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

State Street Co. (NYSE:STT)’s share price gapped down before the market opened on Friday . The stock had previously closed at $100.49, but opened at $95.66. State Street shares last traded at $97.30, with a volume of 954,895 shares.

Analysts Set New Price Targets

Several research firms have commented on STT. The Goldman Sachs Group lifted their price target on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Truist Financial began coverage on State Street in a research note on Tuesday, January 7th. They issued a “hold” rating and a $106.00 target price for the company. Morgan Stanley dropped their target price on State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a report on Friday, January 3rd. Wells Fargo & Company upped their price target on State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a report on Thursday, January 2nd. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $100.33.

State Street Trading Down 2.7 %

The firm’s 50-day simple moving average is $97.56 and its 200 day simple moving average is $89.28. The stock has a market cap of $28.66 billion, a P/E ratio of 15.44, a PEG ratio of 0.97 and a beta of 1.43. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.91.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.31. The business had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3,267,560 billion. State Street had a net margin of 9.87% and a return on equity of 12.02%. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.04 earnings per share. As a group, equities research analysts anticipate that State Street Co. will post 8.45 earnings per share for the current year.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd were paid a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date was Thursday, January 2nd. State Street’s payout ratio is currently 48.03%.

Insider Transactions at State Street

In other State Street news, EVP Kathryn M. Horgan sold 12,500 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $97.97, for a total value of $1,224,625.00. Following the sale, the executive vice president now directly owns 111,042 shares in the company, valued at approximately $10,878,784.74. The trade was a 10.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.31% of the company’s stock.

Institutional Trading of State Street

Several institutional investors and hedge funds have recently added to or reduced their stakes in STT. Albion Financial Group UT bought a new stake in shares of State Street during the 4th quarter worth $25,000. XML Financial LLC acquired a new position in State Street during the fourth quarter valued at $229,000. Atomi Financial Group Inc. lifted its stake in State Street by 9.9% in the 4th quarter. Atomi Financial Group Inc. now owns 3,366 shares of the asset manager’s stock worth $330,000 after acquiring an additional 302 shares in the last quarter. Clear Harbor Asset Management LLC acquired a new stake in State Street during the 4th quarter worth about $243,000. Finally, Ballentine Partners LLC increased its holdings in shares of State Street by 4.5% in the 4th quarter. Ballentine Partners LLC now owns 11,336 shares of the asset manager’s stock valued at $1,113,000 after purchasing an additional 485 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Company Profile

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.