Pacific Heights Asset Management LLC Purchases 45,000 Shares of State Street Corporation $STT

Pacific Heights Asset Management LLC increased its position in shares of State Street Corporation (NYSE:STT) by 32.1% during the third quarter, HoldingsChannel reports. The fund owned 185,000 shares of the asset manager’s stock after buying an additional 45,000 shares during the quarter. Pacific Heights Asset Management LLC’s holdings in State Street were worth $21,462,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. True Wealth Design LLC boosted its stake in shares of State Street by 166.3% during the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock valued at $29,000 after purchasing an additional 158 shares in the last quarter. SJS Investment Consulting Inc. raised its holdings in State Street by 2,142.9% in the 3rd quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock valued at $36,000 after buying an additional 300 shares during the last quarter. City Holding Co. acquired a new stake in State Street during the 3rd quarter worth approximately $47,000. AlphaCore Capital LLC grew its holdings in State Street by 103.5% during the 2nd quarter. AlphaCore Capital LLC now owns 468 shares of the asset manager’s stock worth $50,000 after acquiring an additional 238 shares during the last quarter. Finally, Elevation Point Wealth Partners LLC acquired a new position in State Street in the 2nd quarter valued at approximately $52,000. 87.44% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction on Monday, October 27th. The shares were sold at an average price of $117.24, for a total transaction of $175,860.00. Following the transaction, the executive vice president owned 38,626 shares in the company, valued at $4,528,512.24. The trade was a 3.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on STT. Zacks Research lowered shares of State Street from a “strong-buy” rating to a “hold” rating in a report on Monday, December 1st. Wells Fargo & Company raised their target price on State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a research report on Monday, October 20th. Truist Financial reiterated a “hold” rating and issued a $138.00 price target (up previously from $131.00) on shares of State Street in a research report on Wednesday, January 7th. Weiss Ratings restated a “buy (b)” rating on shares of State Street in a research report on Wednesday, October 8th. Finally, Citigroup upped their target price on State Street from $136.00 to $150.00 and gave the company a “buy” rating in a report on Tuesday, December 30th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $133.77.

State Street Stock Down 6.1%

Shares of NYSE:STT opened at $128.00 on Tuesday. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $137.05. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.59. The business’s 50-day moving average is $125.43 and its 200-day moving average is $117.38. The company has a market capitalization of $35.75 billion, a price-to-earnings ratio of 13.60, a P/E/G ratio of 0.86 and a beta of 1.43.

State Street (NYSE:STT) last released its earnings results on Friday, January 16th. The asset manager reported $2.97 EPS for the quarter, topping the consensus estimate of $2.82 by $0.15. The business had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.57 billion. State Street had a return on equity of 13.46% and a net margin of 13.02%.The firm’s revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the firm posted $2.60 earnings per share. Equities research analysts predict that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, January 12th. Stockholders of record on Friday, January 2nd were paid a $0.84 dividend. The ex-dividend date was Friday, January 2nd. This represents a $3.36 annualized dividend and a dividend yield of 2.6%. State Street’s payout ratio is currently 35.71%.

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.