Laidlaw Wealth Management LLC Acquires Shares of 3,126 State Street Corporation $STT

Laidlaw Wealth Management LLC bought a new stake in State Street Corporation (NYSE:STT) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,126 shares of the asset manager’s stock, valued at approximately $530,000. State Street accounts for approximately 1.5% of Laidlaw Wealth Management LLC’s holdings, making the stock its 21st biggest position.

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

Insider Buying and Selling

In related news, EVP W. Bradford Hu sold 9,758 shares of the firm’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the sale, the executive vice president directly owned 49,794 shares of the company’s stock, valued at $9,187,988.88. This trade represents a 16.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available 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 firm’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $162.14, for a total transaction of $243,210.00. Following the completion of the sale, the executive vice president directly owned 41,827 shares in the company, valued at $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 49,576 shares of company stock worth $8,415,875. Insiders own 0.27% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on STT. The Goldman Sachs Group lifted their target price on shares of State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Keefe, Bruyette & Woods upped their price target on shares of State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a research note on Friday, July 17th. Bank of America boosted their target price on shares of State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a report on Tuesday, July 7th. JPMorgan Chase & Co. increased their price target on shares of State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Finally, Truist Financial restated a “hold” rating and issued a $191.00 price objective (up from $176.00) on shares of State Street in a research report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $185.38.

State Street Trading Up 2.3%

Shares of STT stock opened at $187.22 on Friday. The company has a market capitalization of $51.43 billion, a PE ratio of 16.51, a price-to-earnings-growth ratio of 0.75 and a beta of 1.41. State Street Corporation has a 52-week low of $104.64 and a 52-week high of $195.18. The business’s fifty day moving average is $180.11 and its 200 day moving average is $153.79. 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 (NYSE:STT) last posted its earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, topping the consensus estimate of $3.34 by $0.31. The business had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The firm’s revenue was up 23.3% on a year-over-year basis. During the same period in the previous year, the business earned $2.04 earnings per share. On average, equities research analysts anticipate that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

The firm 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 dividend of $0.92 per share. The ex-dividend date of this dividend is Thursday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a dividend yield of 2.0%. State Street’s payout ratio is presently 29.63%.

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.