State Street Corporation (NYSE:STT – Get Free Report) EVP W. Bradford Hu sold 9,212 shares of the firm’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 transaction, the executive vice president owned 59,552 shares in the company, valued at approximately $9,251,403.20. The trade was a 13.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
State Street Price Performance
STT opened at $155.63 on Friday. The stock’s 50 day simple moving average is $143.30 and its 200 day simple moving average is $132.22. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57. State Street Corporation has a 1 year low of $94.72 and a 1 year high of $159.31. The firm has a market cap of $43.07 billion, a price-to-earnings ratio of 15.78, a PEG ratio of 0.86 and a beta of 1.45.
State Street (NYSE:STT – Get Free Report) last posted its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.64 by $0.20. The business had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.State Street’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period last year, the company earned $2.04 EPS. As a group, analysts predict that State Street Corporation will post 12.35 earnings per share for the current year.
State Street Announces Dividend
Key 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
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently weighed in on the company. The Goldman Sachs Group lifted their price objective on State Street from $152.00 to $168.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Morgan Stanley lifted their price objective on State Street from $155.00 to $166.00 and gave the stock an “overweight” rating in a research report on Monday, April 20th. Royal Bank Of Canada lifted their price objective on State Street from $135.00 to $155.00 and gave the stock a “sector perform” rating in a research report on Monday, April 20th. Weiss Ratings upgraded State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday. Finally, Keefe, Bruyette & Woods lifted their price objective on State Street from $157.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, April 20th. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $158.57.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in the company. Chicago Partners Investment Group LLC increased its position in State Street by 1.6% in the fourth quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager’s stock worth $675,000 after buying an additional 83 shares in the last quarter. Wedmont Private Capital increased its position in State Street by 1.3% in the fourth quarter. Wedmont Private Capital now owns 6,498 shares of the asset manager’s stock worth $861,000 after buying an additional 85 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its position in State Street by 38.2% in the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager’s stock worth $39,000 after buying an additional 94 shares in the last quarter. Arjuna Capital increased its position in State Street by 0.4% in the fourth quarter. Arjuna Capital now owns 25,139 shares of the asset manager’s stock worth $3,243,000 after buying an additional 95 shares in the last quarter. Finally, LVW Advisors LLC increased its position in State Street by 1.7% in the fourth quarter. LVW Advisors LLC now owns 5,605 shares of the asset manager’s stock worth $723,000 after buying an additional 96 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.
State Street Company Profile
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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