Resona Asset Management Co. Ltd. Has $10.83 Million Stake in State Street Corporation $STT

Resona Asset Management Co. Ltd. reduced its stake in shares of State Street Corporation (NYSE:STT) by 5.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 93,194 shares of the asset manager’s stock after selling 5,348 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in State Street were worth $10,831,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of State Street during the 2nd quarter valued at $256,367,000. First Trust Advisors LP boosted its position in State Street by 39.0% during the second quarter. First Trust Advisors LP now owns 2,009,190 shares of the asset manager’s stock valued at $213,657,000 after purchasing an additional 564,202 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in State Street in the second quarter valued at about $42,281,000. Invesco Ltd. increased its position in State Street by 4.7% in the 2nd quarter. Invesco Ltd. now owns 8,566,237 shares of the asset manager’s stock worth $910,934,000 after purchasing an additional 381,547 shares during the last quarter. Finally, Nordea Investment Management AB raised its stake in shares of State Street by 7.8% during the 3rd quarter. Nordea Investment Management AB now owns 2,451,703 shares of the asset manager’s stock worth $283,343,000 after purchasing an additional 178,136 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on STT. BMO Capital Markets began coverage on State Street in a research note on Friday, October 3rd. They issued an “outperform” rating and a $130.00 price target for the company. Truist Financial set a $136.00 price target on shares of State Street in a research note on Tuesday, January 20th. Citigroup raised their price target on shares of State Street from $136.00 to $150.00 and gave the company a “buy” rating in a report on Tuesday, December 30th. The Goldman Sachs Group reissued a “buy” rating on shares of State Street in a research report on Tuesday, January 6th. Finally, Keefe, Bruyette & Woods raised their target price on State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a report on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, State Street currently has an average rating of “Moderate Buy” and a consensus price target of $135.83.

State Street Stock Performance

NYSE:STT opened at $126.10 on Monday. The firm has a market capitalization of $35.22 billion, a PE ratio of 13.40, a PEG ratio of 1.11 and a beta of 1.43. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $137.05. The company has a current ratio of 0.61, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. The firm’s fifty day simple moving average is $126.05 and its 200 day simple moving average is $117.86.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.82 by $0.15. The company had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.57 billion. State Street had a net margin of 13.02% and a return on equity of 13.46%. The business’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the prior year, the company earned $2.60 earnings per share. On average, sell-side analysts anticipate that State Street Corporation will post 9.68 EPS for the current year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, January 12th. Shareholders of record on Friday, January 2nd were issued a $0.84 dividend. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $3.36 dividend on an annualized basis and a yield of 2.7%. State Street’s dividend payout ratio (DPR) is 35.71%.

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.