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

The Manufacturers Life Insurance Company bought a new stake in State Street Corporation (NYSE:STT) during the second quarter, HoldingsChannel.com reports. The institutional investor bought 255,205 shares of the asset manager’s stock, valued at approximately $43,283,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bell Investment Advisors Inc bought a new stake in shares of State Street in the second quarter worth $28,000. Wilkerson Advisory Group LLC bought a new position in State Street during the 4th quarter valued at $29,000. JPL Wealth Management LLC bought a new position in State Street during the 3rd quarter valued at $29,000. Phillip James Consulting Co. acquired a new position in State Street during the 4th quarter worth $30,000. Finally, Elevation Wealth Partners LLC grew its holdings in 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 acquiring an additional 106 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Price Performance

Shares of NYSE:STT opened at $193.61 on Thursday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a fifty-two week low of $104.64 and a fifty-two week high of $195.18. The firm has a 50-day simple moving average of $181.47 and a 200 day simple moving average of $155.25. The company has a market cap of $53.18 billion, a PE ratio of 17.07, a P/E/G ratio of 0.79 and a beta of 1.41.

State Street (NYSE:STT) last released its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping the consensus estimate of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The firm had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the prior year, the business earned $2.04 earnings per share. State Street’s quarterly revenue was up 23.3% on a year-over-year basis. On average, sell-side 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. Stockholders of record on Thursday, October 1st will be given a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Thursday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.84. State Street’s payout ratio is currently 29.63%.

Insider Buying and Selling

In related news, EVP W. Bradford Hu sold 9,758 shares of the business’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the company’s stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total value of $2,680,226.01. Following the transaction, the chief executive officer owned 240,959 shares of the company’s stock, valued at approximately $44,377,419.03. The trade was a 5.70% decrease in their ownership of the stock. 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. In the last 90 days, insiders have sold 25,811 shares of company stock valued at $4,723,982. Insiders own 0.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Truist Financial restated a “hold” rating and issued a $191.00 target price (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Keefe, Bruyette & Woods boosted their price objective on State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a report on Friday, July 17th. Royal Bank Of Canada upped 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. Morgan Stanley increased their target price on State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Finally, Zacks Research upgraded State Street from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Two investment 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 stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average 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.