State Street Corp (NYSE:STT) CEO Robert Willett sold 36,706 shares of State Street stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $51.80, for a total value of $1,901,370.80.
Shares of NYSE STT traded up $0.42 during mid-day trading on Tuesday, hitting $73.41. 4,859,730 shares of the stock traded hands, compared to its average volume of 2,824,619. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.48 and a current ratio of 0.48. State Street Corp has a 52 week low of $48.62 and a 52 week high of $77.00. The company has a market cap of $26.58 billion, a price-to-earnings ratio of 10.17, a PEG ratio of 1.18 and a beta of 1.52. The stock has a fifty day moving average price of $62.98 and a 200-day moving average price of $58.59.
State Street (NYSE:STT) last released its quarterly earnings results on Friday, October 18th. The asset manager reported $1.51 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.11. State Street had a return on equity of 11.34% and a net margin of 16.18%. The company had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.86 billion. During the same period in the previous year, the company posted $1.87 earnings per share. The firm’s revenue was down 2.9% on a year-over-year basis. As a group, sell-side analysts predict that State Street Corp will post 5.81 EPS for the current fiscal year.
STT has been the topic of a number of recent analyst reports. Raymond James lifted their price objective on State Street from $69.00 to $77.00 and gave the stock a “strong-buy” rating in a research report on Monday, October 21st. They noted that the move was a valuation call. Morgan Stanley lifted their price objective on State Street from $57.00 to $66.00 and gave the stock an “underweight” rating in a research report on Tuesday, October 29th. ValuEngine upgraded State Street from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Deutsche Bank upgraded State Street from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $64.00 to $81.00 in a research report on Wednesday, November 6th. Finally, Keefe, Bruyette & Woods reiterated an “underperform” rating and issued a $68.00 price objective (up from $60.00) on shares of State Street in a research report on Monday, October 21st. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $69.02.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Trust Advisors LP raised its stake in State Street by 25.7% during the second quarter. First Trust Advisors LP now owns 547,096 shares of the asset manager’s stock valued at $30,670,000 after buying an additional 111,924 shares during the last quarter. Arizona State Retirement System raised its stake in State Street by 9.8% during the second quarter. Arizona State Retirement System now owns 106,707 shares of the asset manager’s stock valued at $5,982,000 after buying an additional 9,524 shares during the last quarter. Asahi Life Asset Management CO. LTD. purchased a new position in State Street during the second quarter valued at $318,000. GSA Capital Partners LLP purchased a new position in State Street during the second quarter valued at $877,000. Finally, Arjuna Capital raised its stake in State Street by 65.7% during the second quarter. Arjuna Capital now owns 13,041 shares of the asset manager’s stock valued at $731,000 after buying an additional 5,173 shares during the last quarter. Institutional investors own 92.38% of the company’s stock.
About State Street
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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