State Street Corporation (STT) Insider Hannah M. Grove Sells 3,200 Shares
State Street Corporation (NYSE:STT) insider Hannah M. Grove sold 3,200 shares of the stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $92.55, for a total transaction of $296,160.00. Following the transaction, the insider now directly owns 39,896 shares of the company’s stock, valued at approximately $3,692,374.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Shares of State Street Corporation (NYSE STT) traded up 1.56% during mid-day trading on Monday, reaching $93.52. 1,451,271 shares of the company traded hands. State Street Corporation has a 52-week low of $67.55 and a 52-week high of $96.26. The company has a market capitalization of $34.97 billion, a P/E ratio of 17.27 and a beta of 1.30. The firm’s 50 day moving average price is $91.96 and its 200-day moving average price is $83.79.
State Street Corporation (NYSE:STT) last released its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.57 by $0.10. The firm had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.86 billion. State Street Corporation had a return on equity of 12.49% and a net margin of 19.97%. State Street Corporation’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.46 EPS. Equities analysts predict that State Street Corporation will post $6.13 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, October 2nd will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date of this dividend is Friday, September 29th. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. State Street Corporation’s dividend payout ratio is currently 28.15%.
State Street Corporation declared that its board has authorized a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $1.40 billion in shares. This repurchase authorization authorizes the asset manager to reacquire up to 4.2% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
ILLEGAL ACTIVITY NOTICE: “State Street Corporation (STT) Insider Hannah M. Grove Sells 3,200 Shares” was published by American Banking News and is the property of of American Banking News. If you are viewing this piece of content on another domain, it was illegally copied and reposted in violation of U.S. & international trademark & copyright law. The original version of this piece of content can be accessed at https://www.americanbankingnews.com/2017/08/14/state-street-corporation-stt-insider-hannah-m-grove-sells-3200-shares.html.
Several research analysts have weighed in on the stock. Zacks Investment Research raised shares of State Street Corporation from a “hold” rating to a “buy” rating and set a $104.00 target price for the company in a research note on Thursday, July 27th. Wells Fargo & Company assumed coverage on shares of State Street Corporation in a research note on Wednesday, August 9th. They set an “outperform” rating and a $115.00 target price for the company. Barclays PLC increased their target price on shares of State Street Corporation from $95.00 to $104.00 and gave the stock an “overweight” rating in a research note on Thursday, July 27th. Buckingham Research reaffirmed a “buy” rating and set a $107.00 target price (up previously from $94.00) on shares of State Street Corporation in a research note on Monday, July 10th. Finally, Keefe, Bruyette & Woods reaffirmed an “underweight” rating on shares of State Street Corporation in a research note on Thursday, July 13th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, four have given a buy rating and two have assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $90.18.
A number of institutional investors have recently added to or reduced their stakes in STT. Raymond James Trust N.A. boosted its position in State Street Corporation by 0.5% in the second quarter. Raymond James Trust N.A. now owns 3,250 shares of the asset manager’s stock worth $291,000 after buying an additional 17 shares in the last quarter. Burns J W & Co. Inc. NY boosted its position in State Street Corporation by 0.9% in the second quarter. Burns J W & Co. Inc. NY now owns 2,700 shares of the asset manager’s stock worth $242,000 after buying an additional 23 shares in the last quarter. Klingenstein Fields & Co. LLC boosted its position in State Street Corporation by 0.9% in the second quarter. Klingenstein Fields & Co. LLC now owns 2,687 shares of the asset manager’s stock worth $241,000 after buying an additional 25 shares in the last quarter. Bank of Hawaii boosted its position in State Street Corporation by 0.4% in the first quarter. Bank of Hawaii now owns 8,415 shares of the asset manager’s stock worth $670,000 after buying an additional 30 shares in the last quarter. Finally, Anchor Capital Advisors LLC boosted its position in State Street Corporation by 0.3% in the first quarter. Anchor Capital Advisors LLC now owns 11,582 shares of the asset manager’s stock worth $922,000 after buying an additional 35 shares in the last quarter. Hedge funds and other institutional investors own 88.64% of the company’s stock.
State Street Corporation Company Profile
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.
Receive News & Ratings for State Street Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for State Street Corporation and related companies with MarketBeat.com's FREE daily email newsletter.