3,126 Shares in State Street Corporation $STT Bought by Laidlaw Wealth Management LLC

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

A number of other hedge funds also recently made changes to their positions in STT. BlackRock Inc. bought a new stake in State Street in the second quarter valued at approximately $4,139,389,000. Regents of The University of California increased its position in State Street by 211.2% during the 4th quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock valued at $1,123,186,000 after purchasing an additional 5,908,370 shares during the period. Norges Bank bought a new position in State Street during the 4th quarter worth approximately $303,483,000. Bank of New York Mellon Corp bought a new position in State Street during the 2nd quarter worth approximately $301,393,000. Finally, Pinebridge Investments LLC acquired a new position in shares of State Street in the 4th quarter worth approximately $178,705,000. 87.44% of the stock is currently owned by institutional investors.

State Street Stock Performance

Shares of STT stock opened at $187.22 on Friday. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a 12 month low of $104.64 and a 12 month high of $195.18. The firm 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. The firm has a fifty day simple moving average of $180.11 and a two-hundred day simple moving average of $153.79.

State Street (NYSE:STT) last announced its quarterly 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 business had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter last year, the firm earned $2.04 EPS. The firm’s revenue for the quarter was up 23.3% compared to the same quarter last year. Analysts forecast that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently announced 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 is an increase from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Thursday, October 1st. State Street’s dividend payout ratio is currently 29.63%.

Insider Buying and Selling at State Street

In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total transaction 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. This trade represents a 5.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Bradford Hu sold 9,758 shares of State Street stock in a transaction on Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the sale, the executive vice president owned 49,794 shares in the company, valued at $9,187,988.88. This trade represents a 16.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 49,576 shares of company stock worth $8,415,875. Insiders own 0.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on STT shares. Keefe, Bruyette & Woods increased their price objective on shares of State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a research report on Friday, July 17th. The Goldman Sachs Group increased their price target on State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. UBS Group set a $176.00 price objective on State Street in a research note on Friday, June 26th. Barclays upped their target price on State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a research report on Friday, July 17th. Finally, Bank of America boosted their price target on State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $185.38.

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.