W. Bradford Hu Sells 9,758 Shares of State Street (NYSE:STT) Stock

State Street Corporation (NYSE:STT) EVP W. Bradford Hu sold 9,758 shares of the company’s stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the sale, the executive vice president directly owned 49,794 shares of the company’s stock, valued at approximately $9,187,988.88. This trade represents a 16.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 stock was sold at an average price of $155.35, for a total transaction of $1,431,084.20.

State Street Stock Down 3.6%

Shares of NYSE STT opened at $175.94 on Thursday. The stock has a market cap of $48.69 billion, a P/E ratio of 15.51, a P/E/G ratio of 0.76 and a beta of 1.42. The firm has a 50 day moving average price of $170.76 and a 200 day moving average price of $147.10. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.59. State Street Corporation has a 52-week low of $104.64 and a 52-week high of $192.51.

State Street (NYSE:STT) last issued its earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating the consensus estimate of $3.34 by $0.31. The firm had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The business’s quarterly revenue was up 23.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.04 earnings per share. Analysts expect that State Street Corporation will post 13.68 EPS for the current year.

State Street Increases Dividend

The firm also recently disclosed 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 represents a $3.68 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Thursday, October 1st. This is a boost from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio (DPR) is 29.63%.

Hedge Funds Weigh In On State Street

A number of large investors have recently added to or reduced their stakes in STT. Elevation Wealth Partners LLC raised its stake in shares of State Street by 153.6% in 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. Wilkerson Advisory Group LLC acquired a new position in shares of State Street during the fourth quarter worth about $29,000. Phillip James Consulting Co. acquired a new position in shares of State Street during the fourth quarter worth about $30,000. JPL Wealth Management LLC bought a new position in shares of State Street during the third quarter worth about $29,000. Finally, Whipplewood Advisors LLC bought a new position in shares of State Street during the first quarter worth about $34,000. Institutional investors own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on STT shares. UBS Group set a $176.00 target price on State Street in a research note on Friday, June 26th. Keefe, Bruyette & Woods raised their price target on State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a research report on Friday, July 17th. Citigroup lifted their price objective on State Street from $193.00 to $210.00 and gave the company a “buy” rating in a report on Friday, July 17th. The Goldman Sachs Group boosted their price objective on State Street from $168.00 to $194.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Finally, Morgan Stanley increased their target price on State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $184.72.

State Street News Roundup

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

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.