Mirae Asset Global Investments Co. Ltd. Buys 98,372 Shares of State Street Corporation $STT

Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of State Street Corporation (NYSE:STT) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 98,372 shares of the asset manager’s stock, valued at approximately $17,175,000.

Several other institutional investors have also recently made changes to their positions in STT. Philadelphia Investment Partners LLC bought a new stake in shares of State Street in the second quarter valued at about $26,000. Bell Investment Advisors Inc purchased a new stake in State Street in the second quarter worth about $28,000. Elevation Wealth Partners LLC grew 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 worth $30,000 after acquiring an additional 106 shares in the last quarter. Continuum Advisory LLC bought a new position in State Street during the 2nd quarter worth about $30,000. Finally, Keating Financial Advisory Services Inc. bought a new position in State Street during the 2nd quarter worth about $33,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

STT has been the topic of a number of research reports. Citigroup cut their target price on shares of State Street from $212.00 to $190.00 and set a “buy” rating on the stock in a research report on Friday, October 16th. Barclays increased their price objective on shares of State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a research note on Friday, July 17th. Morgan Stanley increased their price objective on shares of State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Zacks Research lowered shares of State Street from a “strong-buy” rating to a “hold” rating in a report on Friday, September 18th. Finally, Royal Bank Of Canada reduced their price objective on shares of State Street from $196.00 to $175.00 and set a “sector perform” rating for the company in a research note on Thursday, October 15th. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, State Street has a consensus rating of “Moderate Buy” and a consensus target price of $190.03.

Insider Buying and Selling

In related news, EVP W. Hu sold 7,099 shares of the stock in a transaction that occurred on Monday, October 26th. The shares were sold at an average price of $168.63, for a total transaction of $1,197,104.37. Following the completion of the sale, the executive vice president owned 42,695 shares of the company’s stock, valued at $7,199,657.85. This represents a 14.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ronald O’Hanley sold 14,554 shares of the stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $164.60, for a total value of $2,395,588.40. Following the sale, the chief executive officer owned 215,905 shares of the company’s stock, valued at approximately $35,537,963. This represents a 6.32% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.27% of the company’s stock.

State Street Trading Up 0.1%

Shares of NYSE STT opened at $169.47 on Wednesday. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.59 and a quick ratio of 0.59. The stock has a market capitalization of $46.11 billion, a P/E ratio of 13.83, a price-to-earnings-growth ratio of 0.78 and a beta of 1.38. State Street Corporation has a 1-year low of $111.63 and a 1-year high of $195.93. The business has a fifty day moving average price of $179.39 and a 200 day moving average price of $159.09.

State Street (NYSE:STT) last posted its earnings results on Wednesday, October 14th. The asset manager reported $3.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.68 by $0.01. State Street had a return on equity of 16.11% and a net margin of 15.81%. The company had revenue of $4 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same quarter in the previous year, the firm earned $2.78 earnings per share. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year. Equities research analysts expect that State Street Corporation will post 13.77 EPS for the current fiscal year.

State Street Profile

State Street Corporation is a financial services holding company headquartered in Boston, Massachusetts. Founded in 1792, it provides services primarily to institutional investors, including asset owners, asset managers, insurance companies, official institutions and other financial organizations.

The company’s businesses include investment servicing, asset management, securities finance, foreign exchange, and trading and research services. Through its servicing operations, State Street provides custody, fund accounting, administration, investment operations, transfer agency and related support.