Mediolanum International Funds Ltd Acquires 14,604 Shares of State Street Corporation $STT

Mediolanum International Funds Ltd lifted its stake in State Street Corporation (NYSE:STT) by 201.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,838 shares of the asset manager’s stock after purchasing an additional 14,604 shares during the period. Mediolanum International Funds Ltd’s holdings in State Street were worth $2,561,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Invesco Ltd. increased its position in State Street by 4.7% in the second quarter. Invesco Ltd. now owns 8,566,237 shares of the asset manager’s stock worth $910,934,000 after buying an additional 381,547 shares in the last quarter. Dodge & Cox grew its stake in shares of State Street by 1.1% during the 2nd quarter. Dodge & Cox now owns 7,412,414 shares of the asset manager’s stock valued at $788,236,000 after acquiring an additional 80,855 shares during the period. Geode Capital Management LLC increased its holdings in State Street by 0.4% in the 2nd quarter. Geode Capital Management LLC now owns 7,412,130 shares of the asset manager’s stock worth $784,930,000 after acquiring an additional 27,098 shares in the last quarter. Nordea Investment Management AB increased its holdings in State Street by 7.8% in the 3rd quarter. Nordea Investment Management AB now owns 2,451,703 shares of the asset manager’s stock worth $283,343,000 after acquiring an additional 178,136 shares in the last quarter. Finally, Norges Bank bought a new stake in State Street during the 2nd quarter worth approximately $256,367,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. TD Cowen reissued a “buy” rating on shares of State Street in a research note on Wednesday, January 7th. Wells Fargo & Company increased their price target on State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a research note on Monday, October 20th. Keefe, Bruyette & Woods raised their price target on State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a report on Monday, October 20th. Wall Street Zen raised State Street from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. Finally, Loop Capital set a $144.00 target price on State Street in a research report on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $135.83.

State Street Trading Up 1.3%

Shares of State Street stock opened at $132.51 on Tuesday. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $137.05. The company has a quick ratio of 0.59, a current ratio of 0.61 and a debt-to-equity ratio of 1.04. The business has a 50-day moving average price of $127.95 and a 200-day moving average price of $118.80. The firm has a market cap of $37.01 billion, a price-to-earnings ratio of 14.08, a PEG ratio of 1.15 and a beta of 1.43.

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. Equities research analysts anticipate that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, January 12th. Investors of record on Friday, January 2nd were issued a $0.84 dividend. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.5%. State Street’s dividend payout ratio (DPR) is 35.71%.

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.