Aberdeen Group plc Purchases 32,816 Shares of State Street Corporation $STT

Key Points

• Aberdeen Group plc increased its stake in State Street Corporation by 13.1%, holding 283,387 shares worth $30,219,000 after purchasing an additional 32,816 shares in the second quarter.
• State Street has received mixed analyst ratings, with a consensus rating of "Moderate Buy" and a target price of $122.83, with some firms boosting their price targets significantly.
• The company also announced an increase in its quarterly dividend to $0.84 per share, representing an annual yield of 3.0%, up from the previous $0.76.

Aberdeen Group plc lifted its stake in State Street Corporation (NYSE:STT - Free Report) by 13.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 283,387 shares of the asset manager's stock after buying an additional 32,816 shares during the quarter. Aberdeen Group plc owned approximately 0.10% of State Street worth $30,219,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. First Pacific Financial purchased a new position in shares of State Street in the first quarter worth $25,000. Capital Analysts LLC lifted its holdings in shares of State Street by 3,914.3% in the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock worth $25,000 after buying an additional 274 shares in the last quarter. Larson Financial Group LLC lifted its holdings in shares of State Street by 40.8% in the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after buying an additional 118 shares in the last quarter. Golden State Wealth Management LLC lifted its holdings in shares of State Street by 186.7% in the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock worth $43,000 after buying an additional 310 shares in the last quarter. Finally, Zions Bancorporation National Association UT purchased a new position in shares of State Street in the first quarter worth $46,000. Hedge funds and other institutional investors own 87.44% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Bank of America boosted their target price on shares of State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a report on Wednesday, July 16th. Wells Fargo & Company boosted their target price on shares of State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. Citigroup raised shares of State Street from a "neutral" rating to a "buy" rating and upped their price target for the company from $115.00 to $130.00 in a research note on Friday, September 5th. Finally, Truist Financial upped their price target on shares of State Street from $125.00 to $133.00 and gave the company a "buy" rating in a research note on Thursday, October 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, State Street has a consensus rating of "Moderate Buy" and a consensus target price of $122.83.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 990 shares of the business's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the transaction, the executive vice president owned 41,332 shares in the company, valued at $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.29% of the stock is owned by company insiders.

State Street Trading Down 5.3%

STT stock opened at $111.03 on Monday. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $118.24. The stock has a market capitalization of $31.50 billion, a price-to-earnings ratio of 12.43, a price-to-earnings-growth ratio of 1.14 and a beta of 1.46. The firm's fifty day simple moving average is $113.23 and its two-hundred day simple moving average is $102.36.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, beating analysts' consensus estimates of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business had revenue of $3.47 billion for the quarter, compared to analysts' expectations of $3.33 billion. During the same quarter in the previous year, the business posted $2.15 earnings per share. The business's revenue was up 2.9% compared to the same quarter last year. As a group, analysts anticipate that State Street Corporation will post 9.68 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 14th. Shareholders of record on Wednesday, October 1st will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 3.0%. This is a positive change from State Street's previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. State Street's dividend payout ratio (DPR) is presently 37.63%.

State Street 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.

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