The Manufacturers Life Insurance Company Purchases Shares of 255,205 State Street Corporation $STT

The Manufacturers Life Insurance Company acquired a new stake in shares of State Street Corporation (NYSE:STT) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 255,205 shares of the asset manager’s stock, valued at approximately $43,283,000. The Manufacturers Life Insurance Company owned 0.09% of State Street as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in STT. BlackRock Inc. purchased a new position in shares of State Street in the 2nd quarter worth $4,139,389,000. Regents of The University of California grew its position in State Street by 211.2% during the fourth quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock valued at $1,123,186,000 after acquiring an additional 5,908,370 shares during the period. Norges Bank acquired a new stake in State Street during the fourth quarter worth about $303,483,000. Bank of New York Mellon Corp acquired a new stake in State Street during the second quarter worth about $301,393,000. Finally, Pinebridge Investments LLC acquired a new stake in State Street during the fourth quarter worth about $178,705,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Stock Performance

State Street stock opened at $193.61 on Thursday. The stock’s 50 day moving average price is $181.47 and its 200 day moving average price is $155.25. The firm has a market capitalization of $53.18 billion, a PE ratio of 17.07, 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 quick ratio of 0.59 and a current ratio of 0.59. State Street Corporation has a one year low of $104.64 and a one year high of $195.18.

State Street (NYSE:STT) last issued its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.34 by $0.31. The company had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. State Street’s revenue for the quarter was up 23.3% on a year-over-year basis. During the same quarter last year, the company earned $2.04 earnings per share. As a group, sell-side analysts expect that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

The company 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 annualized dividend and a dividend yield of 1.9%. This is a boost from State Street’s previous quarterly dividend of $0.84. The ex-dividend date is Thursday, October 1st. State Street’s payout ratio is currently 29.63%.

Insider Activity at State Street

In other State Street news, EVP W. Bradford Hu sold 9,758 shares of the business’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $184.52, for a total value 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. The trade was a 16.39% decrease in their position. 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 company’s stock in a transaction dated 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. The trade was a 3.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 25,811 shares of company stock valued at $4,723,982. Corporate insiders own 0.27% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on STT. Morgan Stanley lifted their price objective on State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. JPMorgan Chase & Co. increased their target price on shares of State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 4th. Evercore set a $200.00 price target on shares of State Street in a report on Monday, July 20th. Keefe, Bruyette & Woods boosted their price objective on shares of State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a research note on Friday, July 17th. Finally, Truist Financial reissued a “hold” rating and issued a $191.00 price objective (up from $176.00) on shares of State Street in a research report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average 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.