Michael L. Richards Sells 990 Shares of State Street Corporation (NYSE:STT) Stock

State Street Corporation (NYSE:STT) EVP Michael L. Richards sold 990 shares of the business’s stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total value of $108,197.10. Following the completion of the transaction, the executive vice president owned 41,332 shares in the company, valued at $4,517,174.28. The trade was a 2.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

State Street Trading Up 1.8%

Shares of STT stock opened at $113.01 on Friday. The company’s fifty day simple moving average is $102.60 and its two-hundred day simple moving average is $95.67. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $113.72. The stock has a market capitalization of $32.23 billion, a price-to-earnings ratio of 12.66, a PEG ratio of 1.23 and a beta of 1.45.

State Street (NYSE:STT) last issued its earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.33 billion. During the same quarter in the previous year, the firm posted $2.15 EPS. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. As a group, analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be issued a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 annualized dividend and a dividend yield of 2.97%. This is a boost from State Street’s previous quarterly dividend of $0.76. State Street’s dividend payout ratio is presently 37.63%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on STT shares. Keefe, Bruyette & Woods cut their target price on State Street from $118.00 to $113.00 and set an “outperform” rating on the stock in a research note on Monday, April 21st. Truist Financial cut their target price on State Street from $122.00 to $116.00 and set a “buy” rating on the stock in a research note on Wednesday, July 16th. Morgan Stanley boosted their target price on State Street from $110.00 to $114.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 1st. The Goldman Sachs Group boosted their target price on State Street from $98.00 to $111.00 and gave the stock a “buy” rating in a research note on Wednesday, July 2nd. Finally, Bank of America boosted their target price on State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 16th. One 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $112.00.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. First Pacific Financial bought a new position in shares of State Street in the first quarter worth $25,000. Capital Analysts LLC increased its holdings in shares of State Street by 3,914.3% in the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock worth $25,000 after purchasing an additional 274 shares during the period. Larson Financial Group LLC increased its holdings in shares of State Street by 40.8% in the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock worth $36,000 after purchasing an additional 118 shares during the period. Coppell Advisory Solutions LLC increased its holdings in shares of State Street by 2,942.9% in the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager’s stock worth $42,000 after purchasing an additional 412 shares during the period. Finally, Golden State Wealth Management LLC increased its holdings in shares of State Street by 186.7% in the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock worth $43,000 after purchasing an additional 310 shares during the period. Institutional investors own 87.44% of the company’s stock.

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.