State Street (NYSE:STT) EVP Sells $2,001,552.00 in Stock

State Street Corporation (NYSE:STT) EVP John Plansky sold 16,100 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the sale, the executive vice president owned 56,162 shares of the company’s stock, valued at $6,982,059.84. This trade represents a 22.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

State Street Stock Performance

Shares of State Street stock traded down $2.89 on Thursday, hitting $123.11. The stock had a trading volume of 1,792,344 shares, compared to its average volume of 2,193,628. The stock has a market cap of $34.31 billion, a price-to-earnings ratio of 13.08, a price-to-earnings-growth ratio of 1.07 and a beta of 1.43. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 1.04. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $137.05. The business’s 50 day moving average is $129.19 and its two-hundred day moving average is $121.95.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, topping the consensus estimate of $2.82 by $0.15. The business had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.57 billion. State Street had a return on equity of 13.46% and a net margin of 13.02%.The firm’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period last year, the firm posted $2.60 EPS. Analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st will be issued a dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.7%. State Street’s dividend payout ratio (DPR) is currently 35.71%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on STT shares. Citigroup initiated coverage on shares of State Street in a research report on Monday, February 23rd. They set a “buy” rating and a $150.00 price target on the stock. The Goldman Sachs Group restated a “buy” rating on shares of State Street in a research report on Tuesday, January 6th. Wall Street Zen raised shares of State Street from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. Truist Financial set a $136.00 price target on shares of State Street in a research report on Tuesday, January 20th. Finally, Loop Capital set a $144.00 price target on State Street in a research report on Tuesday, January 6th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, State Street has a consensus rating of “Moderate Buy” and an average price target of $135.83.

Hedge Funds Weigh In On State Street

Several hedge funds have recently bought and sold shares of STT. True Wealth Design LLC lifted its holdings in shares of State Street by 166.3% during the 3rd quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock worth $29,000 after acquiring an additional 158 shares during the period. Wilkerson Advisory Group LLC bought a new position in State Street in the fourth quarter valued at approximately $29,000. JPL Wealth Management LLC acquired a new position in State Street during the third quarter valued at approximately $29,000. Phillip James Consulting Co. acquired a new position in State Street during the fourth quarter valued at approximately $30,000. Finally, Flagship Wealth Advisors LLC bought a new stake in State Street during the third quarter worth $35,000. 87.44% of the stock is owned by institutional investors.

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.