Ridgewood Investments LLC Makes New Investment in State Street Corporation (NYSE:STT)

Key Points

• Ridgewood Investments LLC acquired a new stake in State Street Corporation totaling 3,509 shares, valued at approximately $314,000 in the 1st quarter.
• State Street recently announced a quarterly dividend increase to $0.84 per share, payable on October 14th, up from the previous $0.76, representing an annualized dividend yield of 2.97%.
• The company reported earnings of $2.53 per share for the last quarter, exceeding analysts' expectations of $2.36, alongside a revenue increase of 2.9% year-over-year.

Ridgewood Investments LLC purchased a new stake in State Street Corporation (NYSE:STT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,509 shares of the asset manager's stock, valued at approximately $314,000.

Several other large investors have also recently modified their holdings of the business. First Pacific Financial bought a new position in State Street during the 1st quarter worth $25,000. Larson Financial Group LLC raised its position in shares of State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after acquiring an additional 118 shares during the last quarter. Coppell Advisory Solutions LLC lifted its stake 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 worth $42,000 after acquiring an additional 412 shares during the period. Golden State Wealth Management LLC boosted its holdings in 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 last quarter. Finally, Loomis Sayles & Co. L P increased its position in State Street by 187.3% during the 4th quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager's stock valued at $47,000 after purchasing an additional 311 shares during the period. Institutional investors own 87.44% of the company's stock.

Insider Buying and Selling

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

State Street Stock Performance

STT opened at $113.01 on Monday. The company has a market cap of $32.23 billion, a price-to-earnings ratio of 12.66, a PEG ratio of 1.25 and a beta of 1.45. The company's fifty day moving average price is $102.60 and its two-hundred day moving average price is $95.65. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $113.72. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09.

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 company had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. During the same quarter in the prior year, the business posted $2.15 EPS. The firm's revenue was up 2.9% compared to the same quarter last year. On average, analysts expect that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

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

Analyst Ratings Changes

Several research firms recently issued reports on STT. Keefe, Bruyette & Woods dropped their target price on shares of State Street from $118.00 to $113.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. Cfra Research upgraded State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. Bank of America raised their target price on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a research note on Wednesday, July 16th. Truist Financial dropped their price target on State Street from $122.00 to $116.00 and set a "buy" rating on the stock in a research note on Wednesday, July 16th. Finally, Barclays reduced their price objective on shares of State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, State Street presently has an average rating of "Hold" and a consensus target price of $112.00.

About State Street

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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