State Street Corp. (NYSE:STT) shares gapped down before the market opened on Wednesday following insider selling activity. The stock had previously closed at $81.92, but opened at $79.25. State Street Corp. shares last traded at $77.88, with a volume of 2,426,662 shares trading hands.

Specifically, EVP Jeffrey N. Carp sold 2,926 shares of State Street Corp. stock in a transaction dated Monday, November 14th. The shares were sold at an average price of $77.38, for a total value of $226,413.88. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Karen C. Keenan sold 7,500 shares of State Street Corp. stock in a transaction dated Tuesday, August 30th. The stock was sold at an average price of $70.00, for a total transaction of $525,000.00. Following the completion of the sale, the executive vice president now directly owns 49,547 shares in the company, valued at approximately $3,468,290. The disclosure for this sale can be found here. Corporate insiders own 0.64% of the company’s stock.

STT has been the topic of several research reports. Jefferies Group reaffirmed a “buy” rating and issued a $74.00 price objective (up previously from $63.00) on shares of State Street Corp. in a research report on Thursday, July 28th. Citigroup Inc. lifted their price objective on shares of State Street Corp. from $65.00 to $68.00 and gave the stock a “neutral” rating in a research report on Thursday, July 28th. Deutsche Bank AG lifted their price objective on shares of State Street Corp. from $60.00 to $66.00 and gave the stock a “hold” rating in a research report on Thursday, July 28th. Keefe, Bruyette & Woods lifted their price objective on shares of State Street Corp. from $54.00 to $58.00 and gave the stock an “underperform” rating in a research report on Thursday, July 28th. Finally, Barclays PLC reaffirmed an “overweight” rating and issued a $71.00 price objective on shares of State Street Corp. in a research report on Thursday, July 28th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $72.81.

The stock has a market capitalization of $30.04 billion, a P/E ratio of 15.94 and a beta of 1.32. The company’s 50-day moving average is $71.54 and its 200 day moving average is $65.07.

State Street Corp. (NYSE:STT) last announced its quarterly earnings results on Wednesday, October 26th. The company reported $1.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.10. The firm had revenue of $2.62 billion for the quarter, compared to the consensus estimate of $2.72 billion. State Street Corp. had a net margin of 19.97% and a return on equity of 11.59%. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.16 EPS. Equities analysts forecast that State Street Corp. will post $5.09 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, October 17th. Stockholders of record on Monday, October 3rd were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend was Thursday, September 29th. This is an increase from State Street Corp.’s previous quarterly dividend of $0.34. State Street Corp.’s dividend payout ratio (DPR) is presently 31.08%.

Several hedge funds have recently made changes to their positions in STT. Global X Management Co. LLC boosted its position in shares of State Street Corp. by 203.0% in the third quarter. Global X Management Co. LLC now owns 1,494 shares of the company’s stock valued at $104,000 after buying an additional 1,001 shares during the period. Fuller & Thaler Asset Management Inc. acquired a new position in shares of State Street Corp. during the second quarter valued at $113,000. Advisory Services Network LLC boosted its position in shares of State Street Corp. by 4.4% in the second quarter. Advisory Services Network LLC now owns 2,154 shares of the company’s stock valued at $116,000 after buying an additional 90 shares during the period. New York Life Trust Co. acquired a new position in shares of State Street Corp. during the third quarter valued at $119,000. Finally, Rockefeller Financial Services Inc. boosted its position in shares of State Street Corp. by 86.3% in the second quarter. Rockefeller Financial Services Inc. now owns 2,235 shares of the company’s stock valued at $121,000 after buying an additional 1,035 shares during the period. 86.96% of the stock is currently owned by hedge funds and other institutional investors.

State Street Corp. Company Profile

State Street Corporation, the parent company, is a financial holding company. The parent company provides financial and managerial support to its legal and operating subsidiaries. The Company, through its subsidiary, State Street Bank, provides a range of financial services and products to institutional investors across the world.

5 Day Chart for NYSE:STT

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