State Street (NYSE:STT) Shares Gap Down – Here’s Why

State Street Co. (NYSE:STT)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $79.63, but opened at $75.50. State Street shares last traded at $78.61, with a volume of 571,070 shares changing hands.

Analysts Set New Price Targets

Several equities analysts have issued reports on STT shares. StockNews.com cut State Street from a “buy” rating to a “hold” rating in a research report on Friday, March 7th. Truist Financial dropped their price objective on State Street from $104.00 to $89.00 and set a “hold” rating on the stock in a report on Friday, April 4th. Citigroup reduced their target price on State Street from $105.00 to $100.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Evercore ISI decreased their target price on shares of State Street from $109.00 to $106.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 1st. Finally, Wells Fargo & Company cut their price target on shares of State Street from $118.00 to $113.00 and set an “overweight” rating for the company in a report on Friday, March 28th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $103.69.

State Street Trading Up 3.2 %

The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56. The business has a fifty day simple moving average of $89.91 and a 200 day simple moving average of $93.80. The stock has a market cap of $23.72 billion, a price-to-earnings ratio of 9.98, a PEG ratio of 1.11 and a beta of 1.42.

State Street (NYSE:STT) last posted its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 EPS for the quarter, beating analysts’ consensus estimates of $1.98 by $0.06. State Street had a return on equity of 12.60% and a net margin of 12.14%. During the same quarter last year, the company earned $1.69 EPS. As a group, equities analysts anticipate that State Street Co. will post 9.68 EPS for the current year.

State Street Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Tuesday, April 1st were paid a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 3.70%. The ex-dividend date was Tuesday, April 1st. State Street’s payout ratio is 36.89%.

Insider Buying and Selling

In other news, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the transaction, the director now directly owns 100,023 shares in the company, valued at $10,002,300. This represents a 9.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Ann Fogarty sold 3,705 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total transaction of $368,536.35. Following the completion of the sale, the executive vice president now owns 50,816 shares of the company’s stock, valued at approximately $5,054,667.52. The trade was a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is owned by company insiders.

Institutional Trading of State Street

Institutional investors have recently made changes to their positions in the stock. Albion Financial Group UT acquired a new stake in State Street during the fourth quarter worth about $25,000. Y.D. More Investments Ltd lifted its position in State Street by 116.6% during the fourth quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock valued at $36,000 after buying an additional 197 shares in the last quarter. Kohmann Bosshard Financial Services LLC purchased a new stake in State Street during the fourth quarter worth approximately $42,000. Coppell Advisory Solutions LLC increased its position 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 acquiring an additional 412 shares in the last quarter. Finally, Loomis Sayles & Co. L P raised its stake in shares of State Street by 187.3% in the 4th quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager’s stock valued at $47,000 after acquiring an additional 311 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

About State Street

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.