State Street (NYSE:STT) CEO Hanley Ronald O Sells 14,553 Shares

State Street Corporation (NYSE:STT) CEO Hanley Ronald O sold 14,553 shares of the firm’s stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total value of $2,680,226.01. Following the transaction, the chief executive officer directly owned 240,959 shares of the company’s stock, valued at $44,377,419.03. The trade was a 5.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

State Street Price Performance

Shares of NYSE:STT opened at $182.77 on Wednesday. The company has a market cap of $50.59 billion, a P/E ratio of 16.12, a P/E/G ratio of 0.76 and a beta of 1.42. The business has a fifty day simple moving average of $170.32 and a 200-day simple moving average of $146.79. State Street Corporation has a 52 week low of $104.64 and a 52 week high of $192.51. The company has a quick ratio of 0.57, a current ratio of 0.59 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last released its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The firm had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the previous year, the firm earned $2.04 earnings per share. State Street’s revenue was up 23.3% compared to the same quarter last year. Equities research analysts forecast that State Street Corporation will post 13.68 EPS for the current year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be paid a dividend of $0.92 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 annualized dividend and a dividend yield of 2.0%. This is a boost from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio is presently 29.63%.

Analyst Ratings Changes

A number of brokerages recently weighed in on STT. The Goldman Sachs Group lifted their target price on State Street from $168.00 to $194.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. Evercore set a $200.00 price objective on State Street in a report on Monday, July 20th. Citigroup lifted their price objective on State Street from $193.00 to $210.00 and gave the company a “buy” rating in a research note on Friday, July 17th. Wells Fargo & Company boosted their target price on State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Finally, UBS Group set a $176.00 target price on shares of State Street in a research report on Friday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $184.72.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in STT. Wilkerson Advisory Group LLC acquired a new stake in shares of State Street in the fourth quarter valued at about $29,000. JPL Wealth Management LLC acquired a new position in State Street during the 3rd quarter worth approximately $29,000. Phillip James Consulting Co. purchased a new position in State Street in the 4th quarter worth approximately $30,000. Elevation Wealth Partners LLC boosted its holdings in State Street by 153.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after acquiring an additional 106 shares during the period. Finally, Whipplewood Advisors LLC acquired a new stake in State Street in the first quarter valued at approximately $34,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

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.