Danske Bank A S Takes $51.33 Million Position in State Street Corporation $STT

Danske Bank A S acquired a new position in State Street Corporation (NYSE:STT) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 302,664 shares of the asset manager’s stock, valued at approximately $51,332,000. Danske Bank A S owned 0.11% of State Street as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Bell Investment Advisors Inc purchased a new position in State Street in the 2nd quarter worth approximately $28,000. Wilkerson Advisory Group LLC purchased a new stake in State Street during the 4th quarter valued at approximately $29,000. JPL Wealth Management LLC bought a new stake in shares of State Street during the third quarter valued at approximately $29,000. Phillip James Consulting Co. bought a new stake in shares of State Street during the fourth quarter valued at approximately $30,000. Finally, Elevation Wealth Partners LLC lifted its holdings in shares of State Street by 153.6% in the second quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after buying an additional 106 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Buying and Selling at State Street

In related news, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $162.14, for a total transaction of $243,210.00. Following the completion of the sale, the executive vice president directly owned 41,827 shares of the company’s stock, valued at approximately $6,781,829.78. This trade represents a 3.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction on 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 transaction, the chief executive officer owned 240,959 shares of the company’s stock, valued at approximately $44,377,419.03. The trade was a 5.70% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 49,576 shares of company stock worth $8,415,875 over the last 90 days. Company insiders own 0.27% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on STT shares. UBS Group set a $176.00 target price on shares of State Street in a research note on Friday, June 26th. Morgan Stanley boosted their price target on shares of State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. JPMorgan Chase & Co. raised their price objective on State Street from $176.50 to $187.00 and gave the company a “neutral” rating in a research report on Tuesday, August 4th. Finally, Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $185.38.

State Street Trading Down 0.5%

Shares of STT opened at $192.03 on Wednesday. The company’s fifty day simple moving average is $178.87 and its 200-day simple moving average is $152.80. The company has a market cap of $52.75 billion, a P/E ratio of 16.93, a P/E/G ratio of 0.79 and a beta of 1.41. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $195.18.

State Street (NYSE:STT) last issued its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating 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 company had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the prior year, the firm posted $2.04 EPS. The firm’s revenue was up 23.3% compared to the same quarter last year. As a group, analysts expect that State Street Corporation will post 13.75 EPS for the current year.

State Street Increases Dividend

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

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.