Meeder Asset Management Inc. Takes $15.17 Million Position in State Street Corporation $STT

Meeder Asset Management Inc. acquired a new stake in State Street Corporation (NYSE:STT) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 89,439 shares of the asset manager’s stock, valued at approximately $15,169,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Western Wealth Management LLC grew its holdings in State Street by 3.1% during the first quarter. Western Wealth Management LLC now owns 2,001 shares of the asset manager’s stock valued at $253,000 after purchasing an additional 60 shares during the last quarter. Chicago Partners Investment Group LLC raised its position in shares of State Street by 1.6% in the fourth quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager’s stock valued at $675,000 after purchasing an additional 83 shares during the period. Arjuna Capital lifted its stake in shares of State Street by 0.4% in the fourth quarter. Arjuna Capital now owns 25,139 shares of the asset manager’s stock worth $3,243,000 after buying an additional 95 shares during the last quarter. CX Institutional lifted its stake in shares of State Street by 1.0% in the second quarter. CX Institutional now owns 9,788 shares of the asset manager’s stock worth $1,660,000 after buying an additional 98 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its holdings in shares of State Street by 0.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager’s stock worth $4,053,000 after buying an additional 100 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Stock Up 0.9%

STT opened at $193.48 on Tuesday. The business has a 50 day moving average of $178.29 and a 200-day moving average of $152.35. The stock has a market capitalization of $53.15 billion, a price-to-earnings ratio of 17.06, a P/E/G ratio of 0.79 and a beta of 1.41. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a 1-year low of $104.64 and a 1-year high of $195.18.

State Street (NYSE:STT) last announced its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.34 by $0.31. The business had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. State Street’s revenue was up 23.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.04 earnings per share. As a group, sell-side analysts anticipate that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be given a $0.92 dividend. The ex-dividend date is Thursday, October 1st. This represents a $3.68 annualized dividend and a yield of 1.9%. This is a positive change from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio (DPR) is 32.45%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on STT. Citigroup raised their target price on shares of State Street from $193.00 to $210.00 and gave the company a “buy” rating in a research note on Friday, July 17th. Barclays boosted their target price on shares of State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research report on Friday, July 17th. Weiss Ratings upgraded shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. Bank of America raised their price target on State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a research report on Tuesday, July 7th. Finally, Keefe, Bruyette & Woods lifted their price objective on State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a research note on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $185.38.

Insiders Place Their Bets

In other news, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the transaction, the chief executive officer owned 240,959 shares in the company, valued at approximately $44,377,419.03. The trade was a 5.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $162.14, for a total transaction of $243,210.00. Following the transaction, the executive vice president directly owned 41,827 shares of the company’s stock, valued at $6,781,829.78. This represents a 3.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 49,576 shares of company stock worth $8,415,875 in the last ninety days. Insiders own 0.27% of the company’s stock.

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.