Mitsubishi UFJ Asset Management Co. Ltd. Boosts Stock Position in State Street Corporation (NYSE:STT)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in State Street Corporation by 15.7%, now owning 529,649 shares worth approximately $47.4 million.
• In the latest quarterly earnings, State Street reported $2.53 EPS, exceeding analysts' predictions and showing a slight revenue increase of 2.9% year-over-year.
• State Street announced a dividend increase to $0.84 per share, reflecting an annualized yield of 3.0%, with the ex-dividend date set for October 1st.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 15.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 529,649 shares of the asset manager's stock after acquiring an additional 71,725 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.19% of State Street worth $47,419,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of STT. Eastern Bank boosted its holdings in State Street by 6,967.4% during the 1st quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock valued at $267,646,000 after acquiring an additional 2,947,153 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in State Street by 236.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager's stock valued at $226,642,000 after acquiring an additional 1,622,408 shares during the period. Azora Capital LP purchased a new position in State Street during the 4th quarter valued at $80,294,000. Northern Trust Corp lifted its holdings in shares of State Street by 15.7% in the 4th quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager's stock worth $407,166,000 after buying an additional 563,790 shares during the period. Finally, Miller Howard Investments Inc. NY purchased a new stake in shares of State Street in the 1st quarter worth $42,504,000. Hedge funds and other institutional investors own 87.44% of the company's stock.

State Street Trading Up 1.3%

STT opened at $111.28 on Friday. The stock has a fifty day moving average price of $105.47 and a 200-day moving average price of $96.62. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $114.28. The firm has a market cap of $31.57 billion, a price-to-earnings ratio of 12.46, a PEG ratio of 1.23 and a beta of 1.48. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating analysts' consensus estimates of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%. The company had revenue of $3.47 billion during the quarter, compared to analysts' expectations of $3.33 billion. During the same period last year, the business posted $2.15 earnings per share. The firm's revenue was up 2.9% compared to the same quarter last year. As a group, equities research analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 3.0%. This is a boost from State Street's previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. State Street's dividend payout ratio (DPR) is 34.04%.

Insider Buying and Selling

In other State Street news, EVP Michael L. Richards sold 990 shares of the stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total value of $108,197.10. Following the completion of the sale, the executive vice president directly owned 41,332 shares in the company, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.29% of the company's stock.

Wall Street Analyst Weigh In

STT has been the subject of several research reports. Cfra Research upgraded State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Barclays lowered their target price on State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Wells Fargo & Company upped their target price on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Morgan Stanley upped their target price on State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Finally, Truist Financial lowered their target price on State Street from $122.00 to $116.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $112.00.

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.

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