Insider Selling: State Street (NYSE:STT) CEO Sells 14,553 Shares of Stock

State Street Corporation (NYSE:STT) CEO Hanley Ronald O sold 14,553 shares of State Street stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the completion of the sale, the chief executive officer owned 240,959 shares in the company, valued at approximately $44,377,419.03. This represents a 5.70% decrease in their ownership of the stock. The sale was disclosed in a legal 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 Price Performance

Shares of State Street stock traded down $3.36 during trading on Tuesday, reaching $181.30. 290,639 shares of the stock traded hands, compared to its average volume of 2,227,399. State Street Corporation has a 52-week low of $104.64 and a 52-week high of $192.51. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.57. The business has a fifty day simple moving average of $169.67 and a two-hundred day simple moving average of $146.44. The company has a market capitalization of $50.18 billion, a price-to-earnings ratio of 15.99, a P/E/G ratio of 0.77 and a beta of 1.42.

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

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be given a $0.92 dividend. This is a boost from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a yield of 2.0%. The ex-dividend date is Thursday, October 1st. State Street’s dividend payout ratio (DPR) is presently 32.45%.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. JPMorgan Chase & Co. boosted their price objective on State Street from $158.50 to $176.50 and gave the stock a “neutral” rating in a research note on Monday, July 6th. The Goldman Sachs Group lifted their target price on State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Barclays increased their price target on State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a report on Friday, July 17th. Finally, Bank of America lifted their price objective on shares of State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 7th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, State Street has a consensus rating of “Moderate Buy” and a consensus target price of $184.72.

Institutional Investors Weigh In On State Street

Hedge funds have recently made changes to their positions in the company. Brighton Jones LLC bought a new position in State Street in the fourth quarter worth approximately $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of State Street by 2.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock valued at $2,885,000 after buying an additional 918 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in shares of State Street by 105.2% in the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock valued at $913,000 after buying an additional 5,226 shares in the last quarter. Empowered Funds LLC grew its position in shares of State Street by 220.1% in the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock worth $2,065,000 after buying an additional 15,996 shares during the last quarter. Finally, Woodline Partners LP raised its stake in shares of State Street by 38.4% during the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock worth $2,182,000 after acquiring an additional 6,767 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other 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.