State Street Co. (NYSE:STT) Shares Sold by Norway Savings Bank

Norway Savings Bank lowered its stake in State Street Co. (NYSE:STT) by 8.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,048 shares of the asset manager’s stock after selling 370 shares during the quarter. Norway Savings Bank’s holdings in State Street were worth $313,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the stock. AEGON ASSET MANAGEMENT UK Plc acquired a new position in shares of State Street in the 4th quarter worth approximately $45,687,000. Crestwood Advisors Group LLC boosted its position in shares of State Street by 11.0% during the third quarter. Crestwood Advisors Group LLC now owns 83,069 shares of the asset manager’s stock worth $5,562,000 after buying an additional 8,202 shares during the period. Ferguson Wellman Capital Management Inc. grew its stake in shares of State Street by 3.7% in the fourth quarter. Ferguson Wellman Capital Management Inc. now owns 484,411 shares of the asset manager’s stock valued at $37,522,000 after buying an additional 17,270 shares in the last quarter. Public Employees Retirement Association of Colorado raised its holdings in shares of State Street by 298.6% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 37,888 shares of the asset manager’s stock valued at $2,935,000 after buying an additional 28,382 shares during the period. Finally, Federated Hermes Inc. lifted its stake in State Street by 4.9% during the 4th quarter. Federated Hermes Inc. now owns 270,342 shares of the asset manager’s stock worth $20,941,000 after acquiring an additional 12,594 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on STT. Keefe, Bruyette & Woods dropped their target price on State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a research report on Thursday. Evercore ISI upped their target price on shares of State Street from $85.00 to $88.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. UBS Group raised their price target on shares of State Street from $80.00 to $82.00 and gave the company a “neutral” rating in a research report on Friday, April 12th. Morgan Stanley reaffirmed an “equal weight” rating and set a $90.00 price objective on shares of State Street in a research report on Wednesday, June 12th. Finally, JPMorgan Chase & Co. lifted their target price on State Street from $79.50 to $80.50 in a report on Friday, April 12th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $83.88.

State Street Price Performance

Shares of NYSE STT opened at $74.00 on Friday. The stock’s 50-day simple moving average is $74.31 and its 200-day simple moving average is $74.67. The firm has a market capitalization of $22.29 billion, a PE ratio of 13.86, a price-to-earnings-growth ratio of 1.29 and a beta of 1.47. State Street Co. has a fifty-two week low of $62.78 and a fifty-two week high of $79.90. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.61 and a current ratio of 0.61.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, April 12th. The asset manager reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.48 by $0.21. The company had revenue of $3.14 billion for the quarter, compared to analysts’ expectations of $3.06 billion. State Street had a net margin of 9.62% and a return on equity of 12.03%. As a group, equities research analysts forecast that State Street Co. will post 7.94 EPS for the current fiscal year.

State Street Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Monday, July 1st will be issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 3.73%. The ex-dividend date of this dividend is Monday, July 1st. State Street’s payout ratio is 51.69%.

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, 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.