Norges Bank Makes New $147.42 Million Investment in State Street Co. (NYSE:STT)

Norges Bank purchased a new position in shares of State Street Co. (NYSE:STT) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,903,186 shares of the asset manager’s stock, valued at approximately $147,421,000. Norges Bank owned 0.62% of State Street as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Banque Cantonale Vaudoise grew its position in State Street by 54.9% in the 3rd quarter. Banque Cantonale Vaudoise now owns 10,839 shares of the asset manager’s stock valued at $726,000 after acquiring an additional 3,841 shares in the last quarter. AEGON ASSET MANAGEMENT UK Plc acquired a new stake in State Street during the 4th quarter worth approximately $45,687,000. Crestwood Advisors Group LLC boosted its position in State Street by 11.0% in the 3rd quarter. Crestwood Advisors Group LLC now owns 83,069 shares of the asset manager’s stock valued at $5,562,000 after buying an additional 8,202 shares during the period. Ferguson Wellman Capital Management Inc. grew its stake in shares of State Street by 3.7% in the fourth quarter. Ferguson Wellman Capital Management Inc. now owns 484,411 shares of the asset manager’s stock worth $37,522,000 after acquiring an additional 17,270 shares in the last quarter. Finally, Federated Hermes Inc. increased its position in shares of State Street by 4.9% during the fourth quarter. Federated Hermes Inc. now owns 270,342 shares of the asset manager’s stock worth $20,941,000 after acquiring an additional 12,594 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other State Street news, EVP Anthony Bisegna sold 4,258 shares of State Street stock in a transaction on Friday, March 1st. The shares were sold at an average price of $73.64, for a total value of $313,559.12. Following the transaction, the executive vice president now directly owns 23,328 shares in the company, valued at $1,717,873.92. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other State Street news, EVP Anthony Bisegna sold 4,258 shares of State Street stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $73.64, for a total value of $313,559.12. Following the transaction, the executive vice president now directly owns 23,328 shares in the company, valued at approximately $1,717,873.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Eric W. Aboaf sold 12,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $73.90, for a total value of $886,800.00. Following the sale, the chief financial officer now owns 149,063 shares of the company’s stock, valued at approximately $11,015,755.70. The disclosure for this sale can be found here. 0.31% of the stock is owned by company insiders.

State Street Stock Down 2.2 %

STT opened at $74.81 on Friday. State Street Co. has a one year low of $62.78 and a one year high of $79.90. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.61 and a current ratio of 0.61. The stock has a market capitalization of $22.54 billion, a P/E ratio of 14.01, a price-to-earnings-growth ratio of 1.31 and a beta of 1.51. The business’s 50-day simple moving average is $75.22 and its 200-day simple moving average is $74.11.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, April 12th. The asset manager reported $1.69 EPS for the quarter, topping the consensus estimate of $1.48 by $0.21. The company had revenue of $3.14 billion for the quarter, compared to analyst estimates of $3.06 billion. State Street had a return on equity of 12.03% and a net margin of 9.62%. Analysts anticipate that State Street Co. will post 7.95 EPS for the current year.

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Monday, July 1st will be given a $0.69 dividend. The ex-dividend date of this dividend is Monday, July 1st. This represents a $2.76 annualized dividend and a yield of 3.69%. State Street’s dividend payout ratio (DPR) is 51.69%.

Analyst Ratings Changes

Several research analysts recently commented on the company. Morgan Stanley boosted their target price on State Street from $89.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. Argus raised their target price on shares of State Street from $84.00 to $86.00 and gave the company a “buy” rating in a report on Monday, April 15th. UBS Group boosted their price target on shares of State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a report on Friday, April 12th. JPMorgan Chase & Co. raised their price objective on shares of State Street from $79.50 to $80.50 in a report on Friday, April 12th. Finally, Evercore ISI boosted their target price on shares of State Street from $85.00 to $88.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $84.04.

State Street 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.