Insider Selling: State Street Corp (NYSE:STT) EVP Sells 17,876 Shares of Stock

State Street Corp (NYSE:STT) EVP Jeffrey N. Carp sold 17,876 shares of State Street stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $72.00, for a total value of $1,287,072.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Jeffrey N. Carp also recently made the following trade(s):

  • On Tuesday, August 13th, Jeffrey N. Carp sold 25,000 shares of State Street stock. The stock was sold at an average price of $51.72, for a total value of $1,293,000.00.

Shares of State Street stock traded up $0.44 on Friday, hitting $73.10. 2,340,061 shares of the company’s stock traded hands, compared to its average volume of 2,817,832. The company has a fifty day moving average of $61.96 and a two-hundred day moving average of $58.51. The company has a market capitalization of $25.55 billion, a price-to-earnings ratio of 10.12, a price-to-earnings-growth ratio of 1.14 and a beta of 1.52. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.48 and a quick ratio of 0.48. State Street Corp has a one year low of $48.62 and a one year high of $77.00.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, October 18th. The asset manager reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.11. State Street had a return on equity of 11.34% and a net margin of 16.18%. The business had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.86 billion. During the same quarter in the prior year, the company earned $1.87 earnings per share. The company’s quarterly revenue was down 2.9% on a year-over-year basis. Equities research analysts anticipate that State Street Corp will post 5.8 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date was Monday, September 30th. This is a positive change from State Street’s previous quarterly dividend of $0.47. State Street’s dividend payout ratio (DPR) is currently 28.81%.

Several hedge funds have recently bought and sold shares of STT. CWM LLC lifted its holdings in shares of State Street by 693.4% in the second quarter. CWM LLC now owns 484 shares of the asset manager’s stock valued at $27,000 after purchasing an additional 423 shares in the last quarter. Putnam FL Investment Management Co. bought a new position in shares of State Street in the second quarter valued at approximately $28,000. Massmutual Trust Co. FSB ADV bought a new position in shares of State Street in the second quarter valued at approximately $31,000. Reilly Financial Advisors LLC lifted its holdings in shares of State Street by 91.7% in the third quarter. Reilly Financial Advisors LLC now owns 627 shares of the asset manager’s stock valued at $37,000 after purchasing an additional 300 shares in the last quarter. Finally, NuWave Investment Management LLC lifted its holdings in shares of State Street by 50.8% in the second quarter. NuWave Investment Management LLC now owns 742 shares of the asset manager’s stock valued at $42,000 after purchasing an additional 250 shares in the last quarter. Institutional investors own 92.22% of the company’s stock.

STT has been the topic of several recent analyst reports. Bank of America lifted their price objective on State Street from $64.00 to $69.00 and gave the company a “buy” rating in a report on Monday, October 21st. ValuEngine raised State Street from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Deutsche Bank raised State Street from a “hold” rating to a “buy” rating and boosted their price target for the stock from $64.00 to $81.00 in a research report on Wednesday. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and set a $68.00 price target (up previously from $60.00) on shares of State Street in a research report on Monday, October 21st. Finally, Morgan Stanley boosted their price target on State Street from $57.00 to $66.00 and gave the stock an “underweight” rating in a research report on Tuesday, October 29th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $69.02.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

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