Mitsubishi UFJ Asset Management Co. Ltd. Takes $114.11 Million Position in State Street Corporation $STT

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of State Street Corporation (NYSE:STT) in the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 672,824 shares of the asset manager’s stock, valued at approximately $114,111,000.

Several other large investors also recently added to or reduced their stakes in the company. OneDigital Investment Advisors LLC purchased a new stake in State Street during the second quarter valued at about $462,000. Plato Investment Management Ltd purchased a new position in shares of State Street in the second quarter worth about $2,231,000. Bell Investment Advisors Inc bought a new stake in shares of State Street in the second quarter valued at approximately $28,000. AMG National Trust Bank bought a new stake in shares of State Street in the second quarter valued at approximately $441,000. Finally, Simplicity Wealth LLC purchased a new stake in shares of State Street during the 2nd quarter valued at approximately $260,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on STT. Barclays lifted their price objective on shares of State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a research note on Friday, July 17th. The Goldman Sachs Group increased 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. Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Morgan Stanley lifted their price target on State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Finally, Argus boosted their price objective on State Street from $140.00 to $168.00 and gave the company a “buy” rating in a research note on Tuesday, April 21st. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $185.38.

State Street Price Performance

NYSE:STT opened at $192.03 on Wednesday. State Street Corporation has a 52-week low of $104.64 and a 52-week high of $195.18. The stock has a fifty day moving average of $178.87 and a 200 day moving average of $152.80. 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 firm has a market capitalization of $52.75 billion, a price-to-earnings ratio of 16.93, a P/E/G ratio of 0.79 and a beta of 1.41.

State Street (NYSE:STT) last announced its 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 business had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period in the prior year, the company earned $2.04 EPS. The company’s quarterly revenue was up 23.3% compared to the same quarter last year. On average, research analysts expect that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

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

Insider Buying and Selling

In related news, EVP W. Bradford Hu sold 9,758 shares of the company’s stock in a transaction that occurred 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 directly owned 49,794 shares in the company, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 State Street 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 sale, the executive vice president 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. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 49,576 shares of company stock worth $8,415,875. Insiders own 0.27% of the company’s stock.

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.