Mitsubishi UFJ Asset Management Co. Ltd. Increases Position in State Street Corporation $STT

Key Points

• Mitsubishi UFJ Asset Management raised its stake in State Street by 4.7% in Q4 to 594,355 shares (about 0.21% of the company), spending roughly $76.7 million after buying an additional 26,645 shares.
• State Street topped expectations in the latest quarter, reporting EPS of $2.84 versus $2.64 expected and revenue of $3.80 billion versus $3.59 billion, reflecting solid year‑over‑year growth.
• Wall Street sentiment has turned more positive, with firms like Morgan Stanley and Goldman Sachs raising price targets (to $166 and $168, respectively) and the consensus rating at "Moderate Buy" with an average target of $154.

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of State Street Corporation (NYSE:STT - Free Report) by 4.7% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 594,355 shares of the asset manager's stock after buying an additional 26,645 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.21% of State Street worth $76,713,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Franklin Resources Inc. lifted its stake in shares of State Street by 3.7% during the third quarter. Franklin Resources Inc. now owns 3,859,012 shares of the asset manager's stock valued at $447,684,000 after buying an additional 137,049 shares during the period. Nordea Investment Management AB lifted its stake in shares of State Street by 15.4% during the fourth quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager's stock valued at $367,041,000 after buying an additional 377,568 shares during the period. Regents of The University of California purchased a new position in shares of State Street during the third quarter valued at approximately $324,576,000. First Trust Advisors LP lifted its stake in shares of State Street by 36.8% during the third quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager's stock valued at $318,754,000 after buying an additional 738,456 shares during the period. Finally, Barclays PLC lifted its stake in shares of State Street by 27.7% during the third quarter. Barclays PLC now owns 1,576,332 shares of the asset manager's stock valued at $182,870,000 after buying an additional 342,344 shares during the period. Hedge funds and other institutional investors own 87.44% of the company's stock.

Insider Transactions at State Street

In other news, COO Mostapha Tahiri sold 9,611 shares of the stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total value of $1,469,810.23. Following the completion of the sale, the chief operating officer owned 64,642 shares of the company's stock, valued at $9,885,701.06. This represents a 12.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 completion of the sale, the executive vice president directly owned 56,162 shares of the company's stock, valued at $6,982,059.84. The trade was a 22.28% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 28,711 shares of company stock valued at $3,933,032 over the last 90 days. Corporate insiders own 0.27% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on STT shares. Morgan Stanley upped their price objective on shares of State Street from $155.00 to $166.00 and gave the company an "overweight" rating in a research note on Monday, April 20th. Zacks Research raised shares of State Street from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 21st. Evercore set a $158.00 price target on shares of State Street and gave the stock an "outperform" rating in a research report on Monday, April 20th. Wall Street Zen raised shares of State Street from a "sell" rating to a "hold" rating in a research report on Saturday, January 17th. Finally, The Goldman Sachs Group upped their price target on shares of State Street from $152.00 to $168.00 and gave the stock a "buy" rating in a research report on Monday, April 20th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, State Street presently has an average rating of "Moderate Buy" and a consensus price target of $154.00.

State Street Stock Performance

Shares of STT stock opened at $148.64 on Friday. State Street Corporation has a one year low of $92.23 and a one year high of $156.18. 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 company has a 50 day moving average price of $134.10 and a 200 day moving average price of $128.11. The firm has a market capitalization of $41.14 billion, a price-to-earnings ratio of 15.08, a price-to-earnings-growth ratio of 0.83 and a beta of 1.45.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The company had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the prior year, the business earned $2.04 earnings per share. The business's quarterly revenue was up 15.6% compared to the same quarter last year. Sell-side analysts anticipate that State Street Corporation will post 12.31 EPS for the current year.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st were given a $0.84 dividend. The ex-dividend date of this dividend was Wednesday, April 1st. This represents a $3.36 annualized dividend and a dividend yield of 2.3%. State Street's dividend payout ratio is presently 34.08%.

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.

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