Meeder Advisory Services Inc. Buys Shares of 8,253 State Street Corporation $STT

Meeder Advisory Services Inc. purchased a new stake in State Street Corporation (NYSE:STT) during the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 8,253 shares of the asset manager’s stock, valued at approximately $1,400,000.

A number of other hedge funds have also modified their holdings of the business. Bell Investment Advisors Inc purchased a new stake in State Street in the 2nd quarter valued at about $28,000. Wilkerson Advisory Group LLC acquired a new position in State Street in the fourth quarter valued at about $29,000. JPL Wealth Management LLC purchased a new position in State Street during the third quarter worth about $29,000. Phillip James Consulting Co. purchased a new position in State Street during the fourth quarter worth about $30,000. Finally, Elevation Wealth Partners LLC increased its position in shares of State Street by 153.6% during the second quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock valued at $30,000 after acquiring an additional 106 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP W. Bradford Hu sold 9,758 shares of State Street stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the transaction, the executive vice president owned 49,794 shares in the company, valued at approximately $9,187,988.88. This trade represents a 16.39% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total value of $2,680,226.01. Following the completion of the transaction, the chief executive officer owned 240,959 shares of the company’s stock, valued at $44,377,419.03. The trade was a 5.70% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 49,576 shares of company stock valued at $8,415,875 in the last three months. 0.27% of the stock is owned by corporate insiders.

State Street Price Performance

State Street stock opened at $185.91 on Thursday. The firm has a market cap of $51.07 billion, a PE ratio of 16.39, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41. State Street Corporation has a 52-week low of $104.64 and a 52-week high of $195.18. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The company’s 50 day moving average is $179.34 and its two-hundred day moving average is $153.18.

State Street (NYSE:STT) last issued its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating the consensus estimate of $3.34 by $0.31. The company had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The firm’s revenue was up 23.3% compared to the same quarter last year. During the same quarter last year, the company posted $2.04 EPS. On average, research analysts expect that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be issued a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. This is a boost from State Street’s previous quarterly dividend of $0.84. The ex-dividend date is Thursday, October 1st. State Street’s dividend payout ratio (DPR) is 29.63%.

Analyst Ratings Changes

STT has been the topic of a number of research analyst reports. Bank of America boosted their price target on shares of State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Citigroup increased their price objective on shares of State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, July 17th. Keefe, Bruyette & Woods lifted their target price on shares of State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a report on Friday, July 17th. Truist Financial reissued a “hold” rating and issued a $191.00 target price (up from $176.00) on shares of State Street in a research report on Friday, July 17th. Finally, The Goldman Sachs Group upped their price target on State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Two research 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 company. Based on data from MarketBeat, State Street has a consensus rating of “Moderate Buy” and a consensus target price 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.