Callan Family Office LLC Acquires New Position in State Street Co. (NYSE:STT)

Callan Family Office LLC bought a new position in State Street Co. (NYSE:STT) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 2,744 shares of the asset manager’s stock, valued at approximately $243,000.

Several other large investors also recently added to or reduced their stakes in STT. LRI Investments LLC bought a new stake in State Street in the first quarter worth approximately $25,000. Ashton Thomas Private Wealth LLC bought a new stake in State Street in the second quarter worth approximately $27,000. Norwood Financial Corp bought a new stake in State Street in the first quarter worth approximately $35,000. Versant Capital Management Inc grew its position in State Street by 411.9% in the second quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock worth $38,000 after acquiring an additional 416 shares in the last quarter. Finally, Quarry LP bought a new stake in State Street in the fourth quarter worth approximately $39,000. 87.44% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on STT. The Goldman Sachs Group boosted their target price on shares of State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Bank of America boosted their price objective on shares of State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of State Street from $79.00 to $87.00 and gave the stock a “hold” rating in a research note on Monday, September 23rd. Morgan Stanley boosted their price objective on shares of State Street from $93.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Finally, Wolfe Research restated an “underperform” rating and issued a $73.00 price objective on shares of State Street in a research note on Monday, July 8th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $90.11.

State Street Price Performance

NYSE:STT opened at $88.57 on Wednesday. The stock has a market cap of $26.68 billion, a P/E ratio of 16.59, a PEG ratio of 1.33 and a beta of 1.48. State Street Co. has a one year low of $62.78 and a one year high of $89.49. The company has a fifty day moving average price of $84.01 and a 200 day moving average price of $78.69. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.54.

State Street (NYSE:STT) last announced its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. State Street had a net margin of 8.98% and a return on equity of 11.78%. The company had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. During the same quarter in the prior year, the company posted $2.17 EPS. The business’s revenue was up 2.6% on a year-over-year basis. Analysts anticipate that State Street Co. will post 8.16 earnings per share for the current year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be paid a $0.76 dividend. This is a boost from State Street’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.43%. State Street’s dividend payout ratio is currently 56.93%.

State Street Company 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.