Kingsview Wealth Management LLC Purchases New Position in State Street Corporation $STT

Kingsview Wealth Management LLC acquired a new position in State Street Corporation (NYSE:STT) in the 2nd quarter, HoldingsChannel.com reports. The fund acquired 11,637 shares of the asset manager’s stock, valued at approximately $1,974,000.

A number of other hedge funds have also bought and sold shares of the business. Beacon Pointe Advisors LLC bought a new stake in State Street during the 2nd quarter valued at $1,301,000. Livforsakringsbolaget Skandia Omsesidigt bought a new position in shares of State Street in the second quarter worth $361,000. Strait & Sound Wealth Management LLC bought a new position in shares of State Street in the second quarter worth $205,000. Rakuten Investment Management Inc. purchased a new position in shares of State Street in the second quarter valued at $7,723,000. Finally, Empowered Funds LLC purchased a new position in shares of State Street in the second quarter valued at $15,211,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Michael L. Richards sold 1,500 shares of State Street 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 transaction, the executive vice president owned 41,827 shares in the company, valued at $6,781,829.78. This trade represents a 3.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP W. Bradford Hu sold 9,758 shares of the business’s stock in a transaction on 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. This 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 25,811 shares of company stock valued at $4,723,982. Corporate insiders own 0.27% of the company’s stock.

State Street Stock Performance

Shares of NYSE STT opened at $193.42 on Friday. The stock’s 50-day moving average is $182.46 and its 200 day moving average is $155.95. The stock has a market cap of $53.13 billion, a price-to-earnings ratio of 17.06, a P/E/G ratio of 0.80 and a beta of 1.41. State Street Corporation has a 1-year low of $104.64 and a 1-year high of $195.93. 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 (NYSE:STT) last issued its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.34 by $0.31. State Street had a return on equity of 15.26% and a net margin of 15.02%.The business had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the prior year, the firm earned $2.04 earnings per share. State Street’s revenue for the quarter was up 23.3% on a year-over-year basis. On average, sell-side 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 $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.9%. 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 presently 29.63%.

Analysts Set New Price Targets

A number of analysts recently issued reports on STT shares. Wells Fargo & Company increased their price objective on State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. UBS Group set a $176.00 target price on State Street in a report on Friday, June 26th. Evercore set a $200.00 price target on State Street in a research report on Monday, July 20th. Truist Financial reissued a “hold” rating and issued a $191.00 price target (up from $176.00) on shares of State Street in a report on Friday, July 17th. Finally, Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. 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 data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $185.38.

State Street 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.