Ilmarinen Mutual Pension Insurance Co Grows Stake in State Street Co. (NYSE:STT)

Ilmarinen Mutual Pension Insurance Co boosted its position in shares of State Street Co. (NYSE:STT) by 13.8% in the fourth quarter, Holdings Channel reports. The fund owned 113,800 shares of the asset manager’s stock after purchasing an additional 13,800 shares during the quarter. Ilmarinen Mutual Pension Insurance Co’s holdings in State Street were worth $11,169,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the company. Russell Investments Group Ltd. increased its position in shares of State Street by 28.9% during the 4th quarter. Russell Investments Group Ltd. now owns 394,021 shares of the asset manager’s stock valued at $38,675,000 after purchasing an additional 88,250 shares during the last quarter. Wedbush Securities Inc. purchased a new stake in State Street during the fourth quarter valued at approximately $273,000. Resona Asset Management Co. Ltd. bought a new position in State Street in the fourth quarter worth approximately $8,667,000. Westpac Banking Corp boosted its stake in shares of State Street by 2.2% during the 4th quarter. Westpac Banking Corp now owns 54,173 shares of the asset manager’s stock worth $5,317,000 after acquiring an additional 1,165 shares during the last quarter. Finally, Bryce Point Capital LLC purchased a new position in shares of State Street during the 4th quarter worth $581,000. Institutional investors own 87.44% of the company’s stock.

Insiders Place Their Bets

In related news, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total value of $1,081,500.00. Following the completion of the transaction, the director now owns 100,023 shares in the company, valued at approximately $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Ann Fogarty sold 3,705 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 50,816 shares in the company, valued at $5,054,667.52. The trade was a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on STT shares. JPMorgan Chase & Co. raised 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. Barclays raised their price objective on State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Citigroup lowered their price objective on State Street from $105.00 to $100.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. Morgan Stanley reduced their target price on shares of State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, StockNews.com downgraded shares of State Street from a “buy” rating to a “hold” rating in a report on Friday, March 7th. One analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $101.07.

State Street Stock Down 8.0 %

Shares of STT stock opened at $76.23 on Friday. The stock has a market cap of $21.99 billion, a P/E ratio of 9.25, a PEG ratio of 1.11 and a beta of 1.42. The company’s fifty day simple moving average is $94.09 and its two-hundred day simple moving average is $94.52. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. State Street Co. has a 52 week low of $70.20 and a 52 week high of $103.00.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.31. The business had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter last year, the business posted $2.04 EPS. Analysts predict that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be given a dividend of $0.76 per share. The ex-dividend date is Tuesday, April 1st. This represents a $3.04 annualized dividend and a yield of 3.99%. State Street’s dividend payout ratio (DPR) is currently 36.89%.

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.