Abacus Wealth Partners LLC Acquires Shares of 10,524 State Street Corporation $STT

Abacus Wealth Partners LLC acquired a new stake in shares of State Street Corporation (NYSE:STT) in the fourth quarter, Holdings Channel.com reports. The firm acquired 10,524 shares of the asset manager’s stock, valued at approximately $1,358,000.

A number of other institutional investors have also modified their holdings of STT. JPL Wealth Management LLC acquired a new position in shares of State Street in the third quarter worth about $29,000. Flagship Wealth Advisors LLC purchased a new stake in shares of State Street during the 3rd quarter worth about $35,000. Measured Wealth Private Client Group LLC purchased a new stake in shares of State Street during the 3rd quarter worth about $35,000. Ameriflex Group Inc. increased its stake in shares of State Street by 102.5% in the 3rd quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager’s stock valued at $37,000 after purchasing an additional 161 shares in the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC increased its stake 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 valued at $39,000 after purchasing an additional 94 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Buying and Selling at State Street

In other State Street news, EVP John Plansky sold 16,100 shares of State Street stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the sale, the executive vice president owned 56,162 shares of the company’s stock, valued at $6,982,059.84. The trade was a 22.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Mostapha Tahiri sold 9,611 shares of State Street stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the sale, the chief operating officer directly owned 64,642 shares in the company, valued at approximately $9,885,701.06. This trade represents a 12.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 28,711 shares of company stock valued at $3,933,032 over the last ninety days. Corporate insiders own 0.27% of the company’s stock.

State Street Stock Performance

STT opened at $152.89 on Friday. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. The company has a market cap of $42.32 billion, a price-to-earnings ratio of 15.51, a PEG ratio of 0.84 and a beta of 1.45. State Street Corporation has a 52-week low of $94.19 and a 52-week high of $156.18. The firm’s fifty day simple moving average is $136.77 and its two-hundred day simple moving average is $129.56.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.64 by $0.20. The business had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. The company’s revenue was up 15.6% compared to the same quarter last year. During the same period last year, the firm posted $2.04 earnings per share. Equities analysts anticipate that State Street Corporation will post 12.35 earnings per share for the current fiscal year.

State Street Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st were issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Wednesday, April 1st. State Street’s dividend payout ratio (DPR) is presently 34.08%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on STT shares. Argus lifted their price target on State Street from $140.00 to $168.00 and gave the company a “buy” rating in a research note on Tuesday, April 21st. Truist Financial raised their price objective on State Street from $136.00 to $150.00 and gave the company a “hold” rating in a report on Monday, April 20th. Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 21st. Barclays set a $165.00 price objective on State Street in a report on Monday, April 20th. Finally, Citigroup raised their price objective on State Street from $150.00 to $172.00 and gave the company a “buy” rating in a report on Friday, May 8th. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, State Street has a consensus rating of “Moderate Buy” and an average target price of $155.77.

About State Street

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.