Key Points
- John Plansky, EVP of State Street, sold 16,100 shares on March 11 at an average price of $124.32 for roughly $2.00 million, reducing his position by 22.28% to 56,162 shares (about $6.98M).
- State Street beat the quarter with $2.97 EPS vs. $2.82 expected and $3.67B revenue (up 7.5% y/y), and declared a quarterly dividend of $0.84 (annualized $3.36, ~2.7% yield).
- Analysts rate the stock a “Moderate Buy” with an average target of $135.83, and institutional ownership is high (~87.4%) with several large investors significantly increasing positions.
State Street Corporation (NYSE:STT - Get Free Report) EVP John Plansky sold 16,100 shares of the business's stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the completion of the transaction, the executive vice president owned 56,162 shares in the company, valued at approximately $6,982,059.84. The trade was a 22.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
State Street Trading Down 0.2%
Shares of STT stock traded down $0.26 during mid-day trading on Friday, hitting $122.95. The company's stock had a trading volume of 410,007 shares, compared to its average volume of 2,176,515. The company has a market cap of $34.27 billion, a PE ratio of 13.04, a P/E/G ratio of 1.10 and a beta of 1.43. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.61 and a current ratio of 0.61. The company's fifty day simple moving average is $129.07 and its 200-day simple moving average is $121.96. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $137.05.
State Street (NYSE:STT - Get Free Report) last announced its earnings results on Friday, January 16th. The asset manager reported $2.97 EPS for the quarter, beating the consensus estimate of $2.82 by $0.15. The company had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.57 billion. State Street had a return on equity of 13.46% and a net margin of 13.02%.The firm's revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.60 EPS. As a group, equities research analysts expect that State Street Corporation will post 9.68 earnings per share for the current fiscal year.
State Street Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st will be given a dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $3.36 annualized dividend and a dividend yield of 2.7%. State Street's dividend payout ratio (DPR) is 35.71%.
Institutional Inflows and Outflows
A number of large investors have recently made changes to their positions in STT. Regents of The University of California increased its position in shares of State Street by 211.2% during the fourth quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager's stock worth $1,123,186,000 after acquiring an additional 5,908,370 shares in the last quarter. Norges Bank bought a new position in State Street in the 2nd quarter valued at about $256,367,000. Pinebridge Investments LLC acquired a new position in State Street during the 4th quarter valued at about $178,705,000. Victory Capital Management Inc. increased its holdings in State Street by 30.8% during the 4th quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager's stock worth $588,227,000 after purchasing an additional 1,074,174 shares in the last quarter. Finally, Two Sigma Investments LP raised its stake in shares of State Street by 261.0% in the third quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager's stock worth $141,277,000 after purchasing an additional 880,507 shares during the last quarter. 87.44% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several research analysts recently issued reports on STT shares. Wall Street Zen raised shares of State Street from a "sell" rating to a "hold" rating in a research note on Saturday, January 17th. Morgan Stanley cut their price objective on shares of State Street from $168.00 to $164.00 and set an "overweight" rating on the stock in a research report on Tuesday, January 20th. The Goldman Sachs Group restated a "buy" rating on shares of State Street in a research note on Tuesday, January 6th. Loop Capital set a $144.00 price target on State Street in a research note on Tuesday, January 6th. Finally, TD Cowen reiterated a "buy" rating on shares of State Street in a report on Wednesday, January 7th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, State Street presently has an average rating of "Moderate Buy" and an average target price of $135.83.
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State Street Company Profile
(
Get Free Report)
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.
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