SBI Okasan Asset Management Co.Ltd. Takes Position in State Street Corporation $STT

SBI Okasan Asset Management Co.Ltd. acquired a new stake in shares of State Street Corporation (NYSE:STT) during the 4th quarter, Holdings Channel reports. The fund acquired 7,100 shares of the asset manager’s stock, valued at approximately $935,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund bought a new stake in shares of State Street during the 4th quarter valued at $22,821,000. Moors & Cabot Inc. raised its position in shares of State Street by 5.5% during the 4th quarter. Moors & Cabot Inc. now owns 18,952 shares of the asset manager’s stock valued at $2,445,000 after purchasing an additional 994 shares during the period. Knights of Columbus Asset Advisors LLC bought a new stake in shares of State Street during the 4th quarter valued at $560,000. AlphaQuest LLC grew its stake in State Street by 293.2% during the fourth quarter. AlphaQuest LLC now owns 19,441 shares of the asset manager’s stock valued at $2,508,000 after acquiring an additional 14,497 shares in the last quarter. Finally, Kestra Investment Management LLC grew its stake in State Street by 13.9% during the fourth quarter. Kestra Investment Management LLC now owns 7,976 shares of the asset manager’s stock valued at $1,029,000 after acquiring an additional 973 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 3,000 shares of State Street stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total value of $461,670.00. Following the completion of the transaction, the executive vice president directly owned 43,522 shares of the company’s stock, valued at $6,697,600.58. This trade represents a 6.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP John Plansky sold 16,100 shares of State Street stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the completion of the transaction, the executive vice president directly owned 56,162 shares of the company’s stock, valued at $6,982,059.84. The trade was a 22.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 52,476 shares of company stock worth $7,624,925. Insiders own 0.27% of the company’s stock.

State Street Stock Performance

Shares of NYSE:STT opened at $155.63 on Friday. State Street Corporation has a 52 week low of $94.72 and a 52 week high of $159.31. The stock has a market capitalization of $43.07 billion, a P/E ratio of 15.78, a PEG ratio of 0.86 and a beta of 1.45. The firm has a fifty day simple moving average of $143.30 and a two-hundred day simple moving average of $132.22. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, topping analysts’ consensus estimates of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The business had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same period last year, the company posted $2.04 EPS. The business’s revenue was up 15.6% on a year-over-year basis. On average, analysts expect that State Street Corporation will post 12.35 earnings per share for the current fiscal year.

State Street Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Wednesday, July 1st. State Street’s dividend payout ratio (DPR) is presently 34.08%.

Key Stories Impacting State Street

Here are the key news stories impacting State Street this week:

• Positive Sentiment: State Street was highlighted as one of the better-positioned names in the regional banks/financials group, with analysts citing favorable industry trends such as restructuring, acquisitions, digitization, loan demand, and lower rates as potential tailwinds for growth. Article Title
• Positive Sentiment: State Street Investment Management announced it will close and liquidate the EMTL ETF, which can be read as disciplined product management and a focus on pruning weaker offerings to improve capital efficiency. Article Title
• Neutral Sentiment: State Street announced that CFO John Woods will present at the Morgan Stanley U.S. Financials Conference on June 10. The event may provide updates on strategy and outlook, but it is not a direct business catalyst by itself. Article Title
• Neutral Sentiment: State Street’s entities ceased to be substantial holders in several Australian companies, reflecting portfolio ownership changes that do not appear material to State Street’s own earnings power. Article Title
• Negative Sentiment: CEO Ronald P. Hanley and EVP W. Bradford Hu both sold shares under pre-arranged 10b5-1 plans. While routine, insider selling can still pressure sentiment when the stock is trading close to recent highs. Article Title

Analysts Set New Price Targets

Several equities analysts recently weighed in on STT shares. Citigroup raised their target price on shares of State Street from $150.00 to $172.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Evercore set a $158.00 target price on shares of State Street and gave the company an “outperform” rating in a research note on Monday, April 20th. Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. Truist Financial raised their target price on shares of State Street from $136.00 to $150.00 and gave the company a “hold” rating in a research note on Monday, April 20th. Finally, Seaport Research Partners reaffirmed a “buy” rating and set a $170.00 target price on shares of State Street in a research note on Monday, April 20th. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $158.57.

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.