Insider Selling: State Street (NYSE:STT) EVP Sells $1,800,546.16 in Stock

State Street Corporation (NYSE:STT) EVP W. Bradford Hu sold 9,758 shares of the business’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the completion of the sale, the executive vice president owned 49,794 shares in the company, valued at approximately $9,187,988.88. The trade was a 16.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 Trading Up 3.9%

Shares of STT stock opened at $182.93 on Friday. 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 stock has a market capitalization of $50.63 billion, a price-to-earnings ratio of 16.13, a price-to-earnings-growth ratio of 0.73 and a beta of 1.42. State Street Corporation has a 12-month low of $104.64 and a 12-month high of $192.51. The stock’s 50-day moving average price is $171.34 and its 200-day moving average price is $147.45.

State Street (NYSE:STT) last announced its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. The company had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The firm’s revenue was up 23.3% on a year-over-year basis. During the same period in the prior year, the company earned $2.04 earnings per share. Equities research analysts predict that State Street Corporation will post 13.68 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be issued a dividend of $0.92 per share. This is a positive change from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 annualized dividend and a dividend yield of 2.0%. State Street’s payout ratio is currently 32.45%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Wells Fargo & Company raised their target price on shares of State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Truist Financial reiterated a “hold” rating and set a $191.00 price objective (up from $176.00) on shares of State Street in a research report on Friday, July 17th. The Goldman Sachs Group increased their price objective on shares of State Street from $168.00 to $194.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Argus lifted their price objective on shares of State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a research note on Tuesday, April 21st. Finally, Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, State Street has an average rating of “Moderate Buy” and a consensus target price of $184.72.

Institutional Trading of State Street

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Wilkerson Advisory Group LLC bought a new position in State Street during the fourth quarter valued at $29,000. JPL Wealth Management LLC bought a new stake in shares of State Street in the 3rd quarter worth about $29,000. Phillip James Consulting Co. bought a new stake in shares of State Street in the 4th quarter worth about $30,000. Elevation Wealth Partners LLC boosted its stake in shares of State Street by 153.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after purchasing an additional 106 shares during the period. Finally, Whipplewood Advisors LLC purchased a new position in shares of State Street during the 1st quarter worth about $34,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

About State Street

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.