State Street (NYSE:STT) EVP Sells $243,210.00 in Stock

Key Points

• State Street EVP Michael Richards sold 1,500 shares on June 8 at an average price of $162.14, totaling $243,210. After the sale, he still held 41,827 shares valued at about $6.78 million.
• The stock was trading around $162.95, near its 52-week high of $164.05, and was up 0.7% in mid-day trading. State Street also has a market value of about $45.1 billion.
• The company recently reported better-than-expected quarterly results, with EPS of $2.84 versus the $2.64 estimate and revenue of $3.80 billion. It also announced a quarterly dividend of $0.84 per share, payable July 13.

State Street Corporation (NYSE:STT - Get Free Report) EVP Michael Richards sold 1,500 shares of the company's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $162.14, for a total transaction of $243,210.00. Following the sale, the executive vice president owned 41,827 shares in the company, valued at $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

State Street Trading Up 0.7%

NYSE:STT traded up $1.14 during mid-day trading on Tuesday, hitting $162.95. 1,660,006 shares of the stock traded hands, compared to its average volume of 2,102,310. The stock has a market capitalization of $45.10 billion, a price-to-earnings ratio of 16.53, a PEG ratio of 0.88 and a beta of 1.43. State Street Corporation has a 52 week low of $95.67 and a 52 week high of $164.05. The firm's 50 day moving average is $147.70 and its two-hundred day moving average is $134.16. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, beating the consensus estimate of $2.64 by $0.20. The company had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. The firm's revenue was up 15.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.04 EPS. On average, equities research analysts predict that State Street Corporation will post 12.35 earnings per share for the current year.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.1%. The ex-dividend date is Wednesday, July 1st. State Street's dividend payout ratio is presently 34.08%.

Hedge Funds Weigh In On State Street

A number of institutional investors have recently modified their holdings of STT. Brighton Jones LLC purchased a new position in shares of State Street during the fourth quarter worth approximately $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of State Street by 2.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager's stock valued at $2,885,000 after purchasing an additional 918 shares in the last quarter. NewEdge Advisors LLC boosted its stake in shares of State Street by 105.2% during the first quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager's stock valued at $913,000 after purchasing an additional 5,226 shares in the last quarter. Empowered Funds LLC boosted its stake in shares of State Street by 220.1% during the first quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager's stock valued at $2,065,000 after purchasing an additional 15,996 shares in the last quarter. Finally, Woodline Partners LP boosted its stake in shares of State Street by 38.4% during the first quarter. Woodline Partners LP now owns 24,372 shares of the asset manager's stock valued at $2,182,000 after purchasing an additional 6,767 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on STT. Zacks Research upgraded shares of State Street from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 21st. Citigroup upped their price target on shares of State Street from $150.00 to $172.00 and gave the company a "buy" rating in a report on Friday, May 8th. Morgan Stanley upped their price target on shares of State Street from $155.00 to $166.00 and gave the company an "overweight" rating in a report on Monday, April 20th. Royal Bank Of Canada upped their target price on shares of State Street from $135.00 to $155.00 and gave the stock a "sector perform" rating in a research note on Monday, April 20th. Finally, Evercore set a $158.00 target price on shares of State Street and gave the stock an "outperform" rating in a research report on Monday, April 20th. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $158.57.

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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