Daiichi Life Insurance Co. Ltd. Makes New Investment in State Street Corporation $STT

Daiichi Life Insurance Co. Ltd. acquired a new stake in shares of State Street Corporation (NYSE:STT) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 60,768 shares of the asset manager’s stock, valued at approximately $10,306,000.

Other institutional investors have also recently made changes to their positions in the company. Bell Investment Advisors Inc purchased a new stake in shares of State Street in the second quarter worth about $28,000. Wilkerson Advisory Group LLC purchased a new position in State Street during the 4th quarter valued at approximately $29,000. JPL Wealth Management LLC bought a new stake in State Street in the 3rd quarter worth approximately $29,000. Phillip James Consulting Co. bought a new stake in State Street in the 4th quarter worth approximately $30,000. Finally, Elevation Wealth Partners LLC raised its holdings in shares of State Street by 153.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after acquiring an additional 106 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Activity

In related news, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the completion of the transaction, the chief executive officer owned 240,959 shares in the company, valued at $44,377,419.03. The trade was a 5.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 on Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the completion of the transaction, the executive vice president directly owned 41,827 shares in the company, valued at $6,781,829.78. This trade represents a 3.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 49,576 shares of company stock valued at $8,415,875. 0.27% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on STT. Morgan Stanley increased their target price on State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Royal Bank Of Canada upped their price target on shares of State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a research note on Friday, July 17th. Wells Fargo & Company increased their price objective on shares of State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Weiss Ratings raised shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, May 28th. Finally, Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $185.38.

State Street Price Performance

State Street stock opened at $187.22 on Friday. The firm has a 50-day moving average price of $180.11 and a 200-day moving average price of $153.79. The firm has a market capitalization of $51.43 billion, a PE ratio of 16.51, a price-to-earnings-growth ratio of 0.77 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 12-month low of $104.64 and a 12-month high of $195.18.

State Street (NYSE:STT) last issued its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating the consensus estimate of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The company had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the prior year, the firm posted $2.04 EPS. The firm’s revenue was up 23.3% compared to the same quarter last year. As a group, equities research analysts forecast that State Street Corporation will post 13.75 EPS for the current year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be paid a dividend of $0.92 per share. This is a positive change from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s payout ratio is currently 29.63%.

State Street Company 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.