State Street Corporation (NYSE:STT - Get Free Report) EVP W. Bradford Hu sold 9,758 shares of the stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the transaction, the executive vice president owned 49,794 shares of the company's stock, valued at approximately $9,187,988.88. This trade represents a 16.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
W. Bradford Hu also recently made the following trade(s):
- On Tuesday, May 26th, W. Bradford Hu sold 9,212 shares of State Street stock. The shares were sold at an average price of $155.35, for a total value of $1,431,084.20.
State Street Price Performance
Shares of NYSE STT opened at $182.77 on Wednesday. The company has a current ratio of 0.59, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $50.59 billion, a price-to-earnings ratio of 16.12, a price-to-earnings-growth ratio of 0.76 and a beta of 1.42. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $192.51. The business has a 50 day simple moving average of $170.32 and a 200-day simple moving average of $146.79.
State Street (NYSE:STT - Get Free Report) last released its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping the consensus estimate of $3.34 by $0.31. The firm had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. State Street's quarterly revenue was up 23.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.04 earnings per share. As a group, equities research analysts expect that State Street Corporation will post 13.68 earnings per share for the current year.
State Street Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be given a dividend of $0.92 per share. This is a boost from State Street's previous quarterly dividend of $0.84. The ex-dividend date is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. State Street's payout ratio is presently 29.63%.
Hedge Funds Weigh In On State Street
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Regents of The University of California grew its position in State Street by 15.6% during the 1st quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager's stock worth $1,273,841,000 after purchasing an additional 1,358,923 shares in the last quarter. Morgan Stanley lifted its holdings in shares of State Street by 9.0% in the fourth quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager's stock valued at $673,740,000 after purchasing an additional 433,201 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of State Street by 30.8% in the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager's stock valued at $588,227,000 after purchasing an additional 1,074,174 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of State Street by 1.7% in the fourth quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager's stock worth $506,534,000 after buying an additional 67,309 shares during the period. Finally, First Trust Advisors LP boosted its position in shares of State Street by 30.4% in the fourth quarter. First Trust Advisors LP now owns 3,582,977 shares of the asset manager's stock worth $462,240,000 after buying an additional 835,331 shares during the period. Institutional investors and hedge funds own 87.44% of the company's stock.
Analysts Set New Price Targets
A number of brokerages have recently weighed in on STT. UBS Group set a $176.00 price target on shares of State Street in a research note on Friday, June 26th. Weiss Ratings upgraded shares of State Street from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, May 28th. Wells Fargo & Company boosted their target price on State Street from $196.00 to $215.00 and gave the stock an "overweight" rating in a report on Friday, July 17th. Zacks Research upgraded State Street from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 21st. Finally, Citigroup increased their price target on State Street from $193.00 to $210.00 and gave the company a "buy" rating in a research note on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, State Street presently has a consensus rating of "Moderate Buy" and an average target price of $184.72.
View Our Latest Stock Analysis on STT
About State Street
(
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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