Oslo Pensjonsforsikring AS Buys New Holdings in State Street Corporation $STT

Oslo Pensjonsforsikring AS purchased a new position in State Street Corporation (NYSE:STT) during the 1st quarter, HoldingsChannel reports. The institutional investor purchased 2,840 shares of the asset manager’s stock, valued at approximately $359,000.

A number of other institutional investors also recently bought and sold shares of the business. Wilkerson Advisory Group LLC acquired a new stake in State Street during the 4th quarter valued at approximately $29,000. Phillip James Consulting Co. acquired a new stake in shares of State Street in the fourth quarter worth $30,000. JPL Wealth Management LLC purchased a new position in shares of State Street during the third quarter worth $29,000. Whipplewood Advisors LLC purchased a new position in shares of State Street during the first quarter worth $34,000. Finally, Reflection Asset Management acquired a new position in State Street during the fourth quarter valued at $35,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at State Street

In other news, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the transaction, the chief executive officer owned 255,512 shares of the company’s stock, valued at approximately $39,693,789.20. The trade was a 5.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Bradford Hu sold 9,212 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total transaction of $1,431,084.20. Following the sale, the executive vice president owned 59,552 shares of the company’s stock, valued at approximately $9,251,403.20. The trade was a 13.40% 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 a total of 25,265 shares of company stock worth $3,935,103 in the last quarter. Company insiders own 0.27% of the company’s stock.

State Street Stock Up 1.1%

STT stock opened at $185.26 on Thursday. The company has a current ratio of 0.59, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. The firm has a 50-day moving average of $167.80 and a two-hundred day moving average of $145.33. State Street Corporation has a 12 month low of $104.64 and a 12 month high of $192.51. The company has a market cap of $51.27 billion, a price-to-earnings ratio of 16.34, a PEG ratio of 0.77 and a beta of 1.42.

State Street (NYSE:STT) last issued its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping the consensus estimate of $3.34 by $0.31. State Street had a return on equity of 15.26% and a net margin of 15.02%.The business had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same period in the previous year, the firm posted $2.04 EPS. The business’s revenue for the quarter was up 23.3% compared to the same quarter last year. As a group, analysts forecast that State Street Corporation will post 13.44 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be paid a $0.92 dividend. This is a boost from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.0%. State Street’s dividend payout ratio is 29.63%.

Analysts Set New Price Targets

Several research firms have commented on STT. Argus upped their price target on shares of State Street from $140.00 to $168.00 and gave the company a “buy” rating in a report on Tuesday, April 21st. Bank of America boosted their price objective on State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a report on Tuesday, July 7th. 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 note on Tuesday, June 30th. Royal Bank Of Canada raised their target price on State Street from $155.00 to $196.00 and gave the stock a “sector perform” rating in a report on Friday, July 17th. Finally, Truist Financial reiterated a “hold” rating and set a $191.00 price target (up from $176.00) on shares of State Street in a research report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, State Street has a consensus rating of “Moderate Buy” and an average price target of $184.72.

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.