State Street Corporation (NYSE:STT) insider Andrew Erickson sold 353 shares of the company’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $93.01, for a total value of $32,832.53. Following the completion of the sale, the insider now owns 21,170 shares in the company, valued at $1,969,021.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
State Street Corporation (STT) traded up 0.69% on Friday, hitting $92.42. The company had a trading volume of 1,916,334 shares. The company has a market capitalization of $34.56 billion, a P/E ratio of 17.06 and a beta of 1.30. State Street Corporation has a one year low of $68.16 and a one year high of $96.26. The stock’s 50-day moving average price is $92.42 and its 200 day moving average price is $84.16.
State Street Corporation (NYSE:STT) last issued its quarterly earnings data on Wednesday, July 26th. The asset manager reported $1.67 EPS for the quarter, topping the consensus estimate of $1.57 by $0.10. The firm had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.86 billion. State Street Corporation had a return on equity of 12.49% and a net margin of 19.97%. The company’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.46 earnings per share. On average, analysts expect that State Street Corporation will post $6.15 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be paid a $0.42 dividend. The ex-dividend date is Friday, September 29th. This is an increase from State Street Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 annualized dividend and a dividend yield of 1.82%. State Street Corporation’s dividend payout ratio is 28.15%.
State Street Corporation announced that its Board of Directors has approved a stock repurchase program on Wednesday, June 28th that authorizes the company to repurchase $1.40 billion in shares. This repurchase authorization authorizes the asset manager to purchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
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Several analysts have recently commented on STT shares. UBS AG upgraded State Street Corporation from a “neutral” rating to a “buy” rating and increased their target price for the stock from $86.00 to $92.00 in a report on Monday, June 5th. Keefe, Bruyette & Woods set a $88.00 target price on State Street Corporation and gave the stock a “hold” rating in a report on Saturday, July 1st. Zacks Investment Research upgraded State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a report on Tuesday, July 11th. Wells Fargo & Company started coverage on State Street Corporation in a report on Wednesday, August 9th. They set an “outperform” rating and a $115.00 target price on the stock. Finally, Jefferies Group LLC restated a “hold” rating and set a $87.00 target price on shares of State Street Corporation in a report on Monday, June 19th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, four have given a buy rating and two have issued a strong buy rating to the company. The company has an average rating of “Hold” and an average price target of $90.18.
Several hedge funds have recently modified their holdings of STT. Vanguard Group Inc. increased its stake in shares of State Street Corporation by 5.3% in the first quarter. Vanguard Group Inc. now owns 23,574,037 shares of the asset manager’s stock valued at $1,876,730,000 after buying an additional 1,180,527 shares during the period. Pinnacle Bank bought a new stake in shares of State Street Corporation during the first quarter valued at approximately $129,000. Pennsylvania Trust Co increased its stake in shares of State Street Corporation by 6.5% in the second quarter. Pennsylvania Trust Co now owns 3,948 shares of the asset manager’s stock valued at $361,000 after buying an additional 240 shares during the period. Ledyard National Bank increased its stake in shares of State Street Corporation by 72.0% in the first quarter. Ledyard National Bank now owns 3,368 shares of the asset manager’s stock valued at $268,000 after buying an additional 1,410 shares during the period. Finally, CAPROCK Group Inc. increased its stake in shares of State Street Corporation by 2.3% in the first quarter. CAPROCK Group Inc. now owns 3,651 shares of the asset manager’s stock valued at $291,000 after buying an additional 81 shares during the period. 88.64% of the stock is owned by hedge funds and other institutional investors.
About State Street Corporation
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.
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