Pacer Advisors Inc. Has $2.05 Million Stock Position in State Street Corporation (NYSE:STT)

Pacer Advisors Inc. lowered its holdings in shares of State Street Corporation (NYSE:STT) by 42.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 22,931 shares of the asset manager’s stock after selling 16,682 shares during the period. Pacer Advisors Inc.’s holdings in State Street were worth $2,053,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. First Pacific Financial acquired a new stake in State Street during the first quarter worth approximately $25,000. Larson Financial Group LLC grew its stake in State Street by 40.8% in the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock valued at $36,000 after acquiring an additional 118 shares during the period. Coppell Advisory Solutions LLC grew its stake in State Street by 2,942.9% in the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager’s stock valued at $42,000 after acquiring an additional 412 shares during the period. Golden State Wealth Management LLC grew its stake in State Street by 186.7% in the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock valued at $43,000 after acquiring an additional 310 shares during the period. Finally, Loomis Sayles & Co. L P grew its stake in State Street by 187.3% in the fourth quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager’s stock valued at $47,000 after acquiring an additional 311 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Cfra Research raised State Street from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, July 15th. Keefe, Bruyette & Woods reduced their price objective on State Street from $118.00 to $113.00 and set an “outperform” rating for the company in a research note on Monday, April 21st. Bank of America raised their price objective on State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a research note on Wednesday, July 16th. Wells Fargo & Company raised their price objective on State Street from $113.00 to $121.00 and gave the company an “overweight” rating in a research note on Tuesday, July 8th. Finally, Barclays reduced their price objective on State Street from $127.00 to $120.00 and set an “overweight” rating for the company in a research note on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $112.00.

Insiders Place Their Bets

In related news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the sale, the executive vice president directly owned 41,332 shares in the company, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Elizabeth Schaefer sold 1,300 shares of State Street stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total value of $117,936.00. Following the sale, the chief accounting officer owned 7,354 shares in the company, valued at $667,154.88. This trade represents a 15.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.29% of the company’s stock.

State Street Stock Up 0.8%

STT stock opened at $113.32 on Wednesday. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $113.72. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. The stock’s 50 day moving average is $103.20 and its 200-day moving average is $95.90. The firm has a market capitalization of $32.32 billion, a PE ratio of 12.69, a P/E/G ratio of 1.25 and a beta of 1.45.

State Street (NYSE:STT) last posted its earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%. The company had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. During the same quarter last year, the company earned $2.15 earnings per share. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. Sell-side analysts expect that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be issued a dividend of $0.84 per share. This is a positive change from State Street’s previous quarterly dividend of $0.76. This represents a $3.36 dividend on an annualized basis and a yield of 2.97%. The ex-dividend date is Wednesday, October 1st. State Street’s dividend payout ratio (DPR) is 34.04%.

State Street 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.