Insider Selling: State Street Corporation (STT) Chairman Sells 25,000 Shares of Stock
State Street Corporation (NYSE:STT) Chairman Joseph L. Hooley sold 25,000 shares of the stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $92.60, for a total transaction of $2,315,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
State Street Corporation (STT) traded up $0.28 during mid-day trading on Friday, hitting $92.53. 1,078,880 shares of the stock were exchanged, compared to its average volume of 1,793,890. The company has a market cap of $34,306.11, a P/E ratio of 15.24 and a beta of 1.36.
State Street Corporation (NYSE:STT) last released its quarterly earnings data on Monday, October 23rd. The asset manager reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.61 by $0.10. State Street Corporation had a net margin of 20.56% and a return on equity of 13.03%. The company had revenue of $2.97 billion during the quarter, compared to analyst estimates of $2.94 billion. During the same period last year, the business earned $1.35 earnings per share. State Street Corporation’s revenue was up 7.7% compared to the same quarter last year. analysts anticipate that State Street Corporation will post 6.25 earnings per share for the current fiscal year.
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Several equities analysts recently weighed in on STT shares. Zacks Investment Research upgraded shares of State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a research report on Tuesday, July 11th. Buckingham Research restated a “buy” rating and set a $107.00 price target (up previously from $94.00) on shares of State Street Corporation in a research report on Monday, July 10th. Morgan Stanley increased their price target on shares of State Street Corporation from $90.00 to $105.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 24th. Jefferies Group LLC restated a “hold” rating and set a $100.00 price target on shares of State Street Corporation in a research report on Friday, September 15th. Finally, Keefe, Bruyette & Woods set a $93.00 price target on shares of State Street Corporation and gave the company a “hold” rating in a research report on Monday, August 28th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $97.07.
A number of institutional investors and hedge funds have recently made changes to their positions in STT. BlackRock Inc. raised its stake in State Street Corporation by 2,256.7% in the first quarter. BlackRock Inc. now owns 20,603,959 shares of the asset manager’s stock valued at $1,640,284,000 after purchasing an additional 19,729,678 shares in the last quarter. Longview Partners Guernsey LTD raised its stake in State Street Corporation by 76.9% in the second quarter. Longview Partners Guernsey LTD now owns 7,569,482 shares of the asset manager’s stock valued at $679,210,000 after purchasing an additional 3,290,082 shares in the last quarter. FMR LLC raised its stake in State Street Corporation by 10.8% in the second quarter. FMR LLC now owns 19,988,755 shares of the asset manager’s stock valued at $1,793,591,000 after purchasing an additional 1,940,536 shares in the last quarter. Parametric Portfolio Associates LLC raised its stake in State Street Corporation by 103.0% in the second quarter. Parametric Portfolio Associates LLC now owns 1,839,323 shares of the asset manager’s stock valued at $165,042,000 after purchasing an additional 933,038 shares in the last quarter. Finally, Capital International Investors raised its stake in State Street Corporation by 33.3% in the second quarter. Capital International Investors now owns 3,533,631 shares of the asset manager’s stock valued at $317,073,000 after purchasing an additional 883,431 shares in the last quarter. 87.81% of the stock is currently owned by institutional investors and hedge funds.
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.
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