SBI Okasan Asset Management Co.Ltd. Makes New $935,000 Investment in State Street Corporation $STT

Key Points

• SBI Okasan Asset Management opened a new position in State Street, buying 7,100 shares worth about $935,000 in the fourth quarter.
• Several analysts raised price targets on State Street, with firms like Morgan Stanley, Wells Fargo, Citigroup, and KBW issuing bullish outlooks. The stock now carries a Moderate Buy consensus and an average price target of $158.57.
• State Street reported better-than-expected quarterly results with EPS of $2.84 on revenue of $3.80 billion, and it also declared a quarterly dividend of $0.84 per share payable July 13.

SBI Okasan Asset Management Co.Ltd. bought a new position in State Street Corporation (NYSE:STT - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 7,100 shares of the asset manager's stock, valued at approximately $935,000.

Several other large investors have also bought and sold shares of STT. JPL Wealth Management LLC purchased a new position in State Street in the third quarter worth about $29,000. Measured Wealth Private Client Group LLC purchased a new position in State Street in the third quarter worth about $35,000. Ameriflex Group Inc. raised its holdings in State Street by 102.5% in the third quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager's stock worth $37,000 after buying an additional 161 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC raised its holdings in State Street by 38.2% in the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager's stock worth $39,000 after buying an additional 94 shares during the last quarter. Finally, Board of the Pension Protection Fund purchased a new position in State Street in the fourth quarter worth about $39,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Morgan Stanley boosted their price objective on shares of State Street from $155.00 to $166.00 and gave the company an "overweight" rating in a report on Monday, April 20th. JPMorgan Chase & Co. boosted their price objective on shares of State Street from $137.50 to $158.50 and gave the company a "neutral" rating in a report on Monday, May 11th. Wells Fargo & Company boosted their price objective on shares of State Street from $162.00 to $171.00 and gave the company an "overweight" rating in a report on Tuesday. Citigroup boosted their price objective on shares of State Street from $150.00 to $172.00 and gave the company a "buy" rating in a report on Friday, May 8th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of State Street from $157.00 to $175.00 and gave the company an "outperform" rating in a report on Monday, April 20th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $158.57.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 3,000 shares of the stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total value of $461,670.00. Following the transaction, the executive vice president directly owned 43,522 shares in the company, valued at approximately $6,697,600.58. This trade represents a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the completion of the transaction, the chief executive officer owned 255,512 shares in the company, valued at $39,693,789.20. The trade was a 5.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 52,476 shares of company stock valued at $7,624,925. 0.27% of the stock is currently owned by corporate insiders.

More State Street News

Here are the key news stories impacting State Street this week:

• Positive Sentiment: State Street was highlighted as one of the better-positioned names in the regional banks/financials group, with analysts citing favorable industry trends such as restructuring, acquisitions, digitization, loan demand, and lower rates as potential tailwinds for growth. Article Title
• Positive Sentiment: State Street Investment Management announced it will close and liquidate the EMTL ETF, which can be read as disciplined product management and a focus on pruning weaker offerings to improve capital efficiency. Article Title
• Neutral Sentiment: State Street announced that CFO John Woods will present at the Morgan Stanley U.S. Financials Conference on June 10. The event may provide updates on strategy and outlook, but it is not a direct business catalyst by itself. Article Title
• Neutral Sentiment: State Street’s entities ceased to be substantial holders in several Australian companies, reflecting portfolio ownership changes that do not appear material to State Street’s own earnings power. Article Title
• Negative Sentiment: CEO Ronald P. Hanley and EVP W. Bradford Hu both sold shares under pre-arranged 10b5-1 plans. While routine, insider selling can still pressure sentiment when the stock is trading close to recent highs. Article Title

State Street Stock Down 1.3%

STT opened at $155.63 on Friday. State Street Corporation has a twelve month low of $94.72 and a twelve month high of $159.31. The stock has a market capitalization of $43.07 billion, a price-to-earnings ratio of 15.78, a PEG ratio of 0.86 and a beta of 1.45. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. The firm has a 50 day moving average price of $143.30 and a 200-day moving average price of $132.22.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share 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 business had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same period last year, the firm earned $2.04 earnings per share. The company's quarterly revenue was up 15.6% on a year-over-year basis. Equities research analysts forecast that State Street Corporation will post 12.35 earnings per share for the current year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be given a $0.84 dividend. The ex-dividend date is Wednesday, July 1st. This represents a $3.36 annualized dividend and a yield of 2.2%. State Street's dividend payout ratio (DPR) is presently 34.08%.

State Street Company 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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