Mediolanum International Funds Ltd Invests $1.75 Million in State Street Corporation $STT

Mediolanum International Funds Ltd purchased a new position in shares of State Street Corporation (NYSE:STT) during the first quarter, Holdings Channel reports. The firm purchased 14,178 shares of the asset manager’s stock, valued at approximately $1,750,000.

Several other large investors also recently bought and sold shares of the business. Arjuna Capital lifted its stake in State Street by 2.5% in the 1st quarter. Arjuna Capital now owns 25,767 shares of the asset manager’s stock worth $3,261,000 after purchasing an additional 628 shares in the last quarter. Ascent Wealth Partners LLC grew its position in shares of State Street by 5.3% in the first quarter. Ascent Wealth Partners LLC now owns 4,105 shares of the asset manager’s stock valued at $520,000 after purchasing an additional 208 shares in the last quarter. California Public Employees Retirement System increased its holdings in shares of State Street by 13.4% in the first quarter. California Public Employees Retirement System now owns 616,336 shares of the asset manager’s stock valued at $78,003,000 after purchasing an additional 72,596 shares during the last quarter. Kera Capital Partners Inc. increased its holdings in shares of State Street by 4.7% in the first quarter. Kera Capital Partners Inc. now owns 4,160 shares of the asset manager’s stock valued at $527,000 after purchasing an additional 188 shares during the last quarter. Finally, Modera Wealth Management LLC lifted its position in State Street by 5.7% during the first quarter. Modera Wealth Management LLC now owns 3,417 shares of the asset manager’s stock worth $433,000 after buying an additional 184 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Up 0.4%

Shares of State Street stock opened at $183.39 on Wednesday. The stock has a 50 day moving average of $167.13 and a 200 day moving average of $144.93. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.59. The firm has a market capitalization of $50.76 billion, a price-to-earnings ratio of 16.17, a PEG ratio of 0.89 and a beta of 1.42. State Street Corporation has a fifty-two week low of $104.64 and a fifty-two week high of $192.51.

State Street (NYSE:STT) last posted 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. State Street had a return on equity of 15.26% and a net margin of 15.02%.The company had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the previous year, the business earned $2.04 earnings per share. The company’s revenue for the quarter was up 23.3% on a year-over-year basis. As a group, research analysts predict that State Street Corporation will post 13.44 earnings per share for the current year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be given a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Thursday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio is 32.45%.

Analyst Ratings Changes

A number of equities analysts have weighed in on STT shares. Royal Bank Of Canada boosted their price objective on State Street from $155.00 to $196.00 and gave the stock a “sector perform” rating in a research note on Friday, July 17th. Evercore set a $200.00 target price on State Street in a research note on Monday. Keefe, Bruyette & Woods lifted their price target on State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a report on Friday, July 17th. UBS Group set a $176.00 price target on shares of State Street in a research report on Friday, June 26th. Finally, Morgan Stanley upped their price objective on shares of State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, State Street presently has an average rating of “Moderate Buy” and a consensus target price of $184.72.

Insider Activity at State Street

In other State Street news, EVP W. Bradford Hu sold 9,212 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $1,431,084.20. Following the completion of the transaction, the executive vice president owned 59,552 shares of the company’s stock, valued at $9,251,403.20. This trade represents a 13.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $162.14, for a total transaction of $243,210.00. Following the sale, the executive vice president owned 41,827 shares of the company’s stock, valued at approximately $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 25,265 shares of company stock worth $3,935,103. Company insiders own 0.27% of the company’s stock.

About State Street

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.