Resona Asset Management Co. Ltd. Purchases 4,862 Shares of State Street Corporation (NYSE:STT)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in State Street Corporation by 5.5%, now holding a total of 93,106 shares valued at approximately $8.33 million.
• State Street recently declared a quarterly dividend of $0.84 per share, representing an increase from the previous dividend of $0.76, with an annual yield of 3.0%.
• The company reported earnings per share (EPS) of $2.53 for the last quarter, beating estimates and reflecting a 2.9% year-over-year revenue growth.

Resona Asset Management Co. Ltd. boosted its holdings in State Street Corporation (NYSE:STT - Free Report) by 5.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 93,106 shares of the asset manager's stock after purchasing an additional 4,862 shares during the period. Resona Asset Management Co. Ltd.'s holdings in State Street were worth $8,329,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in STT. Callan Family Office LLC grew its position in shares of State Street by 144.0% in the 1st quarter. Callan Family Office LLC now owns 27,406 shares of the asset manager's stock valued at $2,454,000 after acquiring an additional 16,172 shares during the period. Public Sector Pension Investment Board grew its position in shares of State Street by 1.4% in the 1st quarter. Public Sector Pension Investment Board now owns 77,146 shares of the asset manager's stock valued at $6,907,000 after acquiring an additional 1,072 shares during the period. AIA Group Ltd grew its position in shares of State Street by 13.1% in the 1st quarter. AIA Group Ltd now owns 22,558 shares of the asset manager's stock valued at $2,020,000 after acquiring an additional 2,610 shares during the period. Longfellow Investment Management Co. LLC grew its position in shares of State Street by 31.0% in the 1st quarter. Longfellow Investment Management Co. LLC now owns 12,452 shares of the asset manager's stock valued at $1,115,000 after acquiring an additional 2,944 shares during the period. Finally, Nuveen LLC bought a new position in shares of State Street in the 1st quarter valued at about $93,016,000. Institutional investors own 87.44% of the company's stock.

Insider Activity

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

State Street Price Performance

Shares of NYSE:STT traded down $2.51 during midday trading on Friday, hitting $111.09. The stock had a trading volume of 1,291,661 shares, compared to its average volume of 1,808,919. The company's 50-day moving average price is $106.93 and its 200-day moving average price is $97.03. The company has a market capitalization of $31.52 billion, a P/E ratio of 12.44, a price-to-earnings-growth ratio of 1.22 and a beta of 1.48. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $114.28.

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

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be issued a dividend of $0.84 per share. This is a boost from State Street's previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 annualized dividend and a dividend yield of 3.0%. State Street's payout ratio is presently 34.04%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on STT. Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Bank of America lifted their target price on shares of State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a report on Wednesday, July 16th. Morgan Stanley lifted their target price on shares of State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Evercore ISI lifted their target price on shares of State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Finally, The Goldman Sachs Group lifted their target price on shares of State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $112.82.

State Street 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.