Michael Richards Sells 1,500 Shares of State Street (NYSE:STT) Stock

State Street Corporation (NYSE:STT) EVP Michael Richards sold 1,500 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $162.14, for a total transaction of $243,210.00. Following the transaction, the executive vice president owned 41,827 shares in the company, valued at approximately $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

State Street Stock Up 0.7%

Shares of NYSE STT traded up $1.14 during midday trading on Tuesday, reaching $162.95. 1,660,006 shares of the company’s stock traded hands, compared to its average volume of 2,102,310. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. The stock’s 50 day simple moving average is $147.70 and its 200-day simple moving average is $134.16. State Street Corporation has a one year low of $95.67 and a one year high of $164.05. The company has a market cap of $45.10 billion, a price-to-earnings ratio of 16.53, a P/E/G ratio of 0.88 and a beta of 1.43.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The firm had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same period last year, the firm earned $2.04 earnings per share. The company’s quarterly revenue was up 15.6% on a year-over-year basis. On average, analysts predict that State Street Corporation will post 12.35 EPS for the current fiscal year.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be paid a dividend of $0.84 per share. The ex-dividend date is Wednesday, July 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.1%. State Street’s dividend payout ratio (DPR) is currently 34.08%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in STT. Regents of The University of California purchased a new position in shares of State Street during the third quarter worth $324,576,000. Impax Asset Management Group plc raised its holdings in shares of State Street by 49.2% during the third quarter. Impax Asset Management Group plc now owns 127,984 shares of the asset manager’s stock worth $14,847,000 after purchasing an additional 42,198 shares during the last quarter. Nordea Investment Management AB raised its holdings in shares of State Street by 15.4% during the fourth quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager’s stock worth $367,041,000 after purchasing an additional 377,568 shares during the last quarter. Caprock Group LLC purchased a new position in shares of State Street during the third quarter worth $2,296,000. Finally, BTC Capital Management Inc. purchased a new position in shares of State Street during the third quarter worth $3,012,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on STT shares. Bank of America upgraded shares of State Street from an “underperform” rating to a “neutral” rating and set a $143.00 target price for the company in a research note on Monday, April 6th. Morgan Stanley upped their price target on State Street from $155.00 to $166.00 and gave the stock an “overweight” rating in a research report on Monday, April 20th. Wells Fargo & Company upped their price target on State Street from $162.00 to $171.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. Evercore set a $158.00 price target on State Street and gave the stock an “outperform” rating in a research report on Monday, April 20th. Finally, Argus upped their price target on State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a research report on Tuesday, April 21st. Three 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. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $158.57.

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.