State Street (NYSE:STT) EVP Sells 9,758 Shares of Stock

Key Points

• State Street EVP W. Bradford Hu sold 9,758 shares for approximately $1.80 million under a pre-arranged Rule 10b5-1 trading plan, reducing his position by 16.39% to 49,794 shares.
• State Street reported quarterly EPS of $3.65, exceeding estimates by $0.31, while revenue rose 23.3% year over year to $4.05 billion.
• The company increased 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 target of $184.72.

State Street Corporation (NYSE:STT - Get Free Report) EVP W. Bradford Hu sold 9,758 shares of the business's stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the transaction, the executive vice president owned 49,794 shares in the company, valued at approximately $9,187,988.88. This trade represents a 16.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

W. Bradford Hu also recently made the following trade(s):

• On Tuesday, May 26th, W. Bradford Hu sold 9,212 shares of State Street stock. The shares were sold at an average price of $155.35, for a total value of $1,431,084.20.

State Street Stock Down 1.0%

STT stock traded down $1.89 during midday trading on Tuesday, hitting $182.77. 1,698,832 shares of the company's stock were exchanged, compared to its average volume of 2,237,436. The company has a current ratio of 0.59, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. State Street Corporation has a 12-month low of $104.64 and a 12-month high of $192.51. The firm has a 50 day moving average price of $169.67 and a 200-day moving average price of $146.44. The stock has a market capitalization of $50.58 billion, a price-to-earnings ratio of 16.12, a price-to-earnings-growth ratio of 0.77 and a beta of 1.42.

State Street (NYSE:STT - Get Free Report) last announced its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.34 by $0.31. The company had revenue of $4.05 billion for 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%.State Street's quarterly revenue was up 23.3% on a year-over-year basis. During the same period in the prior year, the company posted $2.04 EPS. On average, analysts anticipate that State Street Corporation will post 13.68 EPS for the current year.

State Street Increases Dividend

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

Wall Street Analyst Weigh In

STT has been the subject of several recent analyst reports. Wells Fargo & Company raised their price objective on shares of State Street from $196.00 to $215.00 and gave the stock an "overweight" rating in a report on Friday, July 17th. Barclays upped their target price on shares of State Street from $165.00 to $200.00 and gave the company an "equal weight" rating in a research note on Friday, July 17th. Morgan Stanley lifted their price target on State Street from $183.00 to $195.00 and gave the stock an "overweight" rating in a research note on Friday, July 17th. Weiss Ratings raised State Street from a "buy (b)" rating to a "buy (b+)" rating in a report on Thursday, May 28th. Finally, Evercore set a $200.00 price objective on State Street in a research note on Monday, July 20th. Two research 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 has an average rating of "Moderate Buy" and an average target price of $184.72.

Institutional Trading of State Street

Institutional investors and hedge funds have recently modified their holdings of the business. Regents of The University of California grew its position in shares of State Street by 15.6% during the 1st 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. Morgan Stanley lifted its holdings in State Street by 9.0% in the fourth quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager's stock worth $673,740,000 after acquiring an additional 433,201 shares during the last quarter. Victory Capital Management Inc. boosted its stake in State Street by 30.8% in the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager's stock valued at $588,227,000 after acquiring an additional 1,074,174 shares during the period. Franklin Resources Inc. grew its holdings in shares of State Street by 1.7% during the fourth quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager's stock valued at $506,534,000 after purchasing an additional 67,309 shares during the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of State Street by 30.4% during the fourth quarter. First Trust Advisors LP now owns 3,582,977 shares of the asset manager's stock valued at $462,240,000 after purchasing an additional 835,331 shares during the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

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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