Mitsubishi UFJ Kokusai Asset Management Co. Ltd. Has $4.63 Million Holdings in State Street Corp (NYSE:STT)
Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lessened its stake in State Street Corp (NYSE:STT) by 3.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 49,688 shares of the asset manager’s stock after selling 1,679 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in State Street were worth $4,625,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Motco boosted its position in shares of State Street by 246.8% during the first quarter. Motco now owns 1,068 shares of the asset manager’s stock worth $107,000 after buying an additional 760 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in shares of State Street during the second quarter worth about $109,000. Delta Asset Management LLC TN acquired a new position in shares of State Street during the second quarter worth about $142,000. Adviser Investments LLC acquired a new position in State Street during the first quarter valued at approximately $145,000. Finally, Signaturefd LLC acquired a new position in State Street during the first quarter valued at approximately $160,000. Institutional investors and hedge funds own 86.64% of the company’s stock.
In other State Street news, insider Jeff D. Conway sold 343 shares of State Street stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $83.16, for a total transaction of $28,523.88. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Joseph L. Hooley sold 25,000 shares of State Street stock in a transaction dated Wednesday, August 15th. The stock was sold at an average price of $83.01, for a total value of $2,075,250.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,954 shares of company stock worth $2,237,777. 0.40% of the stock is currently owned by company insiders.
State Street (NYSE:STT) last released its quarterly earnings data on Friday, July 20th. The asset manager reported $1.88 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.01 by ($0.13). State Street had a net margin of 19.56% and a return on equity of 14.98%. The firm had revenue of $3.03 billion for the quarter, compared to analyst estimates of $3.05 billion. During the same period last year, the business earned $1.67 EPS. The company’s revenue was up 7.7% compared to the same quarter last year. research analysts forecast that State Street Corp will post 7.66 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Monday, October 1st will be issued a dividend of $0.47 per share. This is an increase from State Street’s previous quarterly dividend of $0.42. The ex-dividend date is Friday, September 28th. This represents a $1.88 annualized dividend and a dividend yield of 2.15%. State Street’s dividend payout ratio (DPR) is 28.19%.
Several brokerages recently commented on STT. Morgan Stanley reduced their price target on State Street from $117.00 to $113.00 and set an “equal weight” rating for the company in a research report on Monday, July 2nd. Jefferies Financial Group reaffirmed a “hold” rating and issued a $91.00 price objective on shares of State Street in a research report on Tuesday, July 24th. ValuEngine cut State Street from a “hold” rating to a “sell” rating in a research report on Monday, July 2nd. Keefe, Bruyette & Woods reiterated a “market perform” rating on shares of State Street in a research note on Friday, August 3rd. Finally, Zacks Investment Research lowered State Street from a “buy” rating to a “hold” rating in a research note on Monday, May 28th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. State Street currently has an average rating of “Hold” and an average target price of $105.71.
State Street Company Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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