Klein Pavlis & Peasley Financial Inc. Lowers Stock Holdings in State Street Corporation (NYSE:STT)

Klein Pavlis & Peasley Financial Inc. decreased its position in shares of State Street Corporation (NYSE:STT) by 1.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,612 shares of the asset manager’s stock after selling 130 shares during the period. Klein Pavlis & Peasley Financial Inc.’s holdings in State Street were worth $587,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. First Pacific Financial bought a new position in shares of State Street during the first quarter valued at about $25,000. Larson Financial Group LLC grew its stake in shares of State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock valued at $36,000 after buying an additional 118 shares during the last quarter. Coppell Advisory Solutions LLC grew its stake in shares of State Street by 2,942.9% during the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager’s stock valued at $42,000 after buying an additional 412 shares during the last quarter. Golden State Wealth Management LLC grew its stake in shares of State Street by 186.7% during the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock valued at $43,000 after buying an additional 310 shares during the last quarter. Finally, Minot DeBlois Advisors LLC bought a new stake in shares of State Street in the fourth quarter worth about $49,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Down 2.9%

STT opened at $108.55 on Friday. The stock has a market cap of $30.96 billion, a PE ratio of 12.16, a PEG ratio of 1.24 and a beta of 1.48. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. The business has a 50 day moving average of $104.11 and a 200-day moving average of $96.23. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $114.28.

State Street (NYSE:STT) last issued its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%. The firm had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.33 billion. During the same period in the previous year, the firm posted $2.15 EPS. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. Equities research analysts predict that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be given a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.1%. This is an increase from State Street’s previous quarterly dividend of $0.76. State Street’s payout ratio is presently 34.04%.

Insider Buying and Selling

In other news, CAO Elizabeth Schaefer sold 1,300 shares of the business’s stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total value of $117,936.00. Following the sale, the chief accounting officer directly owned 7,354 shares of the company’s stock, valued at $667,154.88. The trade was a 15.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Michael L. Richards sold 990 shares of the business’s stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total value of $108,197.10. Following the completion of the sale, the executive vice president directly owned 41,332 shares in the company, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

STT has been the topic of several recent analyst reports. Cfra Research raised State Street from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, July 15th. The Goldman Sachs Group raised their target price on State Street from $98.00 to $111.00 and gave the stock a “buy” rating in a research note on Wednesday, July 2nd. Bank of America raised their target price on State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 16th. Evercore ISI raised their target price on State Street from $102.00 to $115.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 2nd. Finally, Keefe, Bruyette & Woods cut their target price on State Street from $118.00 to $113.00 and set an “outperform” rating on the stock in a research note on Monday, April 21st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $112.00.

State Street Company Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.