Abbot Financial Management Inc. Buys Shares of 10,210 State Street Corporation $STT

Abbot Financial Management Inc. purchased a new stake in State Street Corporation (NYSE:STT - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 10,210 shares of the asset manager's stock, valued at approximately $1,732,000.

Other institutional investors have also added to or reduced their stakes in the company. Flputnam Investment Management Co. acquired a new stake in shares of State Street during the 2nd quarter valued at $6,070,000. Horizon Investment Services LLC acquired a new stake in State Street during the 2nd quarter worth approximately $4,787,000. Global Retirement Partners LLC acquired a new stake in State Street during the 2nd quarter worth approximately $1,676,000. Alberta Investment Management Corp bought a new stake in State Street during the 2nd quarter worth approximately $5,258,000. Finally, Bank of New York Mellon Corp bought a new stake in State Street during the 2nd quarter worth approximately $301,393,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on STT. Keefe, Bruyette & Woods raised their price target on shares of State Street from $195.00 to $215.00 and gave the company an "outperform" rating in a research note on Friday, July 17th. Morgan Stanley boosted their price objective on shares of State Street from $183.00 to $195.00 and gave the stock an "overweight" rating in a research note on Friday, July 17th. Zacks Research upgraded State Street from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 21st. Bank of America raised their target price on State Street from $160.00 to $190.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 7th. Finally, Truist Financial reaffirmed a "hold" rating and set a $191.00 target price (up from $176.00) on shares of State Street in a 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 company. According to data from MarketBeat, State Street presently has an average rating of "Moderate Buy" and an average target price of $185.38.

State Street Stock Up 0.1%

Shares of State Street stock opened at $191.92 on Monday. The stock's 50-day moving average is $177.65 and its 200 day moving average is $151.88. State Street Corporation has a one year low of $104.64 and a one year high of $192.51. The firm has a market cap of $52.72 billion, a price-to-earnings ratio of 16.92, a PEG ratio of 0.79 and a beta of 1.41. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.34 by $0.31. The firm had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The company's revenue was up 23.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.04 earnings per share. Equities research analysts anticipate that State Street Corporation will post 13.75 EPS for the current year.

State Street Increases Dividend

The business 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 dividend of $0.92 per share. This is a boost from State Street's previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.9%. State Street's payout ratio is currently 29.63%.

Insider Transactions at State Street

In other news, EVP Michael L. Richards sold 1,500 shares of the business's 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. The trade was a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP W. Bradford Hu sold 9,758 shares of the company's stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the transaction, the executive vice president directly owned 49,794 shares in the company, valued at $9,187,988.88. The trade was a 16.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 49,576 shares of company stock valued at $8,415,875 in the last 90 days. 0.27% of the stock is currently owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source