Sean P. Newth Sells 261 Shares of State Street Corporation (STT) Stock
State Street Corporation (NYSE:STT) CAO Sean P. Newth sold 261 shares of State Street Corporation stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $93.84, for a total value of $24,492.24. Following the transaction, the chief accounting officer now directly owns 11,750 shares of the company’s stock, valued at $1,102,620. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Shares of State Street Corporation (NYSE STT) traded down 1.34% during midday trading on Thursday, hitting $91.79. The stock had a trading volume of 1,877,262 shares. The firm has a market cap of $34.33 billion, a price-to-earnings ratio of 16.95 and a beta of 1.30. State Street Corporation has a 12-month low of $67.55 and a 12-month high of $96.26. The company’s 50-day moving average price is $92.34 and its 200-day moving average price is $84.04.
State Street Corporation (NYSE:STT) last released its earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.57 by $0.10. The company had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.86 billion. State Street Corporation had a return on equity of 12.49% and a net margin of 19.97%. The company’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.46 earnings per share. Equities research analysts forecast that State Street Corporation will post $6.15 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be issued a $0.42 dividend. The ex-dividend date is Friday, September 29th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.83%. This is a positive change from State Street Corporation’s previous quarterly dividend of $0.38. State Street Corporation’s dividend payout ratio is presently 28.15%.
State Street Corporation announced that its board has initiated a share buyback plan on Wednesday, June 28th that allows the company to repurchase $1.40 billion in shares. This repurchase authorization allows the asset manager to buy up to 4.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
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STT has been the subject of several research reports. Barclays PLC lifted their price objective on State Street Corporation from $95.00 to $104.00 and gave the stock an “overweight” rating in a report on Thursday, July 27th. Bank of America Corporation reaffirmed a “neutral” rating and set a $88.00 price objective on shares of State Street Corporation in a report on Friday, May 26th. BidaskClub raised State Street Corporation from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Zacks Investment Research raised State Street Corporation from a “hold” rating to a “buy” rating and set a $104.00 price objective for the company in a report on Thursday, July 27th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $87.00 price objective on shares of State Street Corporation in a report on Monday, June 19th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company. State Street Corporation has an average rating of “Hold” and an average price target of $90.18.
Several hedge funds have recently added to or reduced their stakes in STT. Raymond James Trust N.A. acquired a new stake in State Street Corporation during the first quarter worth about $257,000. Atria Investments LLC raised its stake in State Street Corporation by 71.6% in the first quarter. Atria Investments LLC now owns 5,092 shares of the asset manager’s stock worth $405,000 after buying an additional 2,125 shares during the last quarter. Pinnacle Bank acquired a new stake in State Street Corporation during the first quarter worth about $129,000. Reliance Trust Co. of Delaware raised its stake in State Street Corporation by 14.7% in the first quarter. Reliance Trust Co. of Delaware now owns 11,826 shares of the asset manager’s stock worth $942,000 after buying an additional 1,515 shares during the last quarter. Finally, DnB Asset Management AS raised its stake in State Street Corporation by 12.9% in the first quarter. DnB Asset Management AS now owns 42,832 shares of the asset manager’s stock worth $3,410,000 after buying an additional 4,900 shares during the last quarter. Institutional investors own 88.64% of the company’s stock.
About State Street Corporation
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.
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