Danske Bank A S Acquires New Position in State Street Corporation $STT

Danske Bank A S acquired a new stake in State Street Corporation (NYSE:STT) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 302,664 shares of the asset manager’s stock, valued at approximately $51,332,000.

Other hedge funds have also added to or reduced their stakes in the company. Bell Investment Advisors Inc purchased a new position in shares of State Street during the second quarter worth approximately $28,000. Wilkerson Advisory Group LLC bought a new stake in shares of State Street during the fourth quarter valued at approximately $29,000. JPL Wealth Management LLC purchased a new stake in shares of State Street in the third quarter valued at approximately $29,000. Phillip James Consulting Co. purchased a new stake in shares of State Street in the fourth quarter valued at approximately $30,000. Finally, Elevation Wealth Partners LLC grew its stake in 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 purchasing an additional 106 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

Insider Activity at State Street

In related news, EVP W. Bradford Hu sold 9,758 shares of the company’s stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the transaction, the executive vice president owned 49,794 shares of the company’s stock, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction that occurred on Tuesday, July 21st. The stock was 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 in the company, valued at $44,377,419.03. This represents a 5.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 49,576 shares of company stock worth $8,415,875 in the last 90 days. Corporate insiders own 0.27% of the company’s stock.

Analysts Set New Price Targets

STT has been the topic of several research reports. Keefe, Bruyette & Woods raised their price objective on State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a report on Friday, July 17th. Wells Fargo & Company upped their target price on State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Barclays increased their price target on State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research report on Friday, July 17th. JPMorgan Chase & Co. raised their price target on State Street from $176.50 to $187.00 and gave the company a “neutral” rating in a research note on Tuesday, August 4th. Finally, Bank of America lifted 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. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $185.38.

State Street Stock Performance

Shares of NYSE STT opened at $192.03 on Wednesday. The company has a 50 day simple moving average of $178.87 and a two-hundred day simple moving average of $152.80. 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 cap of $52.75 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 0.79 and a beta of 1.41. State Street Corporation has a 12 month low of $104.64 and a 12 month high of $195.18.

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

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be paid a $0.92 dividend. The ex-dividend date is Thursday, October 1st. 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. State Street’s dividend payout ratio (DPR) is presently 29.63%.

State Street Company 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.