State Street (NYSE:STT) Shares Gap Down - Should You Sell?

State Street Corporation (NYSE:STT - Get Free Report)'s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $110.03, but opened at $105.50. State Street shares last traded at $106.73, with a volume of 534,351 shares.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on STT. Cfra Research raised State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday. Barclays cut their price objective on State Street from $127.00 to $120.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Evercore ISI raised their target price on State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. Truist Financial dropped their target price on State Street from $122.00 to $116.00 and set a "buy" rating for the company in a research report on Wednesday. Finally, Wells Fargo & Company increased their price target on shares of State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, State Street presently has an average rating of "Hold" and a consensus target price of $112.00.

State Street Stock Down 0.0%

The firm's fifty day simple moving average is $101.02 and its 200 day simple moving average is $95.17. The company has a market cap of $30.64 billion, a price-to-earnings ratio of 12.03, a PEG ratio of 1.21 and a beta of 1.45. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09.

State Street (NYSE:STT - Get Free Report) last posted its earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating the consensus estimate of $2.36 by $0.17. The firm had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%. State Street's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.15 earnings per share. Sell-side analysts predict that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be paid a dividend of $0.84 per share. This is a boost from State Street's previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 annualized dividend and a yield of 3.13%. State Street's payout ratio is presently 34.04%.

Insider Activity

In other State Street news, CAO Elizabeth Schaefer sold 1,300 shares of the company's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total value of $117,936.00. Following the completion of the transaction, the chief accounting officer owned 7,354 shares in the company, valued at $667,154.88. This represents a 15.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.29% of the company's stock.

Institutional Investors Weigh In On State Street

Several hedge funds have recently modified their holdings of STT. McAdam LLC boosted its holdings in shares of State Street by 1.7% in the second quarter. McAdam LLC now owns 6,650 shares of the asset manager's stock valued at $707,000 after acquiring an additional 111 shares in the last quarter. Meeder Advisory Services Inc. boosted its holdings in State Street by 2.0% in the 1st quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager's stock valued at $515,000 after purchasing an additional 114 shares in the last quarter. Sequoia Financial Advisors LLC boosted its holdings in State Street by 2.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager's stock valued at $395,000 after purchasing an additional 118 shares in the last quarter. Larson Financial Group LLC raised its stake in shares of State Street by 40.8% during the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after buying an additional 118 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its position in State Street by 5.9% during the first quarter. Smartleaf Asset Management LLC now owns 2,257 shares of the asset manager's stock worth $201,000 after buying an additional 126 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.