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

Pacific Excel Wealth Advisors Inc. bought a new stake in State Street Corporation (NYSE:STT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 5,819 shares of the asset manager’s stock, valued at approximately $987,000.

A number of other large investors also recently added to or reduced their stakes in the company. Regents of The University of California grew its stake in shares of State Street by 15.6% in the first quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager’s stock valued at $1,273,841,000 after buying an additional 1,358,923 shares in the last quarter. Morgan Stanley boosted its holdings in State Street by 9.0% during the 4th quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager’s stock valued at $673,740,000 after acquiring an additional 433,201 shares during the period. Victory Capital Management Inc. grew its position in State Street by 30.8% in the 4th quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock valued at $588,227,000 after acquiring an additional 1,074,174 shares in the last quarter. Franklin Resources Inc. grew its position in State Street by 1.7% in the 4th quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager’s stock valued at $506,534,000 after acquiring an additional 67,309 shares in the last quarter. Finally, First Trust Advisors LP increased its stake in State Street by 30.4% during the fourth quarter. First Trust Advisors LP now owns 3,582,977 shares of the asset manager’s stock worth $462,240,000 after purchasing an additional 835,331 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Stock Performance

Shares of State Street stock opened at $185.35 on Wednesday. State Street Corporation has a one year low of $104.64 and a one year high of $192.51. The company has a market cap of $50.92 billion, a PE ratio of 16.34, a P/E/G ratio of 0.76 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. The business has a 50-day simple moving average of $173.09 and a 200-day simple moving average of $148.53.

State Street (NYSE:STT) last issued its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, beating the consensus estimate of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The firm had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter last year, the company earned $2.04 earnings per share. The firm’s revenue was up 23.3% compared to the same quarter last year. On average, equities research analysts forecast that State Street Corporation will post 13.68 EPS 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 a positive change from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio (DPR) is 29.63%.

Analyst Ratings Changes

Several brokerages have recently issued reports on STT. Seaport Research Partners reissued a “buy” rating and set a $170.00 price target on shares of State Street in a research report on Monday, April 20th. Morgan Stanley upped their target price on shares of State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Evercore set a $200.00 target price on shares of State Street in a report on Monday, July 20th. Keefe, Bruyette & Woods boosted their price target on shares of State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a research note on Friday, July 17th. Finally, Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $185.38.

Insider Transactions at State Street

In other State Street news, EVP W. Bradford Hu sold 9,758 shares of State Street stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the completion of the sale, the executive vice president directly owned 49,794 shares of the company’s stock, valued at $9,187,988.88. The trade was a 16.39% decrease in their position. The sale was disclosed in a filing 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 company’s stock in a transaction dated 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 directly owned 41,827 shares of the company’s stock, valued at approximately $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. In the last three months, insiders sold 49,576 shares of company stock valued at $8,415,875. Insiders own 0.27% of the company’s stock.

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.