Handelsbanken Fonder AB Acquires 22,156 Shares of State Street Corporation $STT

Handelsbanken Fonder AB lifted its holdings in State Street Corporation (NYSE:STT) by 24.8% in the 2nd quarter, Holdings Channel reports. The firm owned 111,637 shares of the asset manager’s stock after buying an additional 22,156 shares during the quarter. Handelsbanken Fonder AB’s holdings in State Street were worth $18,934,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Wilkerson Advisory Group LLC bought a new position in State Street during the fourth quarter valued at about $29,000. JPL Wealth Management LLC bought a new stake in shares of State Street during the 3rd quarter worth about $29,000. Phillip James Consulting Co. acquired a new position in shares of State Street during the 4th quarter valued at about $30,000. Elevation Wealth Partners LLC increased its holdings in shares of State Street by 153.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock valued at $30,000 after acquiring an additional 106 shares during the last quarter. Finally, Whipplewood Advisors LLC bought a new position in shares of State Street in the 1st quarter valued at approximately $34,000. 87.44% of the stock is currently owned by institutional investors.

State Street Stock Up 1.5%

STT opened at $190.08 on Thursday. State Street Corporation has a 1-year low of $104.64 and a 1-year high of $192.51. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $52.21 billion, a price-to-earnings ratio of 16.76, a P/E/G ratio of 0.77 and a beta of 1.41. The business has a 50 day moving average of $176.51 and a 200-day moving average of $150.98.

State Street (NYSE:STT) last announced its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The business had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter last year, the company posted $2.04 earnings per share. State Street’s quarterly revenue was up 23.3% on a year-over-year basis. As a group, sell-side analysts anticipate that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be given a $0.92 dividend. The ex-dividend date is Thursday, October 1st. This represents a $3.68 annualized dividend and a yield of 1.9%. This is a positive change from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio (DPR) is 29.63%.

Insider Transactions at State Street

In related news, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total value of $2,680,226.01. Following the completion of the sale, the chief executive officer owned 240,959 shares in the company, valued at approximately $44,377,419.03. This trade represents a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $162.14, for a total value of $243,210.00. Following the sale, the executive vice president directly owned 41,827 shares in the company, valued at approximately $6,781,829.78. This trade represents a 3.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 49,576 shares of company stock worth $8,415,875. 0.27% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

STT has been the subject of several analyst reports. Barclays boosted their target price on State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a report on Friday, July 17th. Wells Fargo & Company lifted their price target on shares of State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Evercore set a $200.00 price objective on shares of State Street in a research note on Monday, July 20th. Weiss Ratings raised shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. Finally, Truist Financial reaffirmed a “hold” rating and set a $191.00 price objective (up from $176.00) on shares of State Street in a report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $185.38.

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.