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

Callan Family Office LLC purchased a new position in State Street Corporation (NYSE:STT) during the second quarter, Holdings Channel.com reports. The fund purchased 53,272 shares of the asset manager’s stock, valued at approximately $9,035,000.

Several other institutional investors have also bought and sold shares of STT. Bell Investment Advisors Inc bought a new position in State Street during the second quarter valued at $28,000. Wilkerson Advisory Group LLC bought a new stake in shares of State Street in the fourth quarter valued at $29,000. JPL Wealth Management LLC bought a new stake in shares of State Street in the third quarter valued at $29,000. Phillip James Consulting Co. purchased a new position in shares of State Street during the 4th quarter valued at $30,000. Finally, Elevation Wealth Partners LLC lifted its position in shares of State Street by 153.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock valued at $30,000 after buying an additional 106 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Price Performance

Shares of NYSE STT opened at $187.22 on Friday. The stock has a fifty day moving average of $180.11 and a 200-day moving average of $153.79. The stock has a market cap of $51.43 billion, a PE ratio of 16.51, a price-to-earnings-growth ratio of 0.75 and a beta of 1.41. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. State Street Corporation has a fifty-two week low of $104.64 and a fifty-two week high of $195.18.

State Street (NYSE:STT) last issued 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. The business had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The firm’s revenue was up 23.3% compared to the same quarter last year. During the same quarter last year, the company earned $2.04 EPS. Equities research analysts anticipate that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

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

Insider Activity

In related news, EVP W. Bradford Hu sold 9,758 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the sale, the executive vice president owned 49,794 shares of the company’s stock, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $162.14, for a total transaction of $243,210.00. Following the completion of the sale, the executive vice president owned 41,827 shares in the company, valued at $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 49,576 shares of company stock worth $8,415,875. 0.27% of the stock is owned by company insiders.

Analyst Ratings Changes

STT has been the subject of several recent research reports. Evercore set a $200.00 price objective on State Street in a report on Monday, July 20th. Citigroup upped their price objective on shares of State Street from $193.00 to $210.00 and gave the company a “buy” rating in a report on Friday, July 17th. JPMorgan Chase & Co. increased their target price on shares of State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 4th. Bank of America lifted their target price on shares of State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 7th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a research report on Friday, July 17th. Two 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $185.38.

State Street 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.