Pacific Excel Wealth Advisors Inc. Buys New Stake in State Street Corporation $STT

Pacific Excel Wealth Advisors Inc. purchased a new position in shares of State Street Corporation (NYSE:STT) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 5,819 shares of the asset manager’s stock, valued at approximately $987,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of STT. Wilkerson Advisory Group LLC acquired a new position in State Street in the fourth quarter valued at $29,000. Phillip James Consulting Co. purchased a new stake in shares of State Street in the 4th quarter valued at about $30,000. JPL Wealth Management LLC acquired a new stake in shares of State Street in the 3rd quarter valued at about $29,000. Whipplewood Advisors LLC acquired a new stake in shares of State Street in the 1st quarter valued at about $34,000. Finally, Reflection Asset Management purchased a new position in State Street during the 4th quarter worth approximately $35,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, 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 completion of the sale, the chief executive officer owned 240,959 shares in the company, valued at $44,377,419.03. This trade represents a 5.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $162.14, for a total value of $243,210.00. Following the transaction, the executive vice president owned 41,827 shares in the company, valued at $6,781,829.78. The trade was a 3.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 49,576 shares of company stock valued at $8,415,875 over the last ninety days. Corporate insiders own 0.27% of the company’s stock.

State Street Trading Up 0.9%

Shares of STT stock opened at $185.35 on Wednesday. The company has a market capitalization of $50.92 billion, a P/E ratio of 16.34, a price-to-earnings-growth ratio of 0.76 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. The business’s 50 day moving average is $173.09 and its two-hundred day moving average is $148.53. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $192.51.

State Street (NYSE:STT) last issued its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping the consensus estimate of $3.34 by $0.31. The firm had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The company’s revenue for the quarter was up 23.3% on a year-over-year basis. During the same period last year, the company earned $2.04 earnings per share. Equities analysts forecast that State Street Corporation will post 13.68 EPS for the current year.

State Street Increases Dividend

The company also recently declared 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 represents a $3.68 dividend on an annualized basis and a dividend yield of 2.0%. This is a positive change from State Street’s previous quarterly dividend of $0.84. The ex-dividend date is Thursday, October 1st. State Street’s dividend payout ratio (DPR) is presently 29.63%.

Wall Street Analyst Weigh In

Several research firms have commented on STT. JPMorgan Chase & Co. lifted their price target on State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a research report on Tuesday. Barclays raised their target price on shares of State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research report on Friday, July 17th. Truist Financial reiterated a “hold” rating and issued a $191.00 price target (up from $176.00) on shares of State Street in a research report on Friday, July 17th. Weiss Ratings upgraded shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, May 28th. Finally, Wells Fargo & Company lifted their price objective on shares of State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, State Street presently has a consensus 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.