2,594 Shares in State Street Corporation $STT Purchased by Longboard Asset Management LP

Key Points

• Longboard Asset Management LP has purchased a new stake in State Street Corporation, acquiring 2,594 shares valued at approximately $276,000, making it their 28th largest holding.
• State Street recently declared a quarterly dividend of $0.84 per share, an increase from the previous dividend of $0.76, reflecting a healthy annualized yield of 3.0%.
• The company's earnings report revealed an EPS of $2.53 for the last quarter, surpassing estimates, with a year-over-year revenue growth of 2.9%, totaling $3.47 billion.

Longboard Asset Management LP acquired a new stake in shares of State Street Corporation (NYSE:STT - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,594 shares of the asset manager's stock, valued at approximately $276,000. State Street comprises about 0.7% of Longboard Asset Management LP's investment portfolio, making the stock its 28th biggest holding.

A number of other institutional investors and hedge funds have also recently modified their holdings of STT. First Pacific Financial purchased a new stake in shares of State Street in the first quarter worth about $25,000. Capital Analysts LLC increased its position in shares of State Street by 3,914.3% in the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock worth $25,000 after purchasing an additional 274 shares during the last quarter. Larson Financial Group LLC increased 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 worth $36,000 after purchasing an additional 118 shares during the last quarter. Golden State Wealth Management LLC increased 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 worth $43,000 after purchasing an additional 310 shares during the last quarter. Finally, MV Capital Management Inc. increased 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 worth $45,000 after purchasing an additional 251 shares during the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Trading Up 0.1%

Shares of State Street stock traded up $0.17 on Friday, hitting $113.39. The stock had a trading volume of 3,268,706 shares, compared to its average volume of 1,688,894. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. State Street Corporation has a one year low of $72.81 and a one year high of $116.37. The stock has a market cap of $32.17 billion, a price-to-earnings ratio of 12.70, a PEG ratio of 1.11 and a beta of 1.50. The stock's 50-day simple moving average is $111.60 and its two-hundred day simple moving average is $99.52.

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

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be given a dividend of $0.84 per share. This is an increase from State Street's previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 1st. State Street's payout ratio is 34.04%.

Wall Street Analysts Forecast Growth

STT has been the topic of several research analyst reports. Cfra Research upgraded shares of State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. Citigroup upgraded shares of State Street from a "neutral" rating to a "buy" rating and increased their price target for the company from $115.00 to $130.00 in a research report on Friday, September 5th. Truist Financial increased their price target on shares of State Street from $116.00 to $125.00 and gave the company a "buy" rating in a research report on Thursday, August 14th. Bank of America increased their price target 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. Finally, Morgan Stanley increased their price target on shares of State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Eight equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, State Street has an average rating of "Moderate Buy" and an average price target of $114.18.

Insider Buying and Selling

In other State Street news, EVP Michael L. Richards sold 990 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the transaction, the executive vice president owned 41,332 shares of the company's stock, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.29% of the company's stock.

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.