Investors Sell Shares of State Street Corp. (STT) on Strength (STT)
Traders sold shares of State Street Corp. (NYSE:STT) on strength during trading on Friday. $24.10 million flowed into the stock on the tick-up and $37.64 million flowed out of the stock on the tick-down, for a money net flow of $13.54 million out of the stock. Of all stocks tracked, State Street Corp. had the 0th highest net out-flow for the day. State Street Corp. traded up $0.03 for the day and closed at $69.07
Several research firms have commented on STT. Citigroup Inc. upped their price objective on State Street Corp. from $65.00 to $68.00 and gave the company a “neutral” rating in a research note on Thursday, July 28th. Deutsche Bank AG reaffirmed a “hold” rating on shares of State Street Corp. in a research note on Saturday, June 4th. Buckingham Research reiterated a “buy” rating on shares of State Street Corp. in a research report on Tuesday, June 21st. Jefferies Group reiterated a “buy” rating on shares of State Street Corp. in a research report on Friday, August 5th. Finally, Credit Suisse Group AG reiterated a “hold” rating and set a $65.00 target price on shares of State Street Corp. in a research report on Monday, May 9th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. State Street Corp. currently has a consensus rating of “Hold” and a consensus target price of $66.85.
The company has a market cap of $26.94 billion and a PE ratio of 14.09. The company’s 50 day moving average price is $63.64 and its 200 day moving average price is $59.82.
State Street Corp. (NYSE:STT) last issued its earnings results on Wednesday, July 27th. The company reported $1.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.26 by $0.20. The company earned $2.57 billion during the quarter, compared to analyst estimates of $2.65 billion. State Street Corp.’s quarterly revenue was down 1.3% on a year-over-year basis. During the same period in the prior year, the business earned $1.36 earnings per share. On average, equities analysts forecast that State Street Corp. will post $5.02 earnings per share for the current year.
In other State Street Corp. news, EVP Karen C. Keenan sold 7,500 shares of the stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $65.00, for a total value of $487,500.00. Following the sale, the executive vice president now directly owns 58,383 shares of the company’s stock, valued at $3,794,895. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Jeffrey N. Carp sold 45,000 shares of the stock in a transaction on Friday, July 1st. The stock was sold at an average price of $53.80, for a total value of $2,421,000.00. The disclosure for this sale can be found here.
An institutional investor recently raised its position in State Street Corp. stock. Victory Capital Management Inc. increased its stake in State Street Corp. (NYSE:STT) by 59.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,212 shares of the company’s stock after buying an additional 5,664 shares during the period. Victory Capital Management Inc.’s holdings in State Street Corp. were worth $1,009,000 at the end of the most recent reporting period.
State Street Corporation, the parent company, is a financial holding company. The parent company provides financial and managerial support to its legal and operating subsidiaries. The Company, through its subsidiary, State Street Bank, provides a range of financial services and products to institutional investors across the world.
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