Laidlaw Wealth Management LLC Takes Position in State Street Corporation $STT

Laidlaw Wealth Management LLC acquired a new stake in State Street Corporation (NYSE:STT) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 3,126 shares of the asset manager’s stock, valued at approximately $530,000. State Street accounts for 1.6% of Laidlaw Wealth Management LLC’s portfolio, making the stock its 20th biggest holding.

Other hedge funds also recently bought and sold shares of the company. Proficio Capital Partners LLC bought a new stake in State Street during the 2nd quarter worth approximately $389,000. Nwam LLC purchased a new stake in State Street in the 2nd quarter worth approximately $227,000. BTG Pactual Asset Management US LLC boosted its holdings in State Street by 38.3% in the 2nd quarter. BTG Pactual Asset Management US LLC now owns 3,186 shares of the asset manager’s stock valued at $540,000 after purchasing an additional 882 shares during the period. Susquehanna Fundamental Investments LLC boosted its holdings in State Street by 30.1% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 71,916 shares of the asset manager’s stock valued at $12,197,000 after purchasing an additional 16,623 shares during the period. Finally, Flputnam Investment Management Co. grew its position in shares of State Street by 97.5% during the 2nd quarter. Flputnam Investment Management Co. now owns 35,791 shares of the asset manager’s stock valued at $6,070,000 after purchasing an additional 17,671 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Stock Performance

State Street stock opened at $187.61 on Wednesday. State Street Corporation has a fifty-two week low of $104.64 and a fifty-two week high of $195.93. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. The stock has a market cap of $51.54 billion, a P/E ratio of 16.54, a price-to-earnings-growth ratio of 0.91 and a beta of 1.41. The firm’s fifty day moving average price is $183.08 and its 200-day moving average price is $156.91.

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 the consensus estimate of $3.34 by $0.31. The company had revenue of $4.05 billion during 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%. The firm’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.04 earnings per share. On average, equities research analysts expect that State Street Corporation will post 13.75 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be issued a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Thursday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio (DPR) is currently 29.63%.

Insider Transactions at State Street

In other news, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction dated 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 directly owned 41,827 shares in the company, valued at approximately $6,781,829.78. This represents a 3.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hanley Ronald P. O sold 14,553 shares of the firm’s stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total value of $2,680,226.01. Following the transaction, the chief executive officer directly owned 240,959 shares in the company, valued at approximately $44,377,419.03. This represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 25,811 shares of company stock worth $4,723,982. 0.27% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on STT shares. Wells Fargo & Company increased their price objective on State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Morgan Stanley boosted their target price on State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Barclays upped their target price on State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Friday, July 17th. Truist Financial reaffirmed a “hold” rating and issued a $191.00 price target (up from $176.00) on shares of State Street in a report on Friday, July 17th. Finally, Weiss Ratings reiterated a “buy (b+)” rating on shares of State Street in a research report on Tuesday, August 25th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, State Street has an average rating of “Moderate Buy” and an average price target of $185.38.

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.