Aberdeen Group plc Cuts Holdings in State Street Corporation $STT

Aberdeen Group plc decreased its stake in State Street Corporation (NYSE:STT) by 9.8% during the third quarter, Holdings Channel.com reports. The institutional investor owned 255,510 shares of the asset manager’s stock after selling 27,877 shares during the quarter. Aberdeen Group plc’s holdings in State Street were worth $29,593,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in STT. Brown Advisory Inc. increased its stake in State Street by 0.5% in the second quarter. Brown Advisory Inc. now owns 17,224 shares of the asset manager’s stock valued at $1,832,000 after acquiring an additional 93 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC boosted its holdings in shares of State Street by 38.2% in the 3rd quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager’s stock worth $39,000 after purchasing an additional 94 shares in the last quarter. Global Retirement Partners LLC increased its position in shares of State Street by 7.7% during the 3rd quarter. Global Retirement Partners LLC now owns 1,470 shares of the asset manager’s stock valued at $171,000 after purchasing an additional 105 shares during the last quarter. Security National Bank of SO Dak raised its holdings in shares of State Street by 0.5% during the 2nd quarter. Security National Bank of SO Dak now owns 21,528 shares of the asset manager’s stock valued at $2,289,000 after buying an additional 105 shares in the last quarter. Finally, Harbour Investments Inc. lifted its position in State Street by 11.7% in the 2nd quarter. Harbour Investments Inc. now owns 1,012 shares of the asset manager’s stock worth $108,000 after buying an additional 106 shares during the last quarter. 87.44% of the stock is owned by institutional investors.

State Street Price Performance

Shares of STT stock opened at $127.89 on Tuesday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.61. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $137.05. The firm has a market cap of $35.72 billion, a P/E ratio of 13.59, a P/E/G ratio of 1.12 and a beta of 1.43. The business’s 50 day moving average price is $130.06 and its 200-day moving average price is $120.15.

State Street (NYSE:STT) last announced its earnings results on Friday, January 16th. The asset manager reported $2.97 EPS for the quarter, beating analysts’ consensus estimates of $2.82 by $0.15. State Street had a return on equity of 13.46% and a net margin of 13.02%.The company had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same quarter in the prior year, the company earned $2.60 earnings per share. The firm’s revenue for the quarter was up 7.5% on a year-over-year basis. On average, equities research analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, January 12th. Investors of record on Friday, January 2nd were given a dividend of $0.84 per share. The ex-dividend date was Friday, January 2nd. This represents a $3.36 annualized dividend and a dividend yield of 2.6%. State Street’s payout ratio is currently 35.71%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Citigroup increased their price target on shares of State Street from $136.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, December 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a report on Wednesday, January 21st. Keefe, Bruyette & Woods lifted their target price on shares of State Street from $132.00 to $135.00 and gave the stock an “outperform” rating in a research report on Monday, October 20th. The Goldman Sachs Group restated a “buy” rating on shares of State Street in a research report on Tuesday, January 6th. Finally, TD Cowen reiterated a “buy” rating on shares of State Street in a report on Wednesday, January 7th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $135.83.

State Street Company 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.