Ridgewood Investments LLC Boosts Position in State Street Corporation $STT

Ridgewood Investments LLC boosted its holdings in shares of State Street Corporation (NYSE:STT) by 94.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,838 shares of the asset manager’s stock after buying an additional 3,329 shares during the quarter. Ridgewood Investments LLC’s holdings in State Street were worth $727,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of STT. Park Avenue Securities LLC boosted its position in State Street by 58.5% in the 2nd quarter. Park Avenue Securities LLC now owns 10,964 shares of the asset manager’s stock worth $1,166,000 after purchasing an additional 4,045 shares in the last quarter. Farther Finance Advisors LLC boosted its position in State Street by 426.9% in the 2nd quarter. Farther Finance Advisors LLC now owns 15,027 shares of the asset manager’s stock worth $1,598,000 after purchasing an additional 12,175 shares in the last quarter. CX Institutional boosted its position in State Street by 6.3% in the 2nd quarter. CX Institutional now owns 7,677 shares of the asset manager’s stock worth $816,000 after purchasing an additional 457 shares in the last quarter. Miller Howard Investments Inc. NY boosted its position in State Street by 27.4% in the 2nd quarter. Miller Howard Investments Inc. NY now owns 604,916 shares of the asset manager’s stock worth $64,327,000 after purchasing an additional 130,175 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in State Street by 237.1% in the 2nd quarter. Assenagon Asset Management S.A. now owns 38,430 shares of the asset manager’s stock worth $4,087,000 after purchasing an additional 27,030 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Stock Up 0.1%

Shares of STT opened at $113.39 on Monday. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $116.37. The company has a market capitalization of $32.17 billion, a PE ratio of 12.70, a price-to-earnings-growth ratio of 1.11 and a beta of 1.50. The stock has a fifty day simple moving average of $111.60 and a two-hundred day simple moving average of $99.64. 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 (NYSE:STT) last issued its earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.17. The business had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%.The company’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period last year, the company earned $2.15 EPS. As a group, equities analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.76. State Street’s dividend payout ratio is 37.63%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on STT shares. Evercore ISI upped their price objective on State Street from $102.00 to $115.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 2nd. The Goldman Sachs Group increased their target price on State Street from $98.00 to $111.00 and gave the company a “buy” rating in a research report on Wednesday, July 2nd. Truist Financial increased their target price on State Street from $116.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, August 14th. Cfra Research upgraded State Street from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, July 15th. Finally, Wells Fargo & Company increased their target price on State Street from $113.00 to $121.00 and gave the company an “overweight” rating in a research report on Tuesday, July 8th. Eight research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $114.18.

Insider Activity

In related news, EVP Michael L. Richards sold 990 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president directly 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.29% of the company’s stock.

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.