Longfellow Investment Management Co. LLC Has $1.12 Million Stock Holdings in State Street Corporation (NYSE:STT)

Key Points

• Longfellow Investment Management Co. LLC increased its stake in State Street Corporation by 31% in Q1, now owning 12,452 shares valued at approximately $1,115,000.
• State Street reported earnings of $2.53 per share for its latest quarter, surpassing estimates and showing a year-over-year revenue increase of 2.9%.
• The company announced a quarterly dividend increase to $0.84 per share, with a yield of 3.0%, reflecting positive financial performance and investor returns.

Longfellow Investment Management Co. LLC grew its position in State Street Corporation (NYSE:STT - Free Report) by 31.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,452 shares of the asset manager's stock after acquiring an additional 2,944 shares during the period. Longfellow Investment Management Co. LLC's holdings in State Street were worth $1,115,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of STT. First Pacific Financial acquired a new position in State Street in the first quarter worth $25,000. Larson Financial Group LLC raised its holdings 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 valued at $36,000 after buying an additional 118 shares during the last quarter. Coppell Advisory Solutions LLC lifted its position in State Street by 2,942.9% during the 4th quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock worth $42,000 after buying an additional 412 shares in the last quarter. Golden State Wealth Management LLC grew its holdings in 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 acquiring an additional 310 shares during the last quarter. Finally, Minot DeBlois Advisors LLC acquired a new stake in State Street in the 4th quarter valued at about $49,000. Institutional investors own 87.44% of the company's stock.

State Street Stock Up 1.4%

STT stock traded up $1.49 during mid-day trading on Tuesday, hitting $111.32. 2,380,011 shares of the company were exchanged, compared to its average volume of 2,190,725. The firm has a market cap of $31.58 billion, a P/E ratio of 12.47, a P/E/G ratio of 1.21 and a beta of 1.48. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $114.28. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. The firm's 50 day simple moving average is $106.03 and its 200 day simple moving average is $96.79.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 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 analysts' expectations of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The firm's revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.15 EPS. On average, sell-side analysts predict that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be issued a dividend of $0.84 per share. The ex-dividend date is Wednesday, October 1st. 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%. State Street's dividend payout ratio is 34.04%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Truist Financial reduced their target price on shares of State Street from $122.00 to $116.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Keefe, Bruyette & Woods reduced their price objective on State Street from $118.00 to $113.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. Citigroup increased their price objective on State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Evercore ISI boosted their target price on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. Finally, Cfra Research raised State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $112.00.

Insider Activity

In other State Street news, EVP Michael L. Richards sold 990 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The stock was 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 in the company, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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.