Mitsubishi UFJ Asset Management Co. Ltd. Takes Position in State Street Corporation $STT

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of State Street Corporation (NYSE:STT) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 672,824 shares of the asset manager’s stock, valued at approximately $114,111,000. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.24% of State Street as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Bell Investment Advisors Inc acquired a new stake in State Street in the second quarter worth $28,000. Wilkerson Advisory Group LLC bought a new stake in State Street in the fourth quarter valued at $29,000. JPL Wealth Management LLC acquired a new position in shares of State Street during the third quarter valued at about $29,000. Phillip James Consulting Co. bought a new position in shares of State Street during the 4th quarter worth about $30,000. Finally, Elevation Wealth Partners LLC boosted its position in shares of State Street by 153.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after purchasing an additional 106 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Insider Buying and Selling

In related news, EVP W. Bradford Hu sold 9,758 shares of the firm’s 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 owned 49,794 shares in the company, valued at approximately $9,187,988.88. This trade represents a 16.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $162.14, for a total transaction of $243,210.00. Following the completion of the sale, the executive vice president directly owned 41,827 shares in the company, 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. Over the last 90 days, insiders sold 49,576 shares of company stock worth $8,415,875. Insiders own 0.27% of the company’s stock.

State Street Stock Performance

Shares of State Street stock opened at $192.03 on Wednesday. The business’s fifty day simple moving average is $178.87 and its 200 day simple moving average is $152.80. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a 12 month low of $104.64 and a 12 month high of $195.18. The firm has a market capitalization of $52.75 billion, a P/E ratio of 16.93, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41.

State Street (NYSE:STT) last announced its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the prior year, the company earned $2.04 EPS. The business’s revenue for the quarter was up 23.3% on a year-over-year basis. As a group, analysts anticipate that State Street Corporation will post 13.75 EPS for the current year.

State Street Increases Dividend

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

Wall Street Analyst Weigh In

A number of brokerages recently commented on STT. Evercore set a $200.00 target price on State Street in a research report on Monday, July 20th. Morgan Stanley increased their price target on State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Royal Bank Of Canada raised their price objective on State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a research note on Friday, July 17th. Zacks Research upgraded State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Finally, The Goldman Sachs Group upped their target price on State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.