Mirae Asset Global Investments Co. Ltd. Raises Holdings in State Street Co. (NYSE:STT)

Mirae Asset Global Investments Co. Ltd. raised its position in shares of State Street Co. (NYSE:STT) by 19.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 82,472 shares of the asset manager’s stock after buying an additional 13,657 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in State Street were worth $8,113,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sanctuary Advisors LLC acquired a new stake in State Street during the 2nd quarter worth approximately $1,016,000. Park Avenue Securities LLC increased its position in shares of State Street by 5.7% in the third quarter. Park Avenue Securities LLC now owns 4,971 shares of the asset manager’s stock worth $440,000 after acquiring an additional 267 shares in the last quarter. Czech National Bank raised its stake in shares of State Street by 6.0% in the 3rd quarter. Czech National Bank now owns 60,832 shares of the asset manager’s stock valued at $5,382,000 after acquiring an additional 3,424 shares during the period. GAMMA Investing LLC lifted its holdings in shares of State Street by 36.1% during the 3rd quarter. GAMMA Investing LLC now owns 2,493 shares of the asset manager’s stock valued at $221,000 after acquiring an additional 661 shares in the last quarter. Finally, Mather Group LLC. boosted its position in State Street by 48.2% during the 3rd quarter. Mather Group LLC. now owns 2,390 shares of the asset manager’s stock worth $211,000 after purchasing an additional 777 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Kathryn M. Horgan sold 12,500 shares of State Street stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $97.97, for a total value of $1,224,625.00. Following the sale, the executive vice president now directly owns 111,042 shares in the company, valued at $10,878,784.74. This trade represents a 10.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.31% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Truist Financial reduced their price objective on State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a research note on Tuesday, January 21st. Evercore ISI increased their price objective on shares of State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. StockNews.com raised shares of State Street from a “hold” rating to a “buy” rating in a research report on Saturday, January 25th. Wells Fargo & Company raised their price target on shares of State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a report on Thursday, January 2nd. Finally, Morgan Stanley cut their price objective on shares of State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a report on Friday, January 3rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, State Street has an average rating of “Hold” and a consensus price target of $100.73.

State Street Stock Performance

STT stock opened at $99.44 on Friday. The stock’s 50 day simple moving average is $98.51 and its 200 day simple moving average is $91.60. State Street Co. has a 12-month low of $70.20 and a 12-month high of $103.00. The firm has a market cap of $29.15 billion, a P/E ratio of 12.07, a P/E/G ratio of 1.14 and a beta of 1.43. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT) last issued its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The company had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.27 billion. During the same period in the prior year, the company earned $2.04 earnings per share. The firm’s revenue was up 12.1% compared to the same quarter last year. As a group, equities research analysts predict that State Street Co. will post 9.6 EPS for the current year.

State Street Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd were paid a $0.76 dividend. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $3.04 dividend on an annualized basis and a yield of 3.06%. State Street’s payout ratio is currently 36.89%.

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.