DNB Asset Management AS Lifted Holding in State Street Corp (NYSE:STT)

DNB Asset Management AS Lifted Holding in State Street Corp (NYSE:STT)

DNB Asset Management AS raised its holdings in shares of State Street Corp (NYSE:STT) by 4.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 47,293 shares of the asset manager’s stock after purchasing an additional 2,164 shares during the period. DNB Asset Management AS’s holdings in State Street were worth $2,983,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in STT. Massachusetts Financial Services Co. MA grew its stake in shares of State Street by 7.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 27,934,535 shares of the asset manager’s stock worth $2,340,355,000 after acquiring an additional 1,830,069 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of State Street by 3.6% in the third quarter. Vanguard Group Inc. now owns 26,171,489 shares of the asset manager’s stock valued at $2,192,648,000 after buying an additional 910,041 shares in the last quarter. Vanguard Group Inc grew its stake in shares of State Street by 3.6% in the third quarter. Vanguard Group Inc now owns 26,171,489 shares of the asset manager’s stock valued at $2,192,648,000 after buying an additional 910,041 shares in the last quarter. BlackRock Inc. grew its stake in shares of State Street by 5.7% in the third quarter. BlackRock Inc. now owns 22,719,665 shares of the asset manager’s stock valued at $1,903,454,000 after buying an additional 1,224,497 shares in the last quarter. Finally, FMR LLC grew its stake in shares of State Street by 1.9% in the third quarter. FMR LLC now owns 13,405,169 shares of the asset manager’s stock valued at $1,123,084,000 after buying an additional 251,861 shares in the last quarter. Institutional investors own 87.43% of the company’s stock.

STT stock traded down $0.80 during midday trading on Friday, reaching $68.96. The company had a trading volume of 2,686,204 shares, compared to its average volume of 3,326,807. The company has a market cap of $26.17 billion, a PE ratio of 9.55, a price-to-earnings-growth ratio of 1.16 and a beta of 1.36. State Street Corp has a 1-year low of $57.87 and a 1-year high of $110.33. The company has a quick ratio of 0.50, a current ratio of 0.53 and a debt-to-equity ratio of 0.53.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, January 18th. The asset manager reported $1.68 EPS for the quarter, beating the Zacks’ consensus estimate of $1.67 by $0.01. State Street had a return on equity of 14.44% and a net margin of 20.05%. The business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $2.96 billion. During the same quarter in the previous year, the firm earned $1.61 earnings per share. State Street’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, analysts anticipate that State Street Corp will post 6.85 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 16th. Shareholders of record on Wednesday, January 2nd were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date was Monday, December 31st. State Street’s dividend payout ratio is presently 26.04%.

STT has been the subject of several analyst reports. Wells Fargo & Co decreased their target price on shares of State Street from $92.00 to $82.00 and set an “outperform” rating for the company in a research note on Thursday, December 6th. Zacks Investment Research cut shares of State Street from a “hold” rating to a “strong sell” rating in a research report on Monday, January 14th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $72.00 price objective on shares of State Street in a research report on Thursday, December 13th. Credit Suisse Group reduced their price objective on shares of State Street from $80.00 to $75.00 and set a “neutral” rating for the company in a research report on Tuesday, January 22nd. Finally, Raymond James raised shares of State Street from a “market perform” rating to a “strong-buy” rating and set a $82.00 price objective for the company in a research report on Monday, January 14th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $87.36.

State Street Company 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; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

Read More: Net Margin

Related posts

Leave a Comment