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

Key Points

• Perigon Wealth Management bought 5,399 shares of State Street worth approximately $916,000 in the second quarter. Institutional investors own 87.44% of the company.
• State Street reported stronger-than-expected quarterly results, with earnings of $3.65 per share and revenue of $4.05 billion, up 23.3% year over year.
• The company raised its quarterly dividend from $0.84 to $0.92 per share, equivalent to an annualized dividend of $3.68 and a 1.9% yield, while analysts maintain a “Moderate Buy” consensus rating.

Perigon Wealth Management LLC purchased a new position in State Street Corporation (NYSE:STT - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 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 bought and sold shares of the stock. Commerzbank Aktiengesellschaft FI bought a new stake in State Street during the 2nd quarter valued at $2,139,000. Trust Co. of Vermont acquired a new position in State Street during the second quarter worth $908,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of State Street in the second quarter valued at $114,111,000. OneDigital Investment Advisors LLC bought a new position in shares of State Street in the second quarter valued at $462,000. Finally, Plato Investment Management Ltd acquired a new position in shares of State Street during the second quarter valued at about $2,231,000. 87.44% of the stock is owned by institutional investors.

State Street Price Performance

Shares of NYSE STT opened at $192.03 on Wednesday. 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 stock has a fifty day simple moving average of $178.87 and a two-hundred day simple moving average of $152.80. State Street Corporation has a 1-year low of $104.64 and a 1-year high of $195.18. The firm has a market cap of $52.75 billion, a price-to-earnings ratio of 16.93, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41.

State Street (NYSE:STT - Get Free Report) last posted its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter last year, the company earned $2.04 earnings per share. The company's revenue was up 23.3% on a year-over-year basis. Analysts anticipate that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be issued a $0.92 dividend. This represents a $3.68 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Thursday, October 1st. This is an increase from State Street's previous quarterly dividend of $0.84. State Street's payout ratio is 29.63%.

Analysts Set New Price Targets

Several brokerages have recently commented on STT. UBS Group set a $176.00 price objective on State Street in a research note on Friday, June 26th. Weiss Ratings upgraded State Street from a "buy (b)" rating to a "buy (b+)" rating in a report on Thursday, May 28th. Evercore set a $200.00 price target on State Street in a research report on Monday, July 20th. Zacks Research upgraded State Street from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 21st. Finally, Bank of America raised their price objective on State Street from $160.00 to $190.00 and gave the company a "neutral" rating in a research note on Tuesday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $185.38.

Insider Activity at State Street

In related news, CEO Hanley Ronald P. O sold 14,553 shares of the business's stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the transaction, the chief executive officer owned 240,959 shares in the company, valued at $44,377,419.03. The trade was a 5.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 on Monday, June 8th. The stock was 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 position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 49,576 shares of company stock valued at $8,415,875 over the last three months. 0.27% of the stock is owned by corporate insiders.

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.

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