Mediolanum International Funds Ltd Invests $1.75 Million in State Street Corporation $STT

Mediolanum International Funds Ltd bought a new position in shares of State Street Corporation (NYSE:STT) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 14,178 shares of the asset manager’s stock, valued at approximately $1,750,000.

Several other institutional investors also recently bought and sold shares of the stock. Regents of The University of California boosted its position in State Street by 211.2% in the 4th quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock worth $1,123,186,000 after purchasing an additional 5,908,370 shares in the last quarter. Norges Bank purchased a new position in shares of State Street during the 4th quarter valued at approximately $303,483,000. Pinebridge Investments LLC acquired a new position in shares of State Street in the 4th quarter valued at $178,705,000. Victory Capital Management Inc. lifted its stake in shares of State Street by 30.8% in the 4th quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock valued at $588,227,000 after purchasing an additional 1,074,174 shares during the period. Finally, Two Sigma Investments LP lifted its stake in shares of State Street by 261.0% in the 3rd quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager’s stock valued at $141,277,000 after purchasing an additional 880,507 shares during the period. 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 $183.39 on Wednesday. The firm has a market cap of $50.76 billion, a PE ratio of 16.17, a PEG ratio of 0.89 and a beta of 1.42. The firm has a fifty day moving average of $167.13 and a 200 day moving average of $144.93. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.59. State Street Corporation has a one year low of $104.64 and a one year high of $192.51.

State Street (NYSE:STT) last posted 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. State Street had a net margin of 15.02% and a return on equity of 15.26%. The business had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same period last year, the firm posted $2.04 earnings per share. The company’s revenue was up 23.3% compared to the same quarter last year. As a group, research analysts predict that State Street Corporation will post 13.44 EPS for the current fiscal year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be given a dividend of $0.92 per share. This is a boost from State Street’s previous quarterly dividend of $0.84. The ex-dividend date is Thursday, October 1st. This represents a $3.68 annualized dividend and a dividend yield of 2.0%. State Street’s payout ratio is currently 32.45%.

Wall Street Analyst Weigh In

Several research firms recently commented on STT. Wells Fargo & Company raised their price target on shares of State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Evercore set a $200.00 price objective on shares of State Street in a research report on Monday. Citigroup increased their target price on shares of State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a research note on Friday. Barclays raised their target price on State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a research report on Friday. Finally, UBS Group set a $176.00 price target on State Street in a research note on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, State Street presently has a consensus rating of “Moderate Buy” and a consensus price target of $184.72.

Insider Activity at State Street

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was 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 owned 41,827 shares of the company’s stock, valued at $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hanley Ronald P. O sold 14,553 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $2,260,808.55. Following the completion of the transaction, the chief executive officer owned 255,512 shares in the company, valued at approximately $39,693,789.20. This trade represents a 5.39% 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. In the last three months, insiders have sold 25,265 shares of company stock valued at $3,935,103. 0.27% of the stock is owned by corporate insiders.

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.