Verdence Capital Advisors LLC Grows Stock Position in State Street Co. (NYSE:STT)

Verdence Capital Advisors LLC grew its stake in State Street Co. (NYSE:STT) by 48.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 10,071 shares of the asset manager’s stock after buying an additional 3,302 shares during the quarter. Verdence Capital Advisors LLC’s holdings in State Street were worth $780,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of STT. Lindbrook Capital LLC boosted its position in State Street by 80.0% in the 4th quarter. Lindbrook Capital LLC now owns 1,422 shares of the asset manager’s stock worth $110,000 after purchasing an additional 632 shares in the last quarter. abrdn plc lifted its stake in shares of State Street by 17.9% in the 4th quarter. abrdn plc now owns 516,854 shares of the asset manager’s stock valued at $40,036,000 after purchasing an additional 78,499 shares during the period. Greenleaf Trust boosted its holdings in State Street by 3.1% during the fourth quarter. Greenleaf Trust now owns 15,079 shares of the asset manager’s stock worth $1,168,000 after buying an additional 454 shares in the last quarter. John G Ullman & Associates Inc. grew its position in State Street by 12.2% during the fourth quarter. John G Ullman & Associates Inc. now owns 46,810 shares of the asset manager’s stock valued at $3,626,000 after buying an additional 5,100 shares during the period. Finally, Knights of Columbus Asset Advisors LLC purchased a new position in State Street in the fourth quarter valued at $531,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on STT shares. JPMorgan Chase & Co. increased their target price on shares of State Street from $79.50 to $80.50 in a research note on Friday, April 12th. Barclays raised their price objective on State Street from $87.00 to $102.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. The Goldman Sachs Group raised State Street from a “neutral” rating to a “buy” rating and upped their target price for the stock from $69.00 to $92.00 in a research note on Wednesday, January 3rd. Morgan Stanley boosted their price target on shares of State Street from $89.00 to $90.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Finally, Evercore ISI boosted their target price on shares of State Street from $85.00 to $88.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $84.04.

Insider Buying and Selling

In other State Street news, CFO Eric W. Aboaf sold 12,000 shares of the business’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $73.90, for a total value of $886,800.00. Following the transaction, the chief financial officer now directly owns 149,063 shares in the company, valued at approximately $11,015,755.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Anthony Bisegna sold 2,606 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $73.00, for a total transaction of $190,238.00. Following the completion of the sale, the executive vice president now directly owns 17,737 shares of the company’s stock, valued at approximately $1,294,801. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Eric W. Aboaf sold 12,000 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $73.90, for a total transaction of $886,800.00. Following the completion of the transaction, the chief financial officer now directly owns 149,063 shares in the company, valued at approximately $11,015,755.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,864 shares of company stock worth $1,390,597. Insiders own 0.31% of the company’s stock.

State Street Trading Up 0.5 %

STT opened at $73.37 on Monday. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.61 and a quick ratio of 0.55. The company’s 50 day simple moving average is $74.00 and its two-hundred day simple moving average is $72.53. The firm has a market capitalization of $22.15 billion, a price-to-earnings ratio of 13.74, a price-to-earnings-growth ratio of 1.30 and a beta of 1.52. State Street Co. has a 1-year low of $62.78 and a 1-year high of $79.90.

State Street (NYSE:STT) last announced its quarterly earnings data on Friday, January 19th. The asset manager reported $2.04 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.21. State Street had a return on equity of 12.03% and a net margin of 9.62%. The firm had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $2.95 billion. During the same quarter last year, the business posted $2.07 earnings per share. The firm’s revenue was down 3.5% compared to the same quarter last year. Analysts expect that State Street Co. will post 7.93 EPS for the current fiscal year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Monday, April 1st were issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.76%. The ex-dividend date was Thursday, March 28th. State Street’s dividend payout ratio is currently 51.69%.

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.