Perigon Wealth Management LLC Invests $916,000 in State Street Corporation $STT

Perigon Wealth Management LLC bought a new position in State Street Corporation (NYSE:STT) in the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 5,399 shares of the asset manager’s stock, valued at approximately $916,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in STT. Bell Investment Advisors Inc bought a new position in State Street in the 2nd quarter valued at approximately $28,000. Elevation Wealth Partners LLC increased its holdings in shares of State Street by 153.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after purchasing an additional 106 shares in the last quarter. Kelleher Financial Advisors bought a new stake in shares of State Street in the 2nd quarter worth $33,000. Wilkerson Advisory Group LLC purchased a new position in shares of State Street in the fourth quarter worth $29,000. Finally, Phillip James Consulting Co. bought a new position in shares of State Street during the fourth quarter valued at $30,000. Institutional investors own 87.44% of the company’s stock.

State Street Stock Down 0.5%

Shares of STT stock opened at $192.03 on Wednesday. The company has a market capitalization of $52.75 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 0.79 and a beta of 1.41. State Street Corporation has a one year low of $104.64 and a one year high of $195.18. The company’s fifty day moving average price is $178.87 and its 200-day moving average price is $152.80. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59.

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, beating 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 company had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter last year, the company earned $2.04 EPS. The firm’s quarterly revenue was up 23.3% on a year-over-year basis. Sell-side analysts expect 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. 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 1.9%. This is an increase from State Street’s previous quarterly dividend of $0.84. The ex-dividend date is Thursday, October 1st. State Street’s dividend payout ratio (DPR) is 29.63%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Truist Financial reaffirmed a “hold” rating and set a $191.00 price target (up from $176.00) on shares of State Street in a report on Friday, July 17th. Morgan Stanley raised their target price on shares of State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Citigroup boosted their target price on shares of State Street from $193.00 to $210.00 and gave the company a “buy” rating in a research note on Friday, July 17th. Keefe, Bruyette & Woods raised their price target on State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a research note on Friday, July 17th. Finally, Argus lifted their price objective on State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a report on Tuesday, April 21st. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $185.38.

Insiders Place Their Bets

In related news, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction dated 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 in the company, valued at approximately $44,377,419.03. This trade represents a 5.70% decrease in their ownership of the stock. The transaction 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 firm’s 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 completion of the sale, the executive vice president directly owned 41,827 shares of the company’s stock, valued at $6,781,829.78. The trade was a 3.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 49,576 shares of company stock valued at $8,415,875 in the last three months. Corporate insiders own 0.27% of the company’s stock.

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.