State Street (NYSE:STT) EVP Sells $1,197,104.37 in Stock

Key Points

• State Street EVP W. Hu sold 7,099 shares at an average price of $168.63, totaling $1.20 million. The transaction occurred under a pre-arranged Rule 10b5-1 plan and reduced Hu’s holdings by 14.26% to 42,695 shares.
• State Street shares rose 1.5% to $173.39, while the company’s latest quarterly results showed adjusted earnings of $3.69 per share, slightly above estimates, and revenue growth of 12.9% year over year.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $189.74; institutional investors own 87.44% of the company’s stock.

State Street Corporation (NYSE:STT - Get Free Report) EVP W. Hu sold 7,099 shares of the business's stock in a transaction on Monday, October 26th. The shares were sold at an average price of $168.63, for a total value of $1,197,104.37. Following the completion of the sale, the executive vice president owned 42,695 shares in the company, valued at $7,199,657.85. This represents a 14.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

State Street Trading Up 1.5%

STT traded up $2.50 during mid-day trading on Wednesday, hitting $173.39. 2,242,254 shares of the stock were exchanged, compared to its average volume of 2,130,433. The firm's fifty day moving average is $181.07 and its two-hundred day moving average is $158.14. State Street Corporation has a 1-year low of $111.63 and a 1-year high of $195.93. The company has a market cap of $47.63 billion, a PE ratio of 14.15, a PEG ratio of 0.78 and a beta of 1.41. The company has a current ratio of 0.57, a quick ratio of 0.59 and a debt-to-equity ratio of 1.07.

State Street (NYSE:STT - Get Free Report) last released its earnings results on Wednesday, October 14th. The asset manager reported $3.69 earnings per share for the quarter, beating the consensus estimate of $3.68 by $0.01. The company had revenue of $4 billion during the quarter, compared to the consensus estimate of $4.03 billion. State Street had a return on equity of 16.36% and a net margin of 15.81%. State Street's revenue was up 12.9% compared to the same quarter last year. During the same period in the previous year, the company posted $2.78 EPS. Equities analysts forecast that State Street Corporation will post 13.77 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. increased their target price on shares of State Street from $187.00 to $187.50 and gave the stock a "neutral" rating in a report on Friday, October 2nd. Weiss Ratings downgraded shares of State Street from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Tuesday, October 6th. Capital One Financial set a $200.00 price target on shares of State Street in a research note on Tuesday, October 6th. Royal Bank Of Canada cut their price objective on State Street from $196.00 to $175.00 and set a "sector perform" rating on the stock in a research report on Thursday, October 15th. Finally, Bank of America increased their price objective on State Street from $160.00 to $190.00 and gave the company a "neutral" rating in a research note on Tuesday, July 7th. Ten equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $189.74.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in STT. BlackRock Inc. purchased a new stake in shares of State Street during the 2nd quarter worth $4,139,389,000. State Street Corp increased its holdings in State Street by 1.2% in the second quarter. State Street Corp now owns 13,538,311 shares of the asset manager's stock valued at $2,296,098,000 after buying an additional 163,362 shares during the last quarter. Regents of The University of California increased its holdings in State Street by 15.6% in the first quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager's stock valued at $1,273,841,000 after buying an additional 1,358,923 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in State Street by 4.9% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,962,274 shares of the asset manager's stock valued at $502,402,000 after buying an additional 137,798 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in State Street by 1.7% in the first quarter. Dimensional Fund Advisors LP now owns 3,101,952 shares of the asset manager's stock valued at $392,539,000 after buying an additional 51,754 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 financial services holding company headquartered in Boston, Massachusetts. Founded in 1792, it provides services primarily to institutional investors, including asset owners, asset managers, insurance companies, official institutions and other financial organizations.

The company's businesses include investment servicing, asset management, securities finance, foreign exchange, and trading and research services. Through its servicing operations, State Street provides custody, fund accounting, administration, investment operations, transfer agency and related support.

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