State Street Co. (NYSE:STT) Shares Acquired by Meiji Yasuda Asset Management Co Ltd.

Meiji Yasuda Asset Management Co Ltd. boosted its stake in shares of State Street Co. (NYSE:STT) by 21.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,395 shares of the asset manager’s stock after purchasing an additional 2,153 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in State Street were worth $917,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. LRI Investments LLC acquired a new position in State Street during the 1st quarter valued at approximately $25,000. Ashton Thomas Private Wealth LLC acquired a new position in State Street during the 2nd quarter valued at approximately $27,000. Norwood Financial Corp acquired a new position in State Street during the 1st quarter valued at approximately $35,000. Accent Capital Management LLC acquired a new position in State Street during the 4th quarter valued at approximately $39,000. Finally, Quarry LP acquired a new position in State Street during the 4th quarter worth $39,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on STT. Wells Fargo & Company boosted their price target on State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Citigroup boosted their price target on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Bank of America boosted their price target on State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 17th. Evercore ISI boosted their price target on State Street from $88.00 to $91.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Finally, Morgan Stanley boosted their price target on State Street from $90.00 to $93.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, State Street has a consensus rating of “Hold” and an average target price of $88.89.

State Street Stock Up 2.4 %

Shares of State Street stock opened at $89.28 on Friday. The firm has a market capitalization of $26.66 billion, a PE ratio of 16.72, a price-to-earnings-growth ratio of 1.38 and a beta of 1.48. State Street Co. has a 12-month low of $62.78 and a 12-month high of $89.42. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. The stock’s fifty day moving average is $82.99 and its 200-day moving average is $77.38.

State Street (NYSE:STT) last posted its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.12. The firm 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%. State Street’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.17 earnings per share. Equities analysts anticipate that State Street Co. will post 8.15 earnings per share for the current year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be given a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 3.41%. This is a positive change from State Street’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Tuesday, October 1st. State Street’s payout ratio is presently 51.69%.

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.