Meeder Asset Management Inc. Takes Position in State Street Corporation $STT

Meeder Asset Management Inc. purchased a new stake in State Street Corporation (NYSE:STT) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 89,439 shares of the asset manager’s stock, valued at approximately $15,169,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of State Street in the second quarter valued at $4,139,389,000. Regents of The University of California grew its holdings in shares of State Street by 15.6% during the first quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager’s stock valued at $1,273,841,000 after buying an additional 1,358,923 shares in the last quarter. Morgan Stanley grew its holdings in shares of State Street by 9.0% during the fourth quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager’s stock valued at $673,740,000 after buying an additional 433,201 shares in the last quarter. Victory Capital Management Inc. raised its position in State Street by 30.8% during the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock valued at $588,227,000 after buying an additional 1,074,174 shares during the period. Finally, Franklin Resources Inc. lifted its stake in State Street by 1.7% in the 4th quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager’s stock worth $506,534,000 after acquiring an additional 67,309 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total transaction 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. The sale 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, EVP W. Bradford Hu sold 9,758 shares of the firm’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the transaction, the executive vice president owned 49,794 shares in the company, valued at $9,187,988.88. This represents a 16.39% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 49,576 shares of company stock valued at $8,415,875 over the last ninety days. Corporate insiders own 0.27% of the company’s stock.

State Street Stock Up 0.9%

STT opened at $193.48 on Tuesday. The company has a market capitalization of $53.15 billion, a PE ratio of 17.06, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59. State Street Corporation has a fifty-two week low of $104.64 and a fifty-two week high of $195.18. The business has a 50-day moving average of $178.29 and a 200-day moving average of $152.35.

State Street (NYSE:STT) last announced its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating the consensus estimate of $3.34 by $0.31. State Street had a return on equity of 15.26% and a net margin of 15.02%.The business had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the previous year, the business posted $2.04 EPS. The firm’s quarterly revenue was up 23.3% compared to the same quarter last year. Equities research analysts forecast that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be given a $0.92 dividend. This is a positive change from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s payout ratio is presently 32.45%.

Analyst Ratings Changes

STT has been the subject of a number of research reports. Weiss Ratings upgraded State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. Argus increased their price target on shares of State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a research report on Tuesday, April 21st. Wells Fargo & Company increased their price target on shares of State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Bank of America raised their price target on shares of State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. Finally, UBS Group set a $176.00 price objective on shares of State Street in a research report on Friday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $185.38.

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.