Meiji Yasuda Asset Management Co Ltd. Makes New $1.09 Million Investment in State Street Corporation $STT

Meiji Yasuda Asset Management Co Ltd. 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 SEC. The fund purchased 6,449 shares of the asset manager’s stock, valued at approximately $1,094,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Western Wealth Management LLC boosted its position in shares of State Street by 3.1% in the first quarter. Western Wealth Management LLC now owns 2,001 shares of the asset manager’s stock worth $253,000 after acquiring an additional 60 shares during the last quarter. Chicago Partners Investment Group LLC grew its holdings in State Street by 1.6% in the fourth quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager’s stock valued at $675,000 after purchasing an additional 83 shares during the period. Arjuna Capital increased its position in State Street by 0.4% during the fourth quarter. Arjuna Capital now owns 25,139 shares of the asset manager’s stock worth $3,243,000 after purchasing an additional 95 shares during the last quarter. CX Institutional increased its position in State Street by 1.0% during the second quarter. CX Institutional now owns 9,788 shares of the asset manager’s stock worth $1,660,000 after purchasing an additional 98 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund raised its stake in State Street by 0.3% during the first quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager’s stock worth $4,053,000 after purchasing an additional 100 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on STT shares. Morgan Stanley upped their price objective on State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Wells Fargo & Company lifted their target price on State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a report on Friday, July 17th. UBS Group set a $176.00 price target on State Street in a research report on Friday, June 26th. Citigroup upped their price target on State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a research note on Friday, July 17th. Finally, JPMorgan Chase & Co. lifted their price objective on State Street from $176.50 to $187.00 and gave the company a “neutral” rating in a research note on Tuesday, August 4th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $185.38.

State Street Stock Performance

Shares of STT stock opened at $191.00 on Tuesday. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. The company has a market cap of $52.47 billion, a PE ratio of 16.84, a P/E/G ratio of 0.77 and a beta of 1.41. The company’s fifty day simple moving average is $180.59 and its 200-day simple moving average is $154.37. State Street Corporation has a 52 week low of $104.64 and a 52 week high of $195.18.

State Street (NYSE:STT) last announced its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping analysts’ consensus estimates of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The firm had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same period in the prior year, the company earned $2.04 EPS. The firm’s revenue was up 23.3% on a year-over-year basis. As a group, equities research analysts anticipate that State Street Corporation will post 13.75 EPS for the current year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be paid a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.9%. This is an increase from State Street’s previous quarterly dividend of $0.84. The ex-dividend date is Thursday, October 1st. State Street’s payout ratio is 29.63%.

Insider Activity at State Street

In related news, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the transaction, the chief executive officer directly owned 240,959 shares of the company’s stock, valued at approximately $44,377,419.03. The trade was a 5.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Bradford Hu sold 9,758 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the transaction, the executive vice president owned 49,794 shares of the company’s stock, valued at approximately $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. In the last ninety days, insiders have sold 25,811 shares of company stock worth $4,723,982. 0.27% of the stock is currently owned by company insiders.

State Street 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.