Meeder Advisory Services Inc. Invests $1.40 Million in State Street Corporation $STT

Meeder Advisory Services Inc. acquired a new stake in State Street Corporation (NYSE:STT) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 8,253 shares of the asset manager’s stock, valued at approximately $1,400,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Bell Investment Advisors Inc bought a new position in shares of State Street in the second quarter worth about $28,000. Elevation Wealth Partners LLC lifted its holdings in State Street by 153.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock valued at $30,000 after buying an additional 106 shares in the last quarter. Kelleher Financial Advisors purchased a new position in shares of State Street during the second quarter worth approximately $33,000. Wilkerson Advisory Group LLC purchased a new position in shares of State Street during the fourth quarter worth approximately $29,000. Finally, Phillip James Consulting Co. purchased a new stake in shares of State Street in the fourth quarter valued at approximately $30,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on STT. JPMorgan Chase & Co. raised their price objective on State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Evercore set a $200.00 price objective on State Street in a report on Monday, July 20th. Keefe, Bruyette & Woods lifted their price objective on State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a report on Friday, July 17th. Barclays upped their price target on shares of State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research report on Friday, July 17th. Finally, Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $185.38.

State Street Price Performance

Shares of NYSE:STT opened at $185.91 on Thursday. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $195.18. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. The company has a market cap of $51.07 billion, a PE ratio of 16.39, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41. The company’s 50 day moving average is $179.34 and its 200 day moving average is $153.18.

State Street (NYSE:STT) last announced its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating the consensus estimate of $3.34 by $0.31. The business had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The business’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same period in the previous year, the business posted $2.04 EPS. On average, sell-side analysts forecast that State Street Corporation will post 13.75 EPS for the current year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be issued a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a dividend yield of 2.0%. This is a boost from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s dividend payout ratio is 29.63%.

Insider Activity at State Street

In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the completion of the sale, the chief executive officer directly owned 240,959 shares in the company, valued at approximately $44,377,419.03. The trade was a 5.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $162.14, for a total value of $243,210.00. Following the transaction, the executive vice president owned 41,827 shares in the company, valued at approximately $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 49,576 shares of company stock worth $8,415,875 over the last three months. Company insiders own 0.27% of the company’s stock.

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.