abrdn plc Reduces Holdings in State Street Co. (NYSE:STT)

abrdn plc lowered its position in State Street Co. (NYSE:STT) by 5.0% during the fourth quarter, HoldingsChannel reports. The firm owned 552,315 shares of the asset manager’s stock after selling 28,790 shares during the period. abrdn plc’s holdings in State Street were worth $54,163,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in STT. McAdam LLC lifted its stake in shares of State Street by 20.9% in the fourth quarter. McAdam LLC now owns 7,769 shares of the asset manager’s stock worth $763,000 after buying an additional 1,343 shares in the last quarter. Round Rock Advisors LLC purchased a new position in State Street in the 4th quarter worth approximately $216,000. Greenleaf Trust boosted its holdings in shares of State Street by 2.3% during the 4th quarter. Greenleaf Trust now owns 16,781 shares of the asset manager’s stock worth $1,647,000 after purchasing an additional 384 shares during the last quarter. SYM FINANCIAL Corp purchased a new stake in shares of State Street in the fourth quarter valued at approximately $244,000. Finally, Tokio Marine Asset Management Co. Ltd. increased its holdings in shares of State Street by 7.9% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 8,767 shares of the asset manager’s stock valued at $860,000 after purchasing an additional 643 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Insider Transactions at State Street

In related news, EVP Kathryn M. Horgan sold 12,500 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the completion of the transaction, the executive vice president now directly owns 111,042 shares of the company’s stock, valued at $10,878,784.74. The trade was a 10.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.31% of the company’s stock.

Analysts Set New Price Targets

STT has been the subject of several analyst reports. StockNews.com upgraded State Street from a “hold” rating to a “buy” rating in a report on Saturday, January 25th. JPMorgan Chase & Co. raised shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective for the company in a report on Friday, December 20th. Wells Fargo & Company lifted their target price on shares of State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a research note on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $103.00 price target (down previously from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Finally, Evercore ISI lifted their price target on shares of State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $100.73.

State Street Price Performance

STT opened at $98.42 on Wednesday. The firm has a market cap of $28.85 billion, a price-to-earnings ratio of 11.94, a PEG ratio of 1.14 and a beta of 1.43. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The stock’s 50-day moving average price is $98.49 and its 200 day moving average price is $91.39. State Street Co. has a 12-month low of $70.20 and a 12-month high of $103.00.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.29 by $0.31. The business had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. The business’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.04 earnings per share. As a group, sell-side analysts expect that State Street Co. will post 9.6 earnings per share for the current year.

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd were paid a $0.76 dividend. The ex-dividend date was Thursday, January 2nd. This represents a $3.04 annualized dividend and a dividend yield of 3.09%. State Street’s dividend payout ratio (DPR) is 36.89%.

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.