Resona Asset Management Co. Ltd. Has $11.56 Million Position in State Street Corporation $STT

Resona Asset Management Co. Ltd. cut its holdings in shares of State Street Corporation (NYSE:STT) by 4.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 89,254 shares of the asset manager’s stock after selling 3,940 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in State Street were worth $11,558,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. HighTower Advisors LLC lifted its holdings in shares of State Street by 5.1% during the fourth quarter. HighTower Advisors LLC now owns 58,396 shares of the asset manager’s stock worth $7,534,000 after buying an additional 2,821 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its position in shares of State Street by 2.4% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 4,598 shares of the asset manager’s stock valued at $593,000 after purchasing an additional 106 shares during the period. Mission Wealth Management LP bought a new stake in shares of State Street during the fourth quarter valued at approximately $206,000. Pacific Heights Asset Management LLC increased its position in shares of State Street by 16.2% during the fourth quarter. Pacific Heights Asset Management LLC now owns 215,000 shares of the asset manager’s stock valued at $27,737,000 after purchasing an additional 30,000 shares during the period. Finally, Chase Investment Counsel Corp bought a new stake in shares of State Street during the fourth quarter valued at approximately $5,301,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Price Performance

Shares of STT stock opened at $153.91 on Thursday. The stock’s fifty day moving average is $138.59 and its 200-day moving average is $130.40. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.57. The stock has a market capitalization of $42.60 billion, a PE ratio of 15.61, a PEG ratio of 0.83 and a beta of 1.45. State Street Corporation has a 52 week low of $94.19 and a 52 week high of $156.18.

State Street (NYSE:STT) last announced its earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, topping the consensus estimate of $2.64 by $0.20. The company had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The business’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.04 earnings per share. Equities research analysts expect that State Street Corporation will post 12.35 EPS for the current fiscal year.

Insider Transactions at State Street

In other news, EVP John Plansky sold 16,100 shares of the stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the sale, the executive vice president owned 56,162 shares in the company, valued at approximately $6,982,059.84. This represents a 22.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael L. Richards sold 3,000 shares of the stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total value of $461,670.00. Following the sale, the executive vice president owned 43,522 shares in the company, valued at $6,697,600.58. The trade was a 6.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 28,711 shares of company stock worth $3,933,032. Insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Evercore set a $158.00 price target on State Street and gave the company an “outperform” rating in a research report on Monday, April 20th. Seaport Research Partners reiterated a “buy” rating and issued a $170.00 price target on shares of State Street in a research report on Monday, April 20th. Keefe, Bruyette & Woods upped their price target on State Street from $157.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, April 20th. Bank of America upgraded State Street from an “underperform” rating to a “neutral” rating and set a $143.00 price target on the stock in a research report on Monday, April 6th. Finally, Royal Bank Of Canada upped their price target on State Street from $135.00 to $155.00 and gave the company a “sector perform” rating in a research report on Monday, April 20th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $155.77.

State Street 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.