Mitsubishi UFJ Trust & Banking Corp Raises Stock Position in State Street Co. (NYSE:STT)

Mitsubishi UFJ Trust & Banking Corp lifted its position in State Street Co. (NYSE:STT) by 40.0% in the fourth quarter, Holdings Channel reports. The firm owned 350,278 shares of the asset manager’s stock after buying an additional 100,001 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in State Street were worth $34,380,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of State Street by 30.4% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock worth $514,136,000 after buying an additional 1,354,560 shares during the period. FMR LLC raised its holdings in shares of State Street by 15.8% in the third quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock valued at $540,796,000 after acquiring an additional 833,679 shares in the last quarter. Amundi lifted its stake in State Street by 11.1% in the fourth quarter. Amundi now owns 5,602,547 shares of the asset manager’s stock worth $547,636,000 after acquiring an additional 561,773 shares during the period. Wellington Management Group LLP grew its holdings in State Street by 818.1% during the 3rd quarter. Wellington Management Group LLP now owns 518,697 shares of the asset manager’s stock worth $45,889,000 after acquiring an additional 462,201 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in State Street during the 4th quarter valued at about $44,070,000. Institutional investors own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on STT. Morgan Stanley dropped their price objective on shares of State Street from $142.00 to $139.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. StockNews.com cut State Street from a “buy” rating to a “hold” rating in a research report on Friday, March 7th. Truist Financial reduced their price target on State Street from $106.00 to $104.00 and set a “hold” rating for the company in a research report on Tuesday, January 21st. Wells Fargo & Company upped their price objective on State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a research note on Thursday, January 2nd. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $103.00 target price (down previously from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, State Street currently has an average rating of “Hold” and a consensus target price of $101.87.

State Street Stock Up 0.1 %

STT stock opened at $92.64 on Thursday. The stock has a market capitalization of $26.72 billion, a PE ratio of 11.24, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. State Street Co. has a 52 week low of $70.20 and a 52 week high of $103.00. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. The firm has a 50 day moving average of $95.70 and a 200 day moving average of $94.38.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping the consensus estimate of $2.29 by $0.31. The business had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.04 earnings per share. Sell-side analysts forecast that State Street Co. will post 9.68 earnings per share for the current year.

State Street Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be issued a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street’s dividend payout ratio is presently 36.89%.

Insider Transactions at State Street

In related news, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total value of $1,081,500.00. Following the transaction, the director now owns 100,023 shares in the company, valued at approximately $10,002,300. This represents a 9.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total transaction of $368,536.35. Following the sale, the executive vice president now owns 50,816 shares of the company’s stock, valued at approximately $5,054,667.52. The trade was a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

State Street Company Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.