Callan Family Office LLC Buys 22,309 Shares of State Street Corporation $STT

Key Points

• Callan Family Office LLC increased its stake in State Street Corporation by 81.4%, acquiring an additional 22,309 shares to reach a total of 49,715 shares valued at approximately $5.29 million.
• State Street's stock has recently been trading at $111.03 with significant institutional interest, as 87.44% of its shares are owned by institutional investors.
• The company has announced a quarterly dividend increase to $0.84, up from $0.76, representing an annualized yield of 3.0%, and is set to be paid on October 14th.

Callan Family Office LLC grew its stake in State Street Corporation (NYSE:STT - Free Report) by 81.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 49,715 shares of the asset manager's stock after acquiring an additional 22,309 shares during the period. Callan Family Office LLC's holdings in State Street were worth $5,287,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. First Pacific Financial bought a new position in shares of State Street in the first quarter worth about $25,000. Capital Analysts LLC grew its position in shares of State Street by 3,914.3% during the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock worth $25,000 after buying an additional 274 shares during the period. Larson Financial Group LLC grew its position in shares of State Street by 40.8% during the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after buying an additional 118 shares during the period. Golden State Wealth Management LLC grew its position in shares of State Street by 186.7% during the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock worth $43,000 after buying an additional 310 shares during the period. Finally, Zions Bancorporation National Association UT acquired a new stake in shares of State Street during the 1st quarter worth approximately $46,000. 87.44% of the stock is owned by institutional investors.

State Street Stock Down 5.3%

State Street stock opened at $111.03 on Friday. The stock has a market capitalization of $31.50 billion, a PE ratio of 12.43, a price-to-earnings-growth ratio of 1.21 and a beta of 1.46. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $118.24. 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 company has a 50 day moving average of $113.23 and a 200-day moving average of $102.22.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.17. The company had revenue of $3.47 billion during the quarter, compared to analysts' expectations of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business's quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.15 earnings per share. On average, equities research analysts anticipate that State Street Corporation will post 9.68 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 14th. Stockholders of record on Wednesday, October 1st will be given a $0.84 dividend. This is a boost from State Street's previous quarterly dividend of $0.76. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 1st. State Street's payout ratio is presently 37.63%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on STT shares. Wells Fargo & Company lifted their price target on shares of State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Evercore ISI lifted their price target on shares of State Street from $117.00 to $128.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 30th. Truist Financial lifted their price target on shares of State Street from $125.00 to $133.00 and gave the stock a "buy" rating in a research report on Thursday, October 2nd. Citigroup upgraded shares of State Street from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $115.00 to $130.00 in a research report on Friday, September 5th. Finally, Cfra Research upgraded shares of State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, State Street presently has a consensus rating of "Moderate Buy" and a consensus target price of $122.83.

Insider Activity at State Street

In other news, EVP Michael L. Richards sold 990 shares of the business's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the sale, the executive vice president owned 41,332 shares of the company's stock, valued at $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.29% of the stock is currently owned by corporate insiders.

State Street 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.

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