Meeder Advisory Services Inc. Increases Position in State Street Co. (NYSE:STT)

Meeder Advisory Services Inc. increased its holdings in State Street Co. (NYSE:STT) by 30.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,208 shares of the asset manager’s stock after purchasing an additional 1,206 shares during the quarter. Meeder Advisory Services Inc.’s holdings in State Street were worth $385,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of State Street by 4.5% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 941,404 shares of the asset manager’s stock worth $72,789,000 after buying an additional 40,835 shares during the period. Mitsubishi UFJ Trust & Banking Corp raised its position in State Street by 3.3% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 198,891 shares of the asset manager’s stock worth $15,376,000 after acquiring an additional 6,363 shares during the period. M&G Plc purchased a new position in State Street during the first quarter valued at $7,626,000. Public Employees Retirement Association of Colorado lifted its holdings in State Street by 298.6% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 37,888 shares of the asset manager’s stock valued at $2,935,000 after purchasing an additional 28,382 shares in the last quarter. Finally, Cetera Investment Advisers grew its position in shares of State Street by 127.8% in the first quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock valued at $3,433,000 after purchasing an additional 24,906 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Stock Up 0.8 %

STT stock opened at $83.28 on Monday. The firm has a market cap of $24.87 billion, a PE ratio of 15.60, a PEG ratio of 1.34 and a beta of 1.48. State Street Co. has a one year low of $62.78 and a one year high of $87.26. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.54 and a current ratio of 0.54. The firm’s 50 day moving average price is $82.01 and its 200-day moving average price is $77.06.

State Street (NYSE:STT) last announced its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, beating the consensus estimate of $2.03 by $0.12. The business had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. The company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.17 EPS. On average, equities research analysts anticipate that State Street Co. will post 8.14 EPS for the current year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be given a dividend of $0.76 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This is a boost from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.65%. State Street’s dividend payout ratio (DPR) is currently 51.69%.

Analyst Ratings Changes

A number of brokerages recently weighed in on STT. Royal Bank of Canada raised their price target on shares of State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 17th. Citigroup lifted their price target on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, July 22nd. Barclays boosted their price target on State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Morgan Stanley boosted their price target on shares of State Street from $90.00 to $93.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 17th. Finally, Wells Fargo & Company increased their price objective on shares of State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $88.89.

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, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.