Kingsview Wealth Management LLC Purchases New Stake in State Street Corporation $STT

Kingsview Wealth Management LLC purchased a new stake in shares of State Street Corporation (NYSE:STT) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 11,637 shares of the asset manager’s stock, valued at approximately $1,974,000.

Several other institutional investors have also recently bought and sold shares of the business. Western Wealth Management LLC grew its holdings in shares of 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 buying an additional 60 shares during the last quarter. Arjuna Capital increased its position in shares of State Street by 0.4% during the fourth quarter. Arjuna Capital now owns 25,139 shares of the asset manager’s stock worth $3,243,000 after acquiring an additional 95 shares in the last quarter. CX Institutional raised its holdings in shares of State Street by 1.0% in the 2nd quarter. CX Institutional now owns 9,788 shares of the asset manager’s stock worth $1,660,000 after acquiring an additional 98 shares during the last quarter. Oregon Public Employees Retirement Fund raised its holdings in shares of State Street by 0.3% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager’s stock worth $4,053,000 after acquiring an additional 100 shares during the last quarter. Finally, Bridgewater Advisors Inc. lifted its position in State Street by 5.5% in the 1st quarter. Bridgewater Advisors Inc. now owns 1,945 shares of the asset manager’s stock valued at $246,000 after acquiring an additional 101 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Performance

NYSE STT opened at $193.42 on Friday. The company has a market capitalization of $53.13 billion, a PE ratio of 17.06, a price-to-earnings-growth ratio of 0.80 and a beta of 1.41. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. State Street Corporation has a 52-week low of $104.64 and a 52-week high of $195.93. The company has a 50-day simple moving average of $182.46 and a 200 day simple moving average of $155.95.

State Street (NYSE:STT) last released its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. The firm had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The company’s quarterly revenue was up 23.3% on a year-over-year basis. During the same period in the previous year, the company earned $2.04 earnings per share. On average, research analysts predict that State Street Corporation will post 13.75 EPS for the current year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be issued a dividend of $0.92 per share. 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. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s dividend payout ratio is currently 29.63%.

Analyst Ratings Changes

A number of equities analysts have issued reports on STT shares. Keefe, Bruyette & Woods lifted their price target on State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a research note on Friday, July 17th. Citigroup increased their price objective on State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a research note on Friday, July 17th. Wells Fargo & Company raised their target price on State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Finally, JPMorgan Chase & Co. upped their price target on State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, State Street has a consensus rating of “Moderate Buy” and a consensus target price of $185.38.

Insiders Place Their Bets

In other news, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $162.14, for a total transaction of $243,210.00. Following the transaction, the executive vice president owned 41,827 shares of the company’s stock, valued at $6,781,829.78. This represents a 3.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total value of $2,680,226.01. Following the transaction, the chief executive officer owned 240,959 shares of the company’s stock, valued at $44,377,419.03. The trade was a 5.70% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 25,811 shares of company stock valued at $4,723,982 over the last ninety days. 0.27% of the stock is currently owned by insiders.

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.