State Street (NYSE:STT) EVP W. Bradford Hu Sells 9,212 Shares

State Street Corporation (NYSE:STT) EVP W. Bradford Hu sold 9,212 shares of the firm’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $1,431,084.20. Following the transaction, the executive vice president owned 59,552 shares in the company, valued at $9,251,403.20. This trade represents a 13.40% 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 Stock Performance

Shares of STT opened at $157.87 on Friday. The business’s fifty day moving average price is $142.61 and its 200 day moving average price is $132.06. State Street Corporation has a 12-month low of $94.72 and a 12-month high of $159.31. The stock has a market capitalization of $43.69 billion, a PE ratio of 16.01, a price-to-earnings-growth ratio of 0.86 and a beta of 1.45. 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 (NYSE:STT) last issued its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The firm had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter last year, the company posted $2.04 earnings per share. State Street’s revenue was up 15.6% on a year-over-year basis. Equities research analysts forecast that State Street Corporation will post 12.35 EPS for the current year.

State Street Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be issued a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.1%. State Street’s dividend payout ratio (DPR) is currently 34.08%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. The Goldman Sachs Group raised their target price on State Street from $152.00 to $168.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Zacks Research upgraded State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. Truist Financial raised their target price on State Street from $136.00 to $150.00 and gave the company a “hold” rating in a research note on Monday, April 20th. Bank of America raised State Street from an “underperform” rating to a “neutral” rating and set a $143.00 price target on the stock in a report on Monday, April 6th. Finally, Wells Fargo & Company lifted their price target on State Street from $162.00 to $171.00 and gave the company an “overweight” rating in a report on Tuesday. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, State Street presently has a consensus rating of “Moderate Buy” and an average price target of $158.57.

State Street News Summary

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

• Positive Sentiment: State Street Investment Management announced a change to its ETF lineup, including plans to close and liquidate the State Street DoubleLine Emerging Markets Fixed Income ETF (EMTL). The move suggests active portfolio management and a willingness to prune underperforming or non-core products, which can be viewed favorably by investors focused on capital efficiency. Article Title
• Neutral Sentiment: State Street also presented at the Bernstein 42nd Annual Strategic Decisions Conference. Conference appearances typically do not move the stock on their own, but they can help reinforce the company’s strategy and outlook for institutional investors. Article Title
• Neutral Sentiment: Several State Street entities ceased to be substantial holders in a handful of Australian companies, including Select Harvests, SRG Global, Elsight, and McMillan Shakespeare. These filings reflect changes in portfolio ownership, but they are not directly material to State Street’s own earnings power. Article Title
• Negative Sentiment: CEO Ronald P. Hanley and EVP W. Bradford Hu both sold shares in pre-arranged Rule 10b5-1 transactions. While the sales were scheduled and disclosed, insider selling can still weigh on investor sentiment if viewed as a signal that management is trimming exposure near recent highs. Article Title

Institutional Investors Weigh In On State Street

A number of hedge funds and other institutional investors have recently modified their holdings of STT. Regents of The University of California acquired a new position in shares of State Street in the third quarter worth $324,576,000. Jones Financial Companies Lllp raised its position in State Street by 11.7% during the third quarter. Jones Financial Companies Lllp now owns 208,600 shares of the asset manager’s stock valued at $24,139,000 after acquiring an additional 21,810 shares in the last quarter. Machina Capital S.A.S. bought a new position in State Street during the third quarter valued at approximately $2,622,000. AE Wealth Management LLC bought a new position in State Street during the third quarter valued at approximately $6,611,000. Finally, Impax Asset Management Group plc raised its position in State Street by 49.2% during the third quarter. Impax Asset Management Group plc now owns 127,984 shares of the asset manager’s stock valued at $14,847,000 after acquiring an additional 42,198 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

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.