Hanley Ronald O Sells 14,553 Shares of State Street (NYSE:STT) 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, July 21st. The stock was sold at an average price of $184.17, for a total value of $2,680,226.01. Following the transaction, the chief executive officer directly owned 240,959 shares in the company, valued at $44,377,419.03. This trade represents a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

State Street Stock Down 3.6%

Shares of NYSE:STT opened at $175.94 on Thursday. The company has a quick ratio of 0.57, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a 52-week low of $104.64 and a 52-week high of $192.51. The company has a 50 day moving average of $170.76 and a two-hundred day moving average of $147.10. The company has a market capitalization of $48.69 billion, a price-to-earnings ratio of 15.51, a price-to-earnings-growth ratio of 0.76 and a beta of 1.42.

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

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be paid a dividend of $0.92 per share. This is a positive change from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 annualized dividend and a yield of 2.1%. State Street’s payout ratio is presently 29.63%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Evercore set a $200.00 price objective on shares of State Street in a research report on Monday, July 20th. Royal Bank Of Canada raised their target price on State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a research note on Friday, July 17th. UBS Group set a $176.00 target price on State Street in a research report on Friday, June 26th. Keefe, Bruyette & Woods boosted their price target on State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a research note on Friday, July 17th. Finally, Morgan Stanley increased their price target on State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $184.72.

Key State Street News

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

• Positive Sentiment: Latin American expansion: State Street plans to acquire Santander CACEIS’s Latin American Securities Services joint venture, expanding its custody and securities-services operations across key regional markets. The transaction could add scale, clients and long-term revenue opportunities, although financial terms and closing conditions were not disclosed. State Street to Expand Latam Presence With Santander CACEIS JV Buyout
• Positive Sentiment: Dividend increase: State Street raised its quarterly dividend to $0.92 per share from $0.84, implying an annualized payout of $3.68 and a yield of approximately 2%. The increase signals confidence in capital generation and may support income-oriented demand for the stock. State Street EVP Sells Stock
• Neutral Sentiment: Strong earnings backdrop: State Street’s latest quarterly report showed adjusted earnings of $3.65 per share and revenue of $4.05 billion, exceeding estimates, with revenue up 23.3% year over year. Analysts maintain a generally positive outlook, but much of that strength may already be reflected in the elevated share price.
• Neutral Sentiment: Relative performance: State Street underperformed its competitors in Tuesday trading, indicating weaker near-term sentiment even as the stock remains well above its 50-day and 200-day moving averages. State Street Corp. stock underperforms Tuesday when compared to competitors
• Negative Sentiment: Insider selling: CEO Ronald O. Hanley sold about $2.68 million of shares, while EVP W. Bradford Hu sold approximately $1.80 million. Both transactions were executed under pre-arranged Rule 10b5-1 plans, reducing the negative signal, but the sales could still weigh modestly on sentiment. State Street EVP Sells $1,800,546.16 in Stock

Institutional Trading of State Street

Several institutional investors have recently added to or reduced their stakes in STT. Tema ETFs LLC boosted its stake in State Street by 7.5% during the 2nd quarter. Tema ETFs LLC now owns 4,157 shares of the asset manager’s stock valued at $705,000 after acquiring an additional 290 shares during the last quarter. E. Ohman J or Asset Management AB increased its position in shares of State Street by 12.9% in the 2nd quarter. E. Ohman J or Asset Management AB now owns 10,079 shares of the asset manager’s stock worth $1,709,000 after purchasing an additional 1,150 shares during the last quarter. Handelsbanken Fonder AB increased its position in shares of State Street by 24.8% in the 2nd quarter. Handelsbanken Fonder AB now owns 111,637 shares of the asset manager’s stock worth $18,934,000 after purchasing an additional 22,156 shares during the last quarter. Harrell Investment Partners LLC bought a new stake in shares of State Street in the 2nd quarter worth about $264,000. Finally, Franklin Street Advisors Inc. NC acquired a new stake in shares of State Street in the 2nd quarter valued at about $237,000. 87.44% of the stock is owned by institutional investors and hedge funds.

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.