State Street Corporation (NYSE:STT - Get Free Report) CEO Hanley Ronald O sold 14,554 shares of the stock in a transaction on Tuesday, October 20th. The stock was sold at an average price of $164.60, for a total value of $2,395,588.40. Following the completion of the sale, the chief executive officer directly owned 215,905 shares in the company, valued at approximately $35,537,963. This represents a 6.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
State Street Stock Down 0.7%
NYSE:STT opened at $167.69 on Friday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.59 and a current ratio of 0.57. The firm has a market cap of $46.07 billion, a P/E ratio of 12.85, a P/E/G ratio of 0.78 and a beta of 1.41. State Street Corporation has a fifty-two week low of $111.63 and a fifty-two week high of $195.93. The firm has a 50-day simple moving average of $182.49 and a two-hundred day simple moving average of $170.99.
State Street (NYSE:STT - Get Free Report) last issued its earnings results on Wednesday, October 14th. The asset manager reported $3.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.68 by $0.01. State Street had a net margin of 15.81% and a return on equity of 16.36%. The firm had revenue of $4 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter in the prior year, the firm posted $2.78 earnings per share. The business's revenue was up 12.9% on a year-over-year basis. Analysts predict that State Street Corporation will post 13.77 earnings per share for the current fiscal year.
Institutional Trading of State Street
Hedge funds have recently bought and sold shares of the company. BlackRock Inc. bought a new position in State Street in the second quarter valued at about $4,139,389,000. State Street Corp boosted its position in State Street by 1.2% in the second quarter. State Street Corp now owns 13,538,311 shares of the asset manager's stock worth $2,296,098,000 after purchasing an additional 163,362 shares during the last quarter. Regents of The University of California grew its stake in shares of 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 valued at $1,273,841,000 after purchasing an additional 1,358,923 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of State Street by 1.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,101,952 shares of the asset manager's stock valued at $392,539,000 after purchasing an additional 51,754 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of State Street by 4.9% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,962,274 shares of the asset manager's stock valued at $502,402,000 after purchasing an additional 137,798 shares during the period. Hedge funds and other institutional investors own 87.44% of the company's stock.
Wall Street Analyst Weigh In
A number of analysts have commented on the company. Keefe, Bruyette & Woods lifted their target price on State Street from $220.00 to $230.00 and gave the stock an "outperform" rating in a report on Thursday, October 15th. Bank of America increased their price objective on State Street from $160.00 to $190.00 and gave the company a "neutral" rating in a research report on Tuesday, July 7th. Morgan Stanley lifted their price objective on State Street from $183.00 to $195.00 and gave the stock an "overweight" rating in a report on Friday, July 17th. Truist Financial decreased their target price on State Street from $190.00 to $171.00 and set a "hold" rating for the company in a research report on Thursday, October 15th. Finally, UBS Group set a $176.00 target price on shares of State Street in a research note on Friday, June 26th. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, State Street currently has a consensus rating of "Moderate Buy" and an average price target of $189.74.
Read Our Latest Analysis on STT
State Street Company Profile
(
Get Free Report)
State Street Corporation is a financial services holding company headquartered in Boston, Massachusetts. Founded in 1792, it provides services primarily to institutional investors, including asset owners, asset managers, insurance companies, official institutions and other financial organizations.
The company's businesses include investment servicing, asset management, securities finance, foreign exchange, and trading and research services. Through its servicing operations, State Street provides custody, fund accounting, administration, investment operations, transfer agency and related support.
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