Michael Richards Sells 3,000 Shares of State Street (NYSE:STT) Stock

Key Points

• EVP Michael Richards sold 3,000 State Street shares on April 22 at an average of $153.89 for $461,670, cutting his stake by 6.45% to 43,522 shares, per an SEC filing.
• State Street beat expectations with quarterly EPS of $2.84 (vs. $2.64 est.) and revenue up 15.6% year-over-year, and it pays a $0.84 quarterly dividend (about a 2.2% yield).
• The stock traded at $150.69 (down 0.4%), has a market cap around $41.8B, a consensus analyst rating of "Moderate Buy" with a $154 average price target, and roughly 87% institutional ownership.

State Street Corporation (NYSE:STT - Get Free Report) EVP Michael Richards sold 3,000 shares of the company's stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total transaction of $461,670.00. Following the completion of the transaction, the executive vice president directly owned 43,522 shares of the company's stock, valued at approximately $6,697,600.58. The trade was a 6.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

State Street Stock Down 0.4%

NYSE STT traded down $0.56 on Friday, reaching $150.69. The company had a trading volume of 945,253 shares, compared to its average volume of 2,195,125. The firm has a market capitalization of $41.75 billion, a price-to-earnings ratio of 15.28, a price-to-earnings-growth ratio of 0.84 and a beta of 1.37. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.61 and a current ratio of 0.57. State Street Corporation has a 1-year low of $85.68 and a 1-year high of $156.18. The company's fifty day moving average is $130.35 and its 200-day moving average is $125.92.

State Street (NYSE:STT - Get Free Report) last announced its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, topping 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 during the quarter, compared to analyst estimates of $3.59 billion. During the same period in the prior year, the business earned $2.04 EPS. The company's revenue for the quarter was up 15.6% compared to the same quarter last year. On average, research analysts forecast that State Street Corporation will post 12.23 earnings per share for the current fiscal year.

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st were given a dividend of $0.84 per share. The ex-dividend date of this dividend was Wednesday, April 1st. This represents a $3.36 annualized dividend and a yield of 2.2%. State Street's payout ratio is 34.08%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Brighton Jones LLC acquired a new position in State Street in the 4th quarter valued at about $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in State Street by 2.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager's stock valued at $2,885,000 after buying an additional 918 shares during the last quarter. NewEdge Advisors LLC grew its stake in State Street by 105.2% in the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager's stock valued at $913,000 after buying an additional 5,226 shares during the last quarter. Empowered Funds LLC grew its stake in State Street by 220.1% in the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager's stock valued at $2,065,000 after buying an additional 15,996 shares during the last quarter. Finally, Woodline Partners LP grew its stake in State Street by 38.4% in the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager's stock valued at $2,182,000 after buying an additional 6,767 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

STT has been the topic of several analyst reports. Keefe, Bruyette & Woods boosted their price target on shares of State Street from $157.00 to $175.00 and gave the stock an "outperform" rating in a research report on Monday. Zacks Research raised shares of State Street from a "hold" rating to a "strong-buy" rating in a research report on Tuesday. Weiss Ratings reissued a "buy (b)" rating on shares of State Street in a research report on Monday. Loop Capital set a $144.00 price target on shares of State Street in a research report on Tuesday, January 6th. Finally, TD Cowen reaffirmed a "buy" rating on shares of State Street in a research report on Wednesday, January 7th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, State Street presently has an average rating of "Moderate Buy" and a consensus price target of $154.00.

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.

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