KLP Kapitalforvaltning AS Makes New Investment in State Street Co. (NYSE:STT)

KLP Kapitalforvaltning AS acquired a new position in shares of State Street Co. (NYSE:STT) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 175,699 shares of the asset manager’s stock, valued at approximately $17,245,000. KLP Kapitalforvaltning AS owned about 0.06% of State Street at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in STT. Flagship Harbor Advisors LLC acquired a new position in State Street in the fourth quarter valued at about $272,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of State Street by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager’s stock valued at $184,025,000 after purchasing an additional 10,404 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of State Street by 11.1% in the fourth quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager’s stock valued at $7,289,000 after purchasing an additional 7,446 shares in the last quarter. Merit Financial Group LLC bought a new stake in shares of State Street in the fourth quarter valued at about $395,000. Finally, Raymond James Financial Inc. bought a new stake in shares of State Street in the fourth quarter valued at about $44,070,000. 87.44% of the stock is owned by institutional investors.

Insider Transactions at State Street

In other State Street news, Director Gregory L. Summe sold 10,815 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the transaction, the director now owns 100,023 shares in the company, valued at $10,002,300. This trade represents a 9.76 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value of $368,536.35. Following the transaction, the executive vice president now owns 50,816 shares in the company, valued at approximately $5,054,667.52. This trade represents a 6.80 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.

State Street Stock Performance

Shares of NYSE STT opened at $90.63 on Monday. State Street Co. has a 12 month low of $70.20 and a 12 month high of $103.00. The stock has a 50 day moving average of $95.93 and a 200-day moving average of $94.28. 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 capitalization of $26.14 billion, a P/E ratio of 11.00, a P/E/G ratio of 1.11 and a beta of 1.44.

State Street (NYSE:STT) last announced its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. The company had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.04 earnings per share. As a group, equities research analysts predict that State Street Co. will post 9.68 EPS for the current year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be paid a dividend of $0.76 per share. The ex-dividend date is Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.35%. State Street’s dividend payout ratio (DPR) is currently 36.89%.

Analysts Set New Price Targets

STT has been the topic of a number of research reports. StockNews.com lowered State Street from a “buy” rating to a “hold” rating in a report on Friday, March 7th. Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $105.00 to $120.00 in a report on Tuesday, December 3rd. Wolfe Research upgraded State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. Wells Fargo & Company upped their target price on State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a report on Thursday, January 2nd. Finally, JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price on the stock in a report on Friday, December 20th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, State Street currently has an average rating of “Hold” and an average target price of $101.20.

About State Street

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.