Pacific Heights Asset Management LLC Takes Position in State Street Corporation $STT

Pacific Heights Asset Management LLC bought a new position in State Street Corporation (NYSE:STT) during the 2nd quarter, Holdings Channel reports. The firm bought 250,000 shares of the asset manager’s stock, valued at approximately $42,400,000. State Street comprises approximately 1.3% of Pacific Heights Asset Management LLC’s portfolio, making the stock its 19th biggest holding.

A number of other large investors have also bought and sold shares of the business. Philadelphia Investment Partners LLC bought a new position in State Street in the 2nd quarter valued at $26,000. Bell Investment Advisors Inc bought a new stake in shares of State Street during the second quarter worth $28,000. Elevation Wealth Partners LLC grew its holdings in shares of 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 last quarter. Keating Financial Advisory Services Inc. acquired a new stake in shares of State Street in the second quarter valued at $33,000. Finally, Kelleher Financial Advisors acquired a new stake in shares of State Street in the second quarter valued at $33,000. 87.44% of the stock is currently owned by institutional investors.

State Street Price Performance

Shares of STT stock opened at $193.26 on Friday. The firm has a market cap of $53.09 billion, a price-to-earnings ratio of 17.04, a PEG ratio of 0.80 and a beta of 1.41. State Street Corporation has a 12 month low of $104.64 and a 12 month high of $195.93. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The stock has a 50-day moving average price of $181.97 and a 200 day moving average price of $155.68.

State Street (NYSE:STT) last released its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. The company had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The company’s revenue was up 23.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.04 EPS. Research analysts expect that State Street Corporation will post 13.75 EPS for the current year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Investors 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 1.9%. This is a positive change from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s payout ratio is presently 29.63%.

Insider Activity at State Street

In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of the company’s stock in a transaction 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 completion of the sale, the chief executive officer owned 240,959 shares in the company, valued at approximately $44,377,419.03. The trade was a 5.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the completion of the transaction, the executive vice president directly owned 41,827 shares in the company, valued at approximately $6,781,829.78. This trade represents a 3.46% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 25,811 shares of company stock worth $4,723,982 over the last ninety days. Company insiders own 0.27% of the company’s stock.

Wall Street Analysts Forecast Growth

STT has been the topic of several research reports. Morgan Stanley upped their price target on shares of State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. JPMorgan Chase & Co. raised their price objective on shares of State Street from $176.50 to $187.00 and gave the company a “neutral” rating in a research report on Tuesday, August 4th. Truist Financial reaffirmed a “hold” rating and issued a $191.00 target price (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Barclays increased their price target on shares of State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a research note on Friday, July 17th. Finally, Citigroup raised their price target on shares of State Street from $193.00 to $210.00 and gave the company a “buy” rating in a report on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock 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.