Insider Selling: State Street (NYSE:STT) EVP Sells 9,758 Shares

State Street Corporation (NYSE:STT) EVP W. Bradford Hu sold 9,758 shares of the company’s stock in a transaction on 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 transaction, the executive vice president owned 49,794 shares of the company’s stock, valued at approximately $9,187,988.88. The trade was a 16.39% 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 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 Performance

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

State Street (NYSE:STT) last released its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping analysts’ consensus estimates of $3.34 by $0.31. The business had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The company’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same quarter last year, the company earned $2.04 EPS. Equities research analysts predict that State Street Corporation will post 13.68 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be given a $0.92 dividend. This is a positive change from State Street’s previous quarterly dividend of $0.84. The ex-dividend date is Thursday, October 1st. This represents a $3.68 annualized dividend and a yield of 2.0%. State Street’s payout ratio is currently 32.45%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in STT. Wilkerson Advisory Group LLC bought a new stake in State Street during the fourth quarter worth approximately $29,000. JPL Wealth Management LLC bought a new position in State Street during the 3rd quarter valued at $29,000. Phillip James Consulting Co. acquired a new position in shares of State Street during the 4th quarter valued at $30,000. Elevation Wealth Partners LLC increased its position in shares of State Street by 153.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock valued at $30,000 after purchasing an additional 106 shares during the period. Finally, Whipplewood Advisors LLC bought a new stake in shares of State Street in the 1st quarter worth $34,000. 87.44% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Seaport Research Partners reaffirmed a “buy” rating and set a $170.00 price target on shares of State Street in a report on Monday, April 20th. Wells Fargo & Company raised their target price on State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Barclays lifted their target price on State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a research note on Friday, July 17th. Bank of America boosted their price target on State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 7th. Finally, Citigroup increased their price target on State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a research note on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, State Street presently has an average rating of “Moderate Buy” and an average price target of $184.72.

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.