street

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.