State Street (NYSE:STT) Sees Strong Trading Volume

State Street Co. (NYSE:STT) shares saw unusually-strong trading volume on Wednesday . Approximately 5,517,564 shares were traded during mid-day trading, an increase of 138% from the previous session’s volume of 2,322,866 shares.The stock last traded at $74.32 and had previously closed at $74.39.

Analysts Set New Price Targets

Several research firms have weighed in on STT. Royal Bank of Canada boosted their price target on State Street from $75.00 to $85.00 and gave the stock a “sector perform” rating in a research report on Monday, January 22nd. Bank of America reaffirmed an “underperform” rating and set a $81.00 price target on shares of State Street in a research report on Thursday, January 4th. Morgan Stanley boosted their price target on State Street from $89.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. UBS Group boosted their price target on State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a research report on Friday, April 12th. Finally, JPMorgan Chase & Co. boosted their price target on State Street from $79.50 to $80.50 in a research report on Friday, April 12th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $84.04.

State Street Trading Down 0.1 %

The company has a current ratio of 0.61, a quick ratio of 0.55 and a debt-to-equity ratio of 0.90. The firm has a market capitalization of $22.43 billion, a P/E ratio of 13.91, a P/E/G ratio of 1.32 and a beta of 1.52. The firm has a 50-day moving average of $74.08 and a two-hundred day moving average of $72.67.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Monday, April 1st were given a $0.69 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $2.76 annualized dividend and a yield of 3.72%. State Street’s dividend payout ratio is presently 51.69%.

Insider Buying and Selling at State Street

In other State Street news, CFO Eric W. Aboaf sold 12,000 shares of the stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $73.90, for a total value of $886,800.00. Following the completion of the transaction, the chief financial officer now directly owns 149,063 shares in the company, valued at $11,015,755.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Anthony Bisegna sold 2,606 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $73.00, for a total transaction of $190,238.00. Following the completion of the transaction, the executive vice president now directly owns 17,737 shares in the company, valued at $1,294,801. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Eric W. Aboaf sold 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $73.90, for a total value of $886,800.00. Following the sale, the chief financial officer now directly owns 149,063 shares of the company’s stock, valued at approximately $11,015,755.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,864 shares of company stock worth $1,390,597. 0.31% of the stock is currently owned by insiders.

Institutional Investors Weigh In On State Street

A number of hedge funds have recently added to or reduced their stakes in the company. Simplicity Wealth LLC acquired a new stake in State Street in the first quarter valued at approximately $549,000. Sage Mountain Advisors LLC acquired a new stake in State Street in the first quarter valued at approximately $202,000. Wesbanco Bank Inc. acquired a new stake in State Street in the first quarter valued at approximately $1,199,000. Raymond James Financial Services Advisors Inc. lifted its holdings in State Street by 2.9% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 180,969 shares of the asset manager’s stock worth $13,993,000 after acquiring an additional 5,017 shares during the period. Finally, Massachusetts Wealth Management lifted its holdings in State Street by 3.2% during the first quarter. Massachusetts Wealth Management now owns 21,934 shares of the asset manager’s stock worth $1,696,000 after acquiring an additional 675 shares during the period. Institutional investors and hedge funds own 87.44% 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. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.