Callan Family Office LLC Invests $9.04 Million in State Street Corporation $STT

Callan Family Office LLC bought a new position in State Street Corporation (NYSE:STT) during the second quarter, according to its most recent filing with the SEC. The firm bought 53,272 shares of the asset manager’s stock, valued at approximately $9,035,000.

Several other hedge funds have also bought and sold shares of the business. BlackRock Inc. bought a new position in shares of State Street in the second quarter valued at $4,139,389,000. Regents of The University of California increased its position in shares of State Street by 15.6% during the first quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager’s stock worth $1,273,841,000 after acquiring an additional 1,358,923 shares in the last quarter. Morgan Stanley raised its holdings in shares of State Street by 9.0% in the 4th quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager’s stock worth $673,740,000 after acquiring an additional 433,201 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of State Street by 30.8% in the 4th quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock worth $588,227,000 after acquiring an additional 1,074,174 shares during the last quarter. Finally, Franklin Resources Inc. lifted its position in State Street by 1.7% in the 4th quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager’s stock valued at $506,534,000 after acquiring an additional 67,309 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on STT. Evercore set a $200.00 price target on State Street in a research note on Monday, July 20th. Citigroup raised their target price on State Street from $193.00 to $210.00 and gave the company a “buy” rating in a report on Friday, July 17th. Royal Bank Of Canada lifted their target price on State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a research report on Friday, July 17th. Truist Financial reaffirmed a “hold” rating and set a $191.00 target price (up from $176.00) on shares of State Street in a research report on Friday, July 17th. Finally, UBS Group set a $176.00 price target on State Street in a report on Friday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $185.38.

State Street Trading Up 2.3%

Shares of STT stock opened at $187.22 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. The company has a market capitalization of $51.43 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 0.75 and a beta of 1.41. State Street Corporation has a 52-week low of $104.64 and a 52-week high of $195.18. The company has a 50-day simple moving average of $180.11 and a two-hundred day simple moving average of $153.79.

State Street (NYSE:STT) last posted its earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, topping the consensus estimate of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The firm had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter last year, the firm earned $2.04 EPS. The company’s quarterly revenue was up 23.3% compared to the same quarter last year. Research analysts anticipate that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be given a dividend of $0.92 per share. The ex-dividend date of this dividend is Thursday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.0%. State Street’s dividend payout ratio (DPR) is 29.63%.

Insider Buying and Selling

In other State Street news, EVP W. Bradford Hu sold 9,758 shares of the company’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the transaction, the executive vice president owned 49,794 shares in the company, valued at $9,187,988.88. This represents a 16.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the sale, the executive vice president directly owned 41,827 shares of the company’s stock, valued at approximately $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 49,576 shares of company stock worth $8,415,875. 0.27% of the stock is owned by company insiders.

State Street Company Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.