abrdn plc Acquires 78,499 Shares of State Street Co. (NYSE:STT)

abrdn plc raised its holdings in State Street Co. (NYSE:STT) by 17.9% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 516,854 shares of the asset manager’s stock after purchasing an additional 78,499 shares during the period. abrdn plc owned approximately 0.17% of State Street worth $40,036,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. CVA Family Office LLC bought a new stake in shares of State Street during the 4th quarter worth approximately $27,000. Venturi Wealth Management LLC lifted its holdings in shares of State Street by 92.5% during the 4th quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock worth $30,000 after acquiring an additional 184 shares during the period. Turtle Creek Wealth Advisors LLC bought a new stake in shares of State Street during the 4th quarter worth approximately $35,000. Bruce G. Allen Investments LLC bought a new stake in shares of State Street during the 4th quarter worth approximately $51,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of State Street during the 3rd quarter worth approximately $72,000. Institutional investors own 87.44% of the company’s stock.

Analysts Set New Price Targets

STT has been the subject of a number of recent analyst reports. Morgan Stanley upped their price target on shares of State Street from $89.00 to $90.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Royal Bank of Canada upped their price objective on shares of State Street from $75.00 to $85.00 and gave the stock a “sector perform” rating in a research report on Monday, January 22nd. Bank of America restated an “underperform” rating and issued a $81.00 price target on shares of State Street in a research report on Thursday, January 4th. Argus upped their price target on shares of State Street from $84.00 to $86.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Finally, Evercore ISI lifted their target price on shares of State Street from $85.00 to $88.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $84.04.

State Street Trading Up 1.6 %

NYSE:STT opened at $74.51 on Tuesday. The company has a current ratio of 0.61, a quick ratio of 0.55 and a debt-to-equity ratio of 0.90. The stock has a market capitalization of $22.50 billion, a price-to-earnings ratio of 13.95, a PEG ratio of 1.30 and a beta of 1.52. The firm has a fifty day simple moving average of $74.01 and a two-hundred day simple moving average of $72.60. State Street Co. has a 12 month low of $62.78 and a 12 month high of $79.90.

State Street (NYSE:STT) last issued 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 during the quarter, compared to analysts’ expectations of $2.95 billion. State Street had a net margin of 9.62% and a return on equity of 12.03%. The business’s revenue was down 3.5% on a year-over-year basis. During the same period last year, the company earned $2.07 earnings per share. Analysts expect that State Street Co. will post 7.93 EPS for the current fiscal year.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Monday, April 1st were issued a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.70%. The ex-dividend date of this dividend was Thursday, March 28th. State Street’s dividend payout ratio is currently 51.69%.

Insider Activity at State Street

In related news, EVP Anthony Bisegna sold 4,258 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $73.64, for a total transaction of $313,559.12. Following the transaction, the executive vice president now directly owns 23,328 shares of the company’s stock, valued at $1,717,873.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other State Street news, CFO Eric W. Aboaf sold 12,000 shares of State Street stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $73.90, for a total value of $886,800.00. Following the sale, the chief financial officer now owns 149,063 shares of the company’s stock, valued at $11,015,755.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Anthony Bisegna sold 4,258 shares of State Street stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $73.64, for a total transaction of $313,559.12. Following the completion of the sale, the executive vice president now directly owns 23,328 shares in the company, valued at approximately $1,717,873.92. The disclosure for this sale can be found here. Insiders have sold 18,864 shares of company stock valued at $1,390,597 over the last ninety days. Corporate insiders own 0.31% 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.