Callan Family Office LLC Has $2.45 Million Stock Position in State Street Corporation (NYSE:STT)

Key Points

• Callan Family Office LLC increased its holdings in State Street Corporation by 144.0%, owning 27,406 shares valued at approximately $2.45 million after purchasing 16,172 additional shares.
• Several hedge funds, including First Pacific Financial, Larsen Financial Group LLC, and others, have also made significant investments in State Street, raising their positions substantially during the first quarter.
• State Street announced a quarterly dividend increase from $0.76 to $0.84 per share, representing an annualized yield of 3.1% and reflecting a healthy growth in earnings, with EPS rising from $2.15 to $2.53 compared to the previous year.

Callan Family Office LLC boosted its position in State Street Corporation (NYSE:STT - Free Report) by 144.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 27,406 shares of the asset manager's stock after acquiring an additional 16,172 shares during the quarter. Callan Family Office LLC's holdings in State Street were worth $2,454,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Public Sector Pension Investment Board increased its stake in State Street by 1.4% in the first quarter. Public Sector Pension Investment Board now owns 77,146 shares of the asset manager's stock valued at $6,907,000 after acquiring an additional 1,072 shares during the last quarter. AIA Group Ltd grew its stake in shares of State Street by 13.1% during the first quarter. AIA Group Ltd now owns 22,558 shares of the asset manager's stock worth $2,020,000 after buying an additional 2,610 shares during the last quarter. Longfellow Investment Management Co. LLC grew its stake in shares of State Street by 31.0% during the first quarter. Longfellow Investment Management Co. LLC now owns 12,452 shares of the asset manager's stock worth $1,115,000 after buying an additional 2,944 shares during the last quarter. Nuveen LLC bought a new stake in shares of State Street during the first quarter worth $93,016,000. Finally, Harvest Investment Advisors LLC grew its stake in shares of State Street by 1.8% during the first quarter. Harvest Investment Advisors LLC now owns 19,365 shares of the asset manager's stock worth $1,734,000 after buying an additional 336 shares during the last quarter. 87.44% of the stock is owned by institutional investors.

Insider Transactions at State Street

In other news, EVP Michael L. Richards sold 990 shares of the company's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the transaction, the executive vice president 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.29% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have weighed in on STT shares. Barclays decreased their target price on shares of State Street from $127.00 to $120.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Citigroup boosted their target price on shares of State Street from $100.00 to $115.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Bank of America boosted their target price on shares of 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 boosted their target price on shares of State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. Finally, Truist Financial boosted their target price on shares of State Street from $116.00 to $125.00 and gave the stock a "buy" rating in a research note on Thursday. One equities research 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, State Street has an average rating of "Hold" and a consensus price target of $112.82.

State Street Trading Up 1.9%

Shares of NYSE:STT traded up $2.07 during mid-day trading on Thursday, reaching $113.57. 1,429,951 shares of the company's stock were exchanged, compared to its average volume of 2,094,757. The firm has a market capitalization of $32.22 billion, a price-to-earnings ratio of 12.72, a PEG ratio of 1.23 and a beta of 1.48. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $114.28. The business's fifty day moving average price is $106.34 and its 200-day moving average price is $96.89.

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

State Street Increases Dividend

The company 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 is Wednesday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a yield of 3.0%. State Street's dividend payout ratio (DPR) 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.