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

abrdn plc boosted its stake in State Street Co. (NYSE:STT) by 3.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 581,105 shares of the asset manager’s stock after purchasing an additional 20,146 shares during the quarter. abrdn plc owned about 0.19% of State Street worth $51,166,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in STT. Frank Rimerman Advisors LLC bought a new position in State Street during the third quarter valued at approximately $216,000. DekaBank Deutsche Girozentrale raised its holdings in shares of State Street by 1.0% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 97,443 shares of the asset manager’s stock worth $8,564,000 after acquiring an additional 991 shares in the last quarter. Forsta AP Fonden boosted its position in shares of State Street by 8.4% during the 3rd quarter. Forsta AP Fonden now owns 68,300 shares of the asset manager’s stock valued at $6,043,000 after acquiring an additional 5,300 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of State Street by 43.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 68,815 shares of the asset manager’s stock valued at $6,069,000 after purchasing an additional 20,968 shares in the last quarter. Finally, Allworth Financial LP increased its position in State Street by 8.3% in the third quarter. Allworth Financial LP now owns 2,425 shares of the asset manager’s stock worth $215,000 after purchasing an additional 185 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Barclays increased their price objective on shares of State Street from $103.00 to $108.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. The Goldman Sachs Group lifted their price target on State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Wolfe Research restated an “underperform” rating and set a $73.00 price objective on shares of State Street in a research report on Monday, July 8th. Bank of America lifted their target price on State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a report on Wednesday, July 17th. Finally, Citigroup increased their price target on State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Monday, July 22nd. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, State Street currently has an average rating of “Hold” and an average price target of $91.39.

State Street Trading Up 0.1 %

NYSE STT opened at $92.95 on Thursday. The stock has a market cap of $27.76 billion, a PE ratio of 14.68, a PEG ratio of 1.16 and a beta of 1.48. State Street Co. has a 12 month low of $63.57 and a 12 month high of $94.60. The company’s 50-day moving average price is $87.76 and its 200-day moving average price is $80.44. The company has a current ratio of 0.56, a quick ratio of 0.54 and a debt-to-equity ratio of 0.91.

State Street (NYSE:STT) last issued its earnings results on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.12 by $0.14. The business had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.19 billion. State Street had a net margin of 9.87% and a return on equity of 12.02%. The company’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same period last year, the company posted $1.93 earnings per share. Equities research analysts forecast that State Street Co. will post 8.38 earnings per share for the current year.

Insider Transactions at State Street

In related news, EVP John Plansky sold 13,859 shares of State Street stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $91.32, for a total value of $1,265,603.88. Following the completion of the sale, the executive vice president now directly owns 55,108 shares in the company, valued at $5,032,462.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.31% of the company’s stock.

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.