Forsta AP Fonden Has $6.56 Million Stock Holdings in State Street Co. (NYSE:STT)

Forsta AP Fonden lessened its stake in shares of State Street Co. (NYSE:STT) by 2.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 66,800 shares of the asset manager’s stock after selling 1,500 shares during the quarter. Forsta AP Fonden’s holdings in State Street were worth $6,556,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Hotchkis & Wiley Capital Management LLC increased its position in State Street by 30.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock worth $514,136,000 after acquiring an additional 1,354,560 shares during the period. FMR LLC increased its position in State Street by 15.8% during the third quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock worth $540,796,000 after acquiring an additional 833,679 shares during the period. Wellington Management Group LLP increased its position in State Street by 818.1% during the third quarter. Wellington Management Group LLP now owns 518,697 shares of the asset manager’s stock worth $45,889,000 after acquiring an additional 462,201 shares during the period. National Bank of Canada FI increased its position in State Street by 99.4% during the third quarter. National Bank of Canada FI now owns 888,146 shares of the asset manager’s stock worth $78,574,000 after acquiring an additional 442,725 shares during the period. Finally, Franklin Resources Inc. increased its position in State Street by 13.8% during the third quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock worth $306,116,000 after acquiring an additional 408,792 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Trading Down 0.6 %

STT opened at $101.61 on Friday. The company’s 50 day moving average is $98.42 and its 200-day moving average is $91.05. State Street Co. has a 1-year low of $70.20 and a 1-year high of $103.00. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The company has a market cap of $29.79 billion, a P/E ratio of 12.33, a PEG ratio of 1.13 and a beta of 1.43.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, beating analysts’ consensus estimates of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The company had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.27 billion. During the same period last year, the company posted $2.04 EPS. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. Equities research analysts predict that State Street Co. will post 9.6 earnings per share for the current fiscal year.

State Street Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Thursday, January 2nd were given a dividend of $0.76 per share. The ex-dividend date was Thursday, January 2nd. This represents a $3.04 annualized dividend and a yield of 2.99%. State Street’s dividend payout ratio is presently 36.89%.

Insider Buying and Selling

In related news, EVP Kathryn M. Horgan sold 12,500 shares of State Street stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the sale, the executive vice president now directly owns 111,042 shares in the company, valued at $10,878,784.74. This trade represents a 10.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.31% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently commented on STT. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $105.00 to $120.00 in a research report on Tuesday, December 3rd. StockNews.com raised shares of State Street from a “hold” rating to a “buy” rating in a research report on Saturday, January 25th. Truist Financial lowered their price target on shares of State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a research report on Tuesday, January 21st. Morgan Stanley decreased their target price on shares of State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a report on Friday, January 3rd. Finally, Wells Fargo & Company raised their target price on shares of State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a report on Thursday, January 2nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, State Street presently has an average rating of “Hold” and a consensus price target of $100.73.

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.