Traders Sell State Street Corp. (STT) on Strength (STT)
Investors sold shares of State Street Corp. (NYSE:STT) on strength during trading on Tuesday. $11.79 million flowed into the stock on the tick-up and $34.23 million flowed out of the stock on the tick-down, for a money net flow of $22.44 million out of the stock. Of all companies tracked, State Street Corp. had the 0th highest net out-flow for the day. State Street Corp. traded up $0.71 for the day and closed at $70.34
Several research analysts have issued reports on the stock. Deutsche Bank AG dropped their target price on shares of State Street Corp. from $67.00 to $64.00 and set a “hold” rating on the stock in a report on Thursday, June 16th. Credit Suisse Group AG reiterated a “hold” rating on shares of State Street Corp. in a report on Tuesday, June 28th. Barclays PLC reiterated a “buy” rating on shares of State Street Corp. in a report on Saturday, July 9th. Keefe, Bruyette & Woods increased their target price on shares of State Street Corp. from $54.00 to $58.00 and gave the stock an “underperform” rating in a report on Thursday, July 28th. Finally, Jefferies Group reiterated a “buy” rating and set a $74.00 target price (up from $63.00) on shares of State Street Corp. in a report on Thursday, July 28th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $66.85.
The company has a market capitalization of $27.43 billion and a PE ratio of 14.35. The company’s 50-day moving average is $64.56 and its 200 day moving average is $60.14.
State Street Corp. (NYSE:STT) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $1.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.26 by $0.20. During the same period last year, the company earned $1.36 earnings per share. The business earned $2.57 billion during the quarter, compared to analyst estimates of $2.65 billion. The business’s revenue for the quarter was down 1.3% compared to the same quarter last year. On average, equities research analysts anticipate that State Street Corp. will post $5.02 earnings per share for the current fiscal year.
In related news, EVP Karen C. Keenan sold 7,500 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, 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 accessible through the SEC website. Also, EVP Jeffrey N. Carp sold 45,000 shares of the company’s stock in a transaction that occurred on Friday, July 1st. The shares were 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. Schwab Charles Investment Management Inc. raised its position in shares of State Street Corp. (NYSE:STT) by 3.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,060,130 shares of the company’s stock after buying an additional 31,423 shares during the period. Schwab Charles Investment Management Inc. owned approximately 0.27% of State Street Corp. worth $70,351,000 as of its most recent SEC filing.
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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