abrdn plc Boosts Stake in State Street Co. (NYSE:STT)

abrdn plc raised its position in State Street Co. (NYSE:STT) by 17.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 516,854 shares of the asset manager’s stock after purchasing an additional 78,499 shares during the period. abrdn plc’s holdings in State Street were worth $40,036,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Banque Cantonale Vaudoise raised its position in State Street by 54.9% in the 3rd quarter. Banque Cantonale Vaudoise now owns 10,839 shares of the asset manager’s stock worth $726,000 after purchasing an additional 3,841 shares during the period. AEGON ASSET MANAGEMENT UK Plc purchased a new stake in State Street in the 4th quarter worth about $45,687,000. Crestwood Advisors Group LLC raised its position in State Street by 11.0% in the 3rd quarter. Crestwood Advisors Group LLC now owns 83,069 shares of the asset manager’s stock worth $5,562,000 after purchasing an additional 8,202 shares during the period. Ferguson Wellman Capital Management Inc. raised its position in State Street by 3.7% in the 4th quarter. Ferguson Wellman Capital Management Inc. now owns 484,411 shares of the asset manager’s stock worth $37,522,000 after purchasing an additional 17,270 shares during the period. Finally, Mackenzie Financial Corp grew its stake in State Street by 19.9% in the 4th quarter. Mackenzie Financial Corp now owns 181,856 shares of the asset manager’s stock worth $14,087,000 after acquiring an additional 30,124 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on STT shares. Royal Bank of Canada upped their target price on shares of State Street from $75.00 to $85.00 and gave the stock a “sector perform” rating in a research note on Monday, January 22nd. JPMorgan Chase & Co. upped their target price on shares of State Street from $79.50 to $80.50 in a research note on Friday, April 12th. Barclays upped their target price on shares of State Street from $87.00 to $102.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. The Goldman Sachs Group upgraded shares of State Street from a “neutral” rating to a “buy” rating and upped their target price for the stock from $69.00 to $92.00 in a research note on Wednesday, January 3rd. Finally, Bank of America restated an “underperform” rating and issued a $81.00 target price on shares of State Street in a research note on Thursday, January 4th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $84.04.

Insider Buying and Selling at State Street

In other State Street news, EVP Anthony Bisegna sold 2,606 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $73.00, for a total value of $190,238.00. Following the completion of the sale, the executive vice president now directly owns 17,737 shares in the company, valued at $1,294,801. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other State Street news, EVP Anthony Bisegna sold 2,606 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $73.00, for a total value of $190,238.00. Following the completion of the sale, the executive vice president now directly owns 17,737 shares in the company, valued at $1,294,801. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Eric W. Aboaf sold 12,000 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $73.90, for a total transaction of $886,800.00. Following the completion of the transaction, the chief financial officer now directly owns 149,063 shares of the company’s stock, valued at approximately $11,015,755.70. The disclosure for this sale can be found here. Insiders sold a total of 18,864 shares of company stock worth $1,390,597 over the last three months. Corporate insiders own 0.31% of the company’s stock.

State Street Price Performance

NYSE STT opened at $74.51 on Tuesday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.55 and a current ratio of 0.61. The firm’s 50 day moving average price is $74.01 and its 200-day moving average price is $72.60. State Street Co. has a 52-week low of $62.78 and a 52-week high of $79.90. The company has a market cap of $22.50 billion, a PE ratio of 13.95, a P/E/G ratio of 1.30 and a beta of 1.52.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, January 19th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.83 by $0.21. The firm had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $2.95 billion. State Street had a net margin of 9.62% and a return on equity of 12.03%. The company’s quarterly revenue was down 3.5% on a year-over-year basis. During the same period last year, the firm earned $2.07 earnings per share. Sell-side analysts forecast that State Street Co. will post 7.93 EPS for the current fiscal year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Monday, April 1st were paid a $0.69 dividend. The ex-dividend date was Thursday, March 28th. This represents a $2.76 annualized dividend and a yield of 3.70%. State Street’s dividend payout ratio (DPR) is 51.69%.

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.