First Heartland Consultants Inc. Makes New $262,000 Investment in State Street Corporation (NYSE:STT)

Key Points

• First Heartland Consultants Inc. has made a new investment of approximately $262,000 in State Street Corporation, acquiring 2,922 shares during the first quarter.
• State Street announced a quarterly dividend of $0.84 per share, representing an annualized yield of 2.97%, up from the previous dividend of $0.76.
• The company reported a 12.96% return on equity and revenue growth of 2.9% year-over-year, with earnings surpassing analyst expectations by $0.17 per share.

First Heartland Consultants Inc. bought a new stake in State Street Corporation (NYSE:STT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,922 shares of the asset manager's stock, valued at approximately $262,000.

Other institutional investors also recently modified their holdings of the company. First Pacific Financial bought a new stake in shares of State Street in the first quarter valued at about $25,000. Larson Financial Group LLC boosted its position in shares of State Street by 40.8% in the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after acquiring an additional 118 shares during the period. Coppell Advisory Solutions LLC boosted its position in shares of State Street by 2,942.9% in the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock valued at $42,000 after acquiring an additional 412 shares during the period. Golden State Wealth Management LLC boosted its position in shares of State Street by 186.7% in the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock valued at $43,000 after acquiring an additional 310 shares during the period. Finally, MV Capital Management Inc. boosted its position in shares of State Street by 98.4% in the first quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock valued at $45,000 after acquiring an additional 251 shares during the period. Institutional investors own 87.44% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Bank of America boosted their target price on shares of State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research report on Wednesday, July 16th. Keefe, Bruyette & Woods dropped their price target on State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. Cfra Research raised State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. Barclays dropped their price target on State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Finally, The Goldman Sachs Group boosted their price target on State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $112.00.

Insider Activity at State Street

In related news, EVP Michael L. Richards sold 990 shares of the company'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 sale, the executive vice president directly owned 41,332 shares in the company, valued at $4,517,174.28. This represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Elizabeth Schaefer sold 1,300 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total value of $117,936.00. Following the completion of the sale, the chief accounting officer owned 7,354 shares in the company, valued at $667,154.88. The trade was a 15.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.29% of the company's stock.

State Street Trading Up 1.8%

NYSE STT traded up $2.03 during trading hours on Friday, reaching $113.01. The company's stock had a trading volume of 3,320,944 shares, compared to its average volume of 2,400,144. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $113.72. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. The stock has a market cap of $32.23 billion, a P/E ratio of 12.66, a P/E/G ratio of 1.25 and a beta of 1.45. The firm has a fifty day simple moving average of $102.60 and a 200-day simple moving average of $95.65.

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

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be issued a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This is a boost from State Street's previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a yield of 2.97%. State Street's dividend payout ratio is presently 34.04%.

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.