State Street (NYSE:STT) EVP Sells $1,431,084.20 in Stock

State Street Corporation (NYSE:STT) EVP W. Bradford Hu sold 9,212 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $1,431,084.20. Following the sale, the executive vice president owned 59,552 shares of the company’s stock, valued at approximately $9,251,403.20. This represents a 13.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

State Street Trading Down 1.3%

Shares of NYSE:STT opened at $155.63 on Friday. State Street Corporation has a 12-month low of $94.72 and a 12-month high of $159.31. The stock has a market cap of $43.07 billion, a PE ratio of 15.78, a P/E/G ratio of 0.85 and a beta of 1.45. The business has a 50 day moving average of $143.30 and a 200-day moving average of $132.22. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The company had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the previous year, the company posted $2.04 earnings per share. The business’s revenue was up 15.6% on a year-over-year basis. As a group, equities research analysts forecast that State Street Corporation will post 12.35 earnings per share for the current year.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Wednesday, July 1st. State Street’s payout ratio is 34.08%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Regents of The University of California raised its position in State Street by 15.6% during the first quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager’s stock valued at $1,273,841,000 after purchasing an additional 1,358,923 shares in the last quarter. Carlson Capital L.P. raised its position in State Street by 156.9% during the first quarter. Carlson Capital L.P. now owns 15,413 shares of the asset manager’s stock valued at $1,951,000 after purchasing an additional 9,413 shares in the last quarter. Axiom Investment Management LLC acquired a new position in State Street during the first quarter valued at approximately $89,000. CCM Investment Advisers LLC raised its position in State Street by 8.8% during the first quarter. CCM Investment Advisers LLC now owns 83,669 shares of the asset manager’s stock valued at $10,589,000 after purchasing an additional 6,790 shares in the last quarter. Finally, Edgestream Partners L.P. raised its position in State Street by 51.5% during the first quarter. Edgestream Partners L.P. now owns 114,374 shares of the asset manager’s stock valued at $14,475,000 after purchasing an additional 38,904 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on STT. Truist Financial boosted their price target on State Street from $136.00 to $150.00 and gave the company a “hold” rating in a research note on Monday, April 20th. Zacks Research upgraded State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. Morgan Stanley boosted their price target on State Street from $155.00 to $166.00 and gave the company an “overweight” rating in a research note on Monday, April 20th. Weiss Ratings upgraded State Street from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday. Finally, The Goldman Sachs Group boosted their price target on State Street from $152.00 to $168.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, State Street presently has an average rating of “Moderate Buy” and a consensus price target of $158.57.

More State Street News

Here are the key news stories impacting State Street this week:

• Positive Sentiment: State Street was highlighted as one of the better-positioned names in the regional banks/financials group, with analysts citing favorable industry trends such as restructuring, acquisitions, digitization, loan demand, and lower rates as potential tailwinds for growth. Article Title
• Positive Sentiment: State Street Investment Management announced it will close and liquidate the EMTL ETF, which can be read as disciplined product management and a focus on pruning weaker offerings to improve capital efficiency. Article Title
• Neutral Sentiment: State Street announced that CFO John Woods will present at the Morgan Stanley U.S. Financials Conference on June 10. The event may provide updates on strategy and outlook, but it is not a direct business catalyst by itself. Article Title
• Neutral Sentiment: State Street’s entities ceased to be substantial holders in several Australian companies, reflecting portfolio ownership changes that do not appear material to State Street’s own earnings power. Article Title
• Negative Sentiment: CEO Ronald P. Hanley and EVP W. Bradford Hu both sold shares under pre-arranged 10b5-1 plans. While routine, insider selling can still pressure sentiment when the stock is trading close to recent highs. Article Title

About State Street

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.