Rakuten Investment Management Inc. Buys Shares of 45,381 State Street Corporation $STT

Rakuten Investment Management Inc. bought a new stake in shares of State Street Corporation (NYSE:STT) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 45,381 shares of the asset manager’s stock, valued at approximately $7,723,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in STT. BlackRock Inc. acquired a new stake in State Street in the second quarter valued at $4,139,389,000. Regents of The University of California raised its stake in shares of State Street by 211.2% in the 4th quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock valued at $1,123,186,000 after purchasing an additional 5,908,370 shares in the last quarter. Norges Bank acquired a new stake in shares of State Street in the 4th quarter valued at about $303,483,000. Legal & General Group Plc bought a new position in shares of State Street during the second quarter worth about $330,849,000. Finally, Bank of New York Mellon Corp bought a new position in shares of State Street during the second quarter worth about $301,393,000. Institutional investors own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

STT has been the subject of several research analyst reports. Weiss Ratings reissued a “buy (b+)” rating on shares of State Street in a report on Tuesday. JPMorgan Chase & Co. increased their target price on State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Royal Bank Of Canada lifted their target price on State Street from $155.00 to $196.00 and gave the stock a “sector perform” rating in a research report on Friday, July 17th. Evercore set a $200.00 price target on State Street in a report on Monday, July 20th. Finally, Truist Financial reissued a “hold” rating and set a $191.00 price target (up from $176.00) on shares of State Street in a research report on Friday, July 17th. Two equities 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, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $185.38.

State Street Price Performance

STT opened at $193.42 on Friday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The company’s 50-day moving average price is $182.46 and its 200 day moving average price is $155.95. State Street Corporation has a fifty-two week low of $104.64 and a fifty-two week high of $195.93. The firm has a market cap of $53.13 billion, a price-to-earnings ratio of 17.06, a price-to-earnings-growth ratio of 0.80 and a beta of 1.41.

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

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be issued a $0.92 dividend. This is a positive change from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 annualized dividend and a dividend yield of 1.9%. State Street’s dividend payout ratio (DPR) is 29.63%.

Insider Activity at State Street

In other State Street news, EVP W. Bradford Hu sold 9,758 shares of the firm’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the sale, the executive vice president directly owned 49,794 shares in the company, valued at approximately $9,187,988.88. This trade represents a 16.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the transaction, the chief executive officer directly owned 240,959 shares of the company’s stock, valued at approximately $44,377,419.03. This trade represents a 5.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 25,811 shares of company stock worth $4,723,982 in the last 90 days. 0.27% of the stock is currently owned by company insiders.

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.