State Street (NYSE:STT) CEO Sells $2,680,226.01 in Stock

State Street Corporation (NYSE:STT) CEO Hanley Ronald O sold 14,553 shares of the stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the completion of the sale, the chief executive officer owned 240,959 shares in the company, valued at $44,377,419.03. This represents a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

State Street Stock Up 3.9%

Shares of NYSE:STT opened at $182.93 on Friday. The firm has a fifty day moving average price of $171.34 and a two-hundred day moving average price of $147.45. The company has a market cap of $50.63 billion, a price-to-earnings ratio of 16.13, a PEG ratio of 0.73 and a beta of 1.42. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.57. State Street Corporation has a one year low of $104.64 and a one year high of $192.51.

State Street (NYSE:STT) last released its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping the consensus estimate of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The firm had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the prior year, the firm posted $2.04 earnings per share. The business’s quarterly revenue was up 23.3% on a year-over-year basis. Analysts anticipate that State Street Corporation will post 13.68 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be paid a $0.92 dividend. The ex-dividend date is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. This is an increase from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio is currently 32.45%.

Hedge Funds Weigh In On State Street

Hedge funds and other institutional investors have recently modified their holdings of the company. Wilkerson Advisory Group LLC purchased a new position in shares of State Street during the 4th quarter valued at about $29,000. JPL Wealth Management LLC bought a new stake in State Street in the 3rd quarter worth approximately $29,000. Phillip James Consulting Co. purchased a new stake in State Street in the fourth quarter worth approximately $30,000. Elevation Wealth Partners LLC boosted its stake in State Street by 153.6% in the second quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after buying an additional 106 shares in the last quarter. Finally, Whipplewood Advisors LLC bought a new position in State Street during the first quarter valued at approximately $34,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Keefe, Bruyette & Woods lifted their price target on State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a research report on Friday, July 17th. Wells Fargo & Company upped their price objective on shares of State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Evercore set a $200.00 target price on shares of State Street in a research note on Monday, July 20th. Argus lifted their target price on shares of State Street from $140.00 to $168.00 and gave the company a “buy” rating in a research report on Tuesday, April 21st. Finally, Citigroup boosted their price target on shares of State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a research note on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $184.72.

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.