Meiji Yasuda Asset Management Co Ltd. Acquires Shares of 6,449 State Street Corporation $STT

Meiji Yasuda Asset Management Co Ltd. acquired a new position in shares of State Street Corporation (NYSE:STT) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 6,449 shares of the asset manager’s stock, valued at approximately $1,094,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. IFM Investors Pty Ltd increased its holdings in shares of State Street by 9.7% in the first quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager’s stock valued at $10,699,000 after purchasing an additional 7,469 shares during the period. Concurrent Investment Advisors LLC purchased a new stake in shares of State Street in the fourth quarter valued at about $1,959,000. New York State Teachers Retirement System boosted its holdings in shares of State Street by 9.7% in the first quarter. New York State Teachers Retirement System now owns 303,919 shares of the asset manager’s stock valued at $38,464,000 after acquiring an additional 26,862 shares in the last quarter. SBI Okasan Asset Management Co.Ltd. acquired a new position in shares of State Street during the fourth quarter worth about $935,000. Finally, Illinois Municipal Retirement Fund increased its stake in shares of State Street by 18.3% during the first quarter. Illinois Municipal Retirement Fund now owns 85,775 shares of the asset manager’s stock worth $10,856,000 after acquiring an additional 13,245 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

Insiders Place Their Bets

In other news, EVP W. Bradford Hu sold 9,758 shares of State Street stock in a transaction dated 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 completion of the sale, the executive vice president directly owned 49,794 shares in the company, valued at $9,187,988.88. The trade was a 16.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $162.14, for a total transaction of $243,210.00. Following the completion of the transaction, the executive vice president directly owned 41,827 shares of the company’s stock, valued at approximately $6,781,829.78. This represents a 3.46% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 25,811 shares of company stock valued at $4,723,982 in the last ninety days. Insiders own 0.27% of the company’s stock.

State Street Price Performance

Shares of NYSE:STT opened at $191.00 on Tuesday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. The business’s fifty day moving average price is $180.59 and its two-hundred day moving average price is $154.37. The stock has a market cap of $52.47 billion, a PE ratio of 16.84, a price-to-earnings-growth ratio of 0.77 and a beta of 1.41. State Street Corporation has a one year low of $104.64 and a one year high of $195.18.

State Street (NYSE:STT) last released 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 return on equity of 15.26% and a net margin of 15.02%.The company had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same period in the previous year, the firm posted $2.04 earnings per share. The business’s revenue for the quarter was up 23.3% compared to the same quarter last year. On average, analysts forecast that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. UBS Group set a $176.00 price objective on shares of State Street in a research report on Friday, June 26th. Zacks Research upgraded State Street from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, May 28th. Barclays raised their price target on State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a report on Friday, July 17th. Finally, Truist Financial reaffirmed a “hold” rating and set a $191.00 price objective (up from $176.00) on shares of State Street in a report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $185.38.

About State Street

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.