State Street (NYSE:STT) CEO Sells $2,395,588.40 in Stock

State Street Corporation (NYSE:STT) CEO Hanley Ronald O sold 14,554 shares of the company’s stock in a transaction on Tuesday, October 20th. The stock was sold at an average price of $164.60, for a total transaction of $2,395,588.40. Following the completion of the transaction, the chief executive officer directly owned 215,905 shares of the company’s stock, valued at $35,537,963. This represents a 6.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

State Street Price Performance

Shares of State Street stock traded down $1.26 during trading hours on Thursday, hitting $167.69. The company’s stock had a trading volume of 1,737,897 shares, compared to its average volume of 2,138,942. The company has a market cap of $46.07 billion, a PE ratio of 13.69, a PEG ratio of 0.77 and a beta of 1.41. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.59 and a current ratio of 0.57. The business has a 50 day moving average price of $182.94 and a two-hundred day moving average price of $170.72. State Street Corporation has a 12-month low of $111.63 and a 12-month high of $195.93.

State Street (NYSE:STT) last released its earnings results on Wednesday, October 14th. The asset manager reported $3.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.68 by $0.01. State Street had a return on equity of 16.36% and a net margin of 15.81%. The firm had revenue of $4 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter last year, the business posted $2.78 earnings per share. The firm’s revenue was up 12.9% on a year-over-year basis. Analysts expect that State Street Corporation will post 13.77 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on STT shares. Truist Financial lowered their target price on shares of State Street from $190.00 to $171.00 and set a “hold” rating on the stock in a report on Thursday, October 15th. Weiss Ratings downgraded shares of State Street from a “buy (a-)” rating to a “buy (b+)” rating in a report on Tuesday, October 6th. Capital One Financial set a $200.00 price target on shares of State Street in a research note on Tuesday, October 6th. TD Cowen initiated coverage on shares of State Street in a research note on Thursday, October 8th. They issued a “buy” rating and a $205.00 price target on the stock. Finally, Keefe, Bruyette & Woods increased their price objective on shares of State Street from $220.00 to $230.00 and gave the company an “outperform” rating in a report on Thursday, October 15th. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $189.74.

Institutional Trading of State Street

A number of large investors have recently made changes to their positions in the business. Philadelphia Investment Partners LLC purchased a new position in State Street in the second quarter worth about $26,000. Bell Investment Advisors Inc purchased a new stake in State Street during the second quarter valued at approximately $28,000. Elevation Wealth Partners LLC lifted 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 last quarter. Continuum Advisory LLC bought a new stake in shares of State Street in the 2nd quarter valued at approximately $30,000. Finally, Keating Financial Advisory Services Inc. bought a new stake in shares of State Street in the 2nd quarter valued at approximately $33,000. 87.44% of the stock is currently owned by institutional investors.

State Street Company Profile

State Street Corporation is a financial services holding company headquartered in Boston, Massachusetts. Founded in 1792, it provides services primarily to institutional investors, including asset owners, asset managers, insurance companies, official institutions and other financial organizations.

The company’s businesses include investment servicing, asset management, securities finance, foreign exchange, and trading and research services. Through its servicing operations, State Street provides custody, fund accounting, administration, investment operations, transfer agency and related support.