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

Aberdeen Group plc boosted its position in shares of State Street Corporation (NYSE:STT) by 13.1% during the 2nd quarter, HoldingsChannel reports. The firm owned 283,387 shares of the asset manager’s stock after buying an additional 32,816 shares during the period. Aberdeen Group plc’s holdings in State Street were worth $30,219,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Eastern Bank increased its stake in shares of State Street by 6,967.4% during the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager’s stock valued at $267,646,000 after buying an additional 2,947,153 shares during the period. Nuveen LLC purchased a new stake in State Street in the first quarter worth about $93,016,000. Invesco Ltd. grew its holdings in State Street by 9.0% during the 1st quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager’s stock worth $732,775,000 after acquiring an additional 674,120 shares in the last quarter. Miller Howard Investments Inc. NY purchased a new position in State Street during the 1st quarter valued at about $42,504,000. Finally, Allianz Asset Management GmbH raised its holdings in shares of State Street by 404.7% in the 1st quarter. Allianz Asset Management GmbH now owns 586,052 shares of the asset manager’s stock valued at $52,469,000 after purchasing an additional 469,936 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at State Street

In other news, EVP Michael L. Richards sold 990 shares of the firm’s stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the transaction, the executive vice president directly owned 41,332 shares in the company, valued at $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.29% of the stock is currently owned by corporate insiders.

State Street Stock Performance

Shares of STT stock opened at $111.03 on Monday. The stock has a market cap of $31.50 billion, a PE ratio of 12.43, a price-to-earnings-growth ratio of 1.14 and a beta of 1.46. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $118.24. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. The business has a 50-day simple moving average of $113.23 and a 200-day simple moving average of $102.36.

State Street (NYSE:STT) last released its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.17. The company had revenue of $3.47 billion during the quarter, compared to analysts’ expectations of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%.State Street’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.15 EPS. On average, equities analysts expect that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be given a $0.84 dividend. The ex-dividend date is Wednesday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a yield of 3.0%. State Street’s dividend payout ratio (DPR) is currently 37.63%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Bank of America increased their price objective on shares of State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a research note on Wednesday, July 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a research report on Wednesday, October 8th. Wells Fargo & Company lifted their price target on State Street from $113.00 to $121.00 and gave the company an “overweight” rating in a report on Tuesday, July 8th. Truist Financial upped their price objective on State Street from $125.00 to $133.00 and gave the stock a “buy” rating in a research note on Thursday, October 2nd. Finally, Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 3rd. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $122.83.

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.