Nordea Investment Management AB Acquires 178,136 Shares of State Street Corporation $STT

Nordea Investment Management AB raised its stake in shares of State Street Corporation (NYSE:STT) by 7.8% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 2,451,703 shares of the asset manager’s stock after purchasing an additional 178,136 shares during the period. Nordea Investment Management AB’s holdings in State Street were worth $283,343,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. True Wealth Design LLC lifted its holdings in shares of State Street by 166.3% in the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock valued at $29,000 after purchasing an additional 158 shares in the last quarter. SJS Investment Consulting Inc. grew its stake in shares of State Street by 2,142.9% in the 3rd quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock worth $36,000 after acquiring an additional 300 shares in the last quarter. City Holding Co. purchased a new stake in shares of State Street in the third quarter valued at about $47,000. AlphaCore Capital LLC increased its stake in State Street by 103.5% in the 2nd quarter. AlphaCore Capital LLC now owns 468 shares of the asset manager’s stock valued at $50,000 after buying an additional 238 shares during the last quarter. Finally, Elevation Point Wealth Partners LLC bought a new position in shares of State Street during the 2nd quarter worth approximately $52,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the company. The Goldman Sachs Group reaffirmed a “buy” rating on shares of State Street in a research report on Tuesday, January 6th. Zacks Research downgraded shares of State Street from a “strong-buy” rating to a “hold” rating in a report on Monday, December 1st. Wells Fargo & Company raised their price objective on shares of State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a report on Monday, October 20th. Morgan Stanley reaffirmed an “overweight” rating and issued a $168.00 price objective on shares of State Street in a research report on Tuesday, December 16th. Finally, Cowen reissued a “buy” rating on shares of State Street in a research report on Wednesday, January 7th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $133.77.

State Street Price Performance

STT opened at $133.06 on Tuesday. The firm has a 50-day moving average price of $124.01 and a 200-day moving average price of $116.54. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $134.67. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.03. The company has a market capitalization of $37.16 billion, a price-to-earnings ratio of 14.08, a PEG ratio of 0.89 and a beta of 1.43.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, October 17th. The asset manager reported $2.78 EPS for the quarter, topping the consensus estimate of $2.57 by $0.21. State Street had a net margin of 13.14% and a return on equity of 13.37%. The company had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.43 billion. During the same period last year, the firm earned $2.26 EPS. State Street’s revenue for the quarter was up 8.8% on a year-over-year basis. Equities analysts expect that State Street Corporation will post 9.68 EPS for the current year.

State Street Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, January 12th. Shareholders of record on Friday, January 2nd were issued a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Friday, January 2nd. State Street’s payout ratio is presently 35.56%.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $117.24, for a total value of $175,860.00. Following the sale, the executive vice president directly owned 38,626 shares of the company’s stock, valued at approximately $4,528,512.24. This represents a 3.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.29% of the stock is currently owned by corporate insiders.

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.