State Street (NYSE:STT) CEO Sells 14,553 Shares

Key Points

• State Street CEO Hanley Ronald O sold 14,553 shares for approximately $2.68 million at an average price of $184.17, reducing his direct stake by 5.7% to 240,959 shares. The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan.
• State Street reported quarterly earnings of $3.65 per share, beating estimates of $3.34, while revenue rose 23.3% year over year to $4.05 billion.
• The company raised its quarterly dividend from $0.84 to $0.92 per share, implying an annualized dividend of $3.68 and a 2.0% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $184.72.

State Street Corporation (NYSE:STT - Get Free Report) CEO Hanley Ronald O sold 14,553 shares of the company's stock in a transaction 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 transaction, the chief executive officer directly owned 240,959 shares in the company, valued at approximately $44,377,419.03. The trade was a 5.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

State Street Price Performance

STT traded down $3.36 during midday trading on Tuesday, hitting $181.30. The stock had a trading volume of 290,639 shares, compared to its average volume of 2,227,399. The company has a market cap of $50.18 billion, a P/E ratio of 15.99, a price-to-earnings-growth ratio of 0.77 and a beta of 1.42. The business has a fifty day moving average of $169.67 and a 200 day moving average of $146.44. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.59. State Street Corporation has a 1 year low of $104.64 and a 1 year high of $192.51.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, beating analysts' consensus estimates of $3.34 by $0.31. The firm 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 business's quarterly revenue was up 23.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.04 earnings per share. As a group, equities analysts forecast that State Street Corporation will post 13.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be paid a $0.92 dividend. This represents a $3.68 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Thursday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.84. State Street's dividend payout ratio (DPR) is 32.45%.

Institutional Trading of State Street

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Western Wealth Management LLC increased its holdings in State Street by 3.1% in the 1st quarter. Western Wealth Management LLC now owns 2,001 shares of the asset manager's stock worth $253,000 after acquiring an additional 60 shares in the last quarter. Chicago Partners Investment Group LLC lifted its position in shares of State Street by 1.6% in the fourth quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager's stock valued at $675,000 after acquiring an additional 83 shares in the last quarter. Arjuna Capital boosted its stake in shares of State Street by 0.4% in the fourth quarter. Arjuna Capital now owns 25,139 shares of the asset manager's stock worth $3,243,000 after acquiring an additional 95 shares during the period. CX Institutional grew its position in shares of State Street by 1.0% during the second quarter. CX Institutional now owns 9,788 shares of the asset manager's stock worth $1,660,000 after purchasing an additional 98 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund raised its stake in State Street by 0.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager's stock valued at $4,053,000 after purchasing an additional 100 shares during the period. Hedge funds and other institutional investors own 87.44% of the company's stock.

Wall Street Analyst Weigh In

STT has been the topic of several recent analyst reports. UBS Group set a $176.00 target price on State Street in a research note on Friday, June 26th. Evercore set a $200.00 target price on shares of State Street in a report on Monday, July 20th. Zacks Research raised shares of State Street from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 21st. Citigroup increased their price target on State Street from $193.00 to $210.00 and gave the company a "buy" rating in a report on Friday, July 17th. Finally, JPMorgan Chase & Co. lifted their price objective on State Street from $158.50 to $176.50 and gave the stock a "neutral" rating in a report on Monday, July 6th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target 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.

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