Laidlaw Wealth Management LLC Purchases Shares of 3,126 State Street Corporation $STT

Laidlaw Wealth Management LLC acquired a new stake in shares of State Street Corporation (NYSE:STT) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 3,126 shares of the asset manager’s stock, valued at approximately $530,000. State Street comprises about 1.6% of Laidlaw Wealth Management LLC’s holdings, making the stock its 20th biggest holding.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Western Wealth Management LLC grew its position in State Street by 3.1% during the 1st quarter. Western Wealth Management LLC now owns 2,001 shares of the asset manager’s stock worth $253,000 after acquiring an additional 60 shares during the last quarter. Arjuna Capital lifted its position in State Street by 0.4% in the fourth quarter. Arjuna Capital now owns 25,139 shares of the asset manager’s stock valued at $3,243,000 after purchasing an additional 95 shares during the last quarter. CX Institutional lifted its position in State Street by 1.0% in the second quarter. CX Institutional now owns 9,788 shares of the asset manager’s stock valued at $1,660,000 after purchasing an additional 98 shares during the last quarter. Greenleaf Trust boosted its stake in shares of State Street by 0.6% during the second quarter. Greenleaf Trust now owns 17,295 shares of the asset manager’s stock valued at $2,933,000 after purchasing an additional 99 shares during the period. Finally, Oregon Public Employees Retirement Fund grew its holdings in shares of State Street by 0.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager’s stock worth $4,053,000 after purchasing an additional 100 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

State Street Stock Down 2.0%

Shares of NYSE STT opened at $187.61 on Wednesday. The firm has a fifty day simple moving average of $183.08 and a two-hundred day simple moving average of $156.91. State Street Corporation has a 12 month low of $104.64 and a 12 month 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. The firm has a market capitalization of $51.54 billion, a PE ratio of 16.54, a price-to-earnings-growth ratio of 0.91 and a beta of 1.41.

State Street (NYSE:STT) last announced its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $3.88 billion. During the same quarter in the previous year, the firm posted $2.04 EPS. The company’s revenue for the quarter was up 23.3% compared to the same quarter last year. Equities analysts expect that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be given a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Thursday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.84. State Street’s payout ratio is presently 29.63%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on STT. Royal Bank Of Canada lifted their target price on shares of State Street from $155.00 to $196.00 and gave the stock a “sector perform” rating in a research note on Friday, July 17th. Bank of America raised their price target on shares of State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. Morgan Stanley boosted their price objective on shares of State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Wells Fargo & Company upped 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. Finally, UBS Group set a $176.00 target price on shares of State Street in a report on Friday, June 26th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $185.38.

Insiders Place Their Bets

In other news, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total value of $2,680,226.01. Following the completion of the transaction, the chief executive officer owned 240,959 shares of the company’s stock, valued at approximately $44,377,419.03. This represents a 5.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction that occurred 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 sale, the executive vice president owned 41,827 shares in the company, valued at $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 25,811 shares of company stock worth $4,723,982. Company 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.