Rakuten Investment Management Inc. Acquires New Stake in State Street Corporation $STT

Rakuten Investment Management Inc. bought a new position in State Street Corporation (NYSE:STT) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 12,593 shares of the asset manager’s stock, valued at approximately $1,353,000.

A number of other large investors have also made changes to their positions in the company. Norges Bank bought a new position in shares of State Street in the 2nd quarter worth approximately $256,367,000. First Trust Advisors LP increased its holdings in State Street by 39.0% during the second quarter. First Trust Advisors LP now owns 2,009,190 shares of the asset manager’s stock valued at $213,657,000 after buying an additional 564,202 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in State Street in the second quarter worth approximately $42,281,000. Invesco Ltd. boosted its stake in shares of State Street by 4.7% during the 2nd quarter. Invesco Ltd. now owns 8,566,237 shares of the asset manager’s stock worth $910,934,000 after acquiring an additional 381,547 shares during the last quarter. Finally, Nordea Investment Management AB grew its position in shares of State Street by 7.8% during the 3rd quarter. Nordea Investment Management AB now owns 2,451,703 shares of the asset manager’s stock valued at $283,343,000 after acquiring an additional 178,136 shares during the period. 87.44% of the stock is currently owned by institutional investors.

State Street Stock Down 1.8%

Shares of STT stock opened at $126.10 on Friday. The stock has a market cap of $35.22 billion, a P/E ratio of 13.40, a PEG ratio of 1.11 and a beta of 1.43. The company’s fifty day simple moving average is $126.05 and its two-hundred day simple moving average is $117.80. The company has a quick ratio of 0.59, a current ratio of 0.61 and a debt-to-equity ratio of 1.04. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $137.05.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 EPS for the quarter, beating analysts’ consensus estimates of $2.82 by $0.15. State Street had a return on equity of 13.46% and a net margin of 13.02%.The company had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.57 billion. During the same period in the prior year, the company earned $2.60 earnings per share. The firm’s revenue was up 7.5% on a year-over-year basis. Analysts predict that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, January 12th. Investors of record on Friday, January 2nd were given a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 2.7%. The ex-dividend date was Friday, January 2nd. State Street’s payout ratio is currently 35.71%.

Insider Transactions at State Street

In other State Street news, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction on Monday, October 27th. The shares were sold at an average price of $117.24, for a total value of $175,860.00. Following the completion of the transaction, the executive vice president directly owned 38,626 shares of the company’s stock, valued at $4,528,512.24. This trade represents a 3.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.29% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Keefe, Bruyette & Woods raised their target price on State Street from $132.00 to $135.00 and gave the stock an “outperform” rating in a report on Monday, October 20th. Truist Financial set a $136.00 price objective on State Street in a research note on Tuesday. TD Cowen reaffirmed a “buy” rating on shares of State Street in a research report on Wednesday, January 7th. The Goldman Sachs Group reissued a “buy” rating on shares of State Street in a report on Tuesday, January 6th. Finally, Wells Fargo & Company lifted their price target on shares of State Street from $121.00 to $129.00 and gave the company an “overweight” rating in a report on Monday, October 20th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $135.83.

About State Street

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.