State Street (NYSE:STT) CEO Sells $2,260,808.55 in Stock

State Street Corporation (NYSE:STT) CEO Hanley Ronald O sold 14,553 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $2,260,808.55. Following the sale, the chief executive officer directly owned 255,512 shares in the company, valued at $39,693,789.20. The trade was a 5.39% 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 the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

State Street Trading Down 1.3%

Shares of NYSE STT opened at $155.63 on Friday. The business’s 50 day moving average is $143.30 and its two-hundred day moving average is $132.22. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57. State Street Corporation has a 1-year low of $94.72 and a 1-year high of $159.31. The stock has a market capitalization of $43.07 billion, a P/E ratio of 15.78, a PEG ratio of 0.85 and a beta of 1.45.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The company had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same period in the previous year, the firm posted $2.04 earnings per share. The firm’s revenue for the quarter was up 15.6% on a year-over-year basis. As a group, research analysts expect that State Street Corporation will post 12.35 EPS for the current year.

State Street Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Wednesday, July 1st. State Street’s payout ratio is presently 34.08%.

Key Stories Impacting State Street

Here are the key news stories impacting State Street this week:

• Positive Sentiment: State Street was highlighted as one of the better-positioned names in the regional banks/financials group, with analysts citing favorable industry trends such as restructuring, acquisitions, digitization, loan demand, and lower rates as potential tailwinds for growth. Article Title
• Positive Sentiment: State Street Investment Management announced it will close and liquidate the EMTL ETF, which can be read as disciplined product management and a focus on pruning weaker offerings to improve capital efficiency. Article Title
• Neutral Sentiment: State Street announced that CFO John Woods will present at the Morgan Stanley U.S. Financials Conference on June 10. The event may provide updates on strategy and outlook, but it is not a direct business catalyst by itself. Article Title
• Neutral Sentiment: State Street’s entities ceased to be substantial holders in several Australian companies, reflecting portfolio ownership changes that do not appear material to State Street’s own earnings power. Article Title
• Negative Sentiment: CEO Ronald P. Hanley and EVP W. Bradford Hu both sold shares under pre-arranged 10b5-1 plans. While routine, insider selling can still pressure sentiment when the stock is trading close to recent highs. Article Title

Wall Street Analyst Weigh In

Several research analysts have issued reports on STT shares. Citigroup boosted their target price on State Street from $150.00 to $172.00 and gave the company a “buy” rating in a research report on Friday, May 8th. JPMorgan Chase & Co. boosted their target price on State Street from $137.50 to $158.50 and gave the company a “neutral” rating in a research report on Monday, May 11th. Wells Fargo & Company boosted their target price on State Street from $162.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday. Evercore set a $158.00 target price on State Street and gave the company an “outperform” rating in a research report on Monday, April 20th. Finally, Barclays set a $165.00 target price on State Street 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 assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $158.57.

Institutional Trading of State Street

A number of large investors have recently modified their holdings of the company. Chicago Partners Investment Group LLC boosted its holdings 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 purchasing an additional 83 shares during the period. Wedmont Private Capital boosted its holdings in shares of State Street by 1.3% in the fourth quarter. Wedmont Private Capital now owns 6,498 shares of the asset manager’s stock valued at $861,000 after purchasing an additional 85 shares during the period. Annis Gardner Whiting Capital Advisors LLC boosted its holdings in shares of State Street by 38.2% in the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager’s stock valued at $39,000 after purchasing an additional 94 shares during the period. Arjuna Capital boosted its holdings 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 valued at $3,243,000 after purchasing an additional 95 shares during the period. Finally, LVW Advisors LLC boosted its holdings in shares of State Street by 1.7% in the fourth quarter. LVW Advisors LLC now owns 5,605 shares of the asset manager’s stock valued at $723,000 after purchasing an additional 96 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

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.