Mirae Asset Global Investments Co. Ltd. Makes New $17.18 Million Investment in State Street Corporation $STT

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of State Street Corporation (NYSE:STT) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 98,372 shares of the asset manager’s stock, valued at approximately $17,175,000.

Several other large investors have also recently made changes to their positions in the company. Philadelphia Investment Partners LLC purchased a new stake in shares of State Street during the second quarter worth $26,000. Bell Investment Advisors Inc purchased a new stake in shares of State Street during the 2nd quarter valued at approximately $28,000. Elevation Wealth Partners LLC lifted its stake in shares of State Street by 153.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock valued at $30,000 after purchasing an additional 106 shares during the last quarter. Continuum Advisory LLC acquired a new position in State Street in the second quarter valued at about $30,000. Finally, Keating Financial Advisory Services Inc. acquired a new position in shares of State Street in the 2nd quarter worth approximately $33,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on STT shares. Truist Financial dropped their target price on State Street from $190.00 to $171.00 and set a “hold” rating for the company in a research report on Thursday, October 15th. TD Cowen began coverage on State Street in a report on Thursday, October 8th. They issued a “buy” rating and a $205.00 target price on the stock. Weiss Ratings downgraded shares of State Street from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Tuesday, October 6th. Wells Fargo & Company boosted 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. Finally, Keefe, Bruyette & Woods upped their price target on shares of State Street from $220.00 to $230.00 and gave the company an “outperform” rating in a research report on Thursday, October 15th. Ten analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, State Street currently has an average rating of “Moderate Buy” and an average target price of $190.03.

State Street Price Performance

Shares of NYSE STT opened at $169.47 on Wednesday. The firm has a market capitalization of $46.11 billion, a P/E ratio of 13.83, a PEG ratio of 0.78 and a beta of 1.38. State Street Corporation has a one year low of $111.63 and a one year high of $195.93. The company’s fifty day moving average is $179.39 and its two-hundred day moving average is $159.09. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.59 and a current ratio of 0.59.

State Street (NYSE:STT) last posted its earnings results on Wednesday, October 14th. The asset manager reported $3.69 earnings per share for the quarter, beating the consensus estimate of $3.68 by $0.01. The company had revenue of $4 billion for the quarter, compared to analyst estimates of $4.03 billion. State Street had a return on equity of 16.11% and a net margin of 15.81%. State Street’s revenue was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.78 earnings per share. Analysts forecast that State Street Corporation will post 13.77 EPS for the current fiscal year.

Insider Activity

In other news, EVP W. Hu sold 7,099 shares of the company’s stock in a transaction on Monday, October 26th. The stock was sold at an average price of $168.63, for a total transaction of $1,197,104.37. Following the completion of the sale, the executive vice president directly owned 42,695 shares in the company, valued at $7,199,657.85. This represents a 14.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,554 shares of the stock in a transaction that occurred on Tuesday, October 20th. The stock was sold at an average price of $164.60, for a total transaction of $2,395,588.40. Following the sale, the chief executive officer directly owned 215,905 shares of the company’s stock, valued at approximately $35,537,963. This trade represents a 6.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.27% of the company’s stock.

About State Street

State Street Corporation is a financial services holding company headquartered in Boston, Massachusetts. Founded in 1792, it provides services primarily to institutional investors, including asset owners, asset managers, insurance companies, official institutions and other financial organizations.

The company’s businesses include investment servicing, asset management, securities finance, foreign exchange, and trading and research services. Through its servicing operations, State Street provides custody, fund accounting, administration, investment operations, transfer agency and related support.