Resona Asset Management Co. Ltd. Has $11.56 Million Stock Holdings in State Street Corporation $STT

Resona Asset Management Co. Ltd. lessened its position in shares of State Street Corporation (NYSE:STT) by 4.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 89,254 shares of the asset manager’s stock after selling 3,940 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in State Street were worth $11,558,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Regents of The University of California acquired a new position in State Street in the third quarter valued at about $324,576,000. Jones Financial Companies Lllp lifted its stake in State Street by 11.7% in the third quarter. Jones Financial Companies Lllp now owns 208,600 shares of the asset manager’s stock valued at $24,139,000 after buying an additional 21,810 shares during the period. Machina Capital S.A.S. acquired a new position in State Street in the third quarter valued at about $2,622,000. AE Wealth Management LLC acquired a new position in State Street in the third quarter valued at about $6,611,000. Finally, Impax Asset Management Group plc lifted its stake in State Street by 49.2% in the third quarter. Impax Asset Management Group plc now owns 127,984 shares of the asset manager’s stock valued at $14,847,000 after buying an additional 42,198 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on STT. Truist Financial increased their target price on State Street from $136.00 to $150.00 and gave the company a “hold” rating in a research note on Monday, April 20th. Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. Bank of America raised State Street from an “underperform” rating to a “neutral” rating and set a $143.00 target price on the stock in a research note on Monday, April 6th. JPMorgan Chase & Co. increased their target price on State Street from $137.50 to $158.50 and gave the company a “neutral” rating in a research note on Monday, May 11th. Finally, Morgan Stanley raised their price target on State Street from $155.00 to $166.00 and gave the stock an “overweight” rating in a research report on Monday, April 20th. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $155.77.

Insider Buying and Selling

In related news, EVP John Plansky sold 16,100 shares of the stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the completion of the transaction, the executive vice president directly owned 56,162 shares in the company, valued at approximately $6,982,059.84. This trade represents a 22.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Mostapha Tahiri sold 9,611 shares of the stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total value of $1,469,810.23. Following the transaction, the chief operating officer owned 64,642 shares of the company’s stock, valued at approximately $9,885,701.06. The trade was a 12.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 28,711 shares of company stock worth $3,933,032. 0.27% of the stock is owned by corporate insiders.

State Street Trading Up 2.0%

NYSE STT opened at $153.91 on Thursday. The firm has a market cap of $42.60 billion, a P/E ratio of 15.61, a P/E/G ratio of 0.83 and a beta of 1.45. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57. The stock’s 50-day moving average is $138.59 and its 200-day moving average is $130.40. State Street Corporation has a one year low of $94.19 and a one year high of $156.18.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, topping analysts’ consensus estimates of $2.64 by $0.20. The company had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.State Street’s revenue was up 15.6% compared to the same quarter last year. During the same quarter last year, the firm posted $2.04 earnings per share. Sell-side analysts anticipate that State Street Corporation will post 12.35 earnings per share for the current fiscal year.

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.