Insider Selling: State Street (NYSE:STT) EVP Sells $1,197,104.37 in Stock

State Street Corporation (NYSE:STT) EVP W. Hu sold 7,099 shares of State Street stock in a transaction on Monday, October 26th. The shares were sold at an average price of $168.63, for a total transaction of $1,197,104.37. Following the completion of the sale, the executive vice president owned 42,695 shares in the company, valued at $7,199,657.85. The trade was a 14.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

State Street Price Performance

NYSE:STT opened at $169.63 on Friday. The stock has a market capitalization of $46.15 billion, a PE ratio of 13.85, a P/E/G ratio of 0.80 and a beta of 1.41. State Street Corporation has a 1-year low of $111.63 and a 1-year high of $195.93. The firm has a fifty day simple moving average of $180.18 and a 200 day simple moving average of $158.73. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.02.

State Street (NYSE:STT) last issued its earnings results on Wednesday, October 14th. The asset manager reported $3.69 EPS for the quarter, topping the consensus estimate of $3.68 by $0.01. The company had revenue of $4 billion during the quarter, compared to the consensus estimate of $4.03 billion. State Street had a return on equity of 16.11% and a net margin of 15.81%. The firm’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period in the previous year, the company posted $2.78 EPS. On average, research analysts expect that State Street Corporation will post 13.77 EPS for the current fiscal year.

Institutional Investors Weigh In On State Street

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in State Street during the 2nd quarter worth approximately $4,139,389,000. Legal & General Group Plc bought a new stake in shares of State Street in the 2nd quarter valued at $330,849,000. Bank of New York Mellon Corp bought a new stake in shares of State Street in the 2nd quarter valued at $301,393,000. Bank of America Corp DE acquired a new stake in shares of State Street during the second quarter worth $285,936,000. Finally, Regents of The University of California increased its position in shares of State Street by 15.6% during the first quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager’s stock worth $1,273,841,000 after buying an additional 1,358,923 shares during the period. 87.44% of the stock is currently owned by institutional investors.

Trending Headlines about State Street

Here are the key news stories impacting State Street this week:

• Positive Sentiment: JPMorgan raised its price target for State Street from $187.50 to $192.50, implying meaningful potential upside from recent trading levels. However, the firm maintained a “neutral” rating, limiting the bullish impact. JPMorgan analyst action
• Neutral Sentiment: Barclays reiterated a “hold” view on STT. The lack of a positive rating change suggests analysts remain cautious despite State Street’s recent earnings beat and year-over-year revenue growth. Barclays hold rating
• Neutral Sentiment: State Street Global Advisors and affiliated entities reported changes to, or exits from, substantial holdings in several Australian-listed companies, including Deterra Royalties, Sims, Greatland Resources, Pantoro Gold, and Downer EDI. These portfolio disclosures appear routine and have limited direct implications for STT’s earnings.
• Negative Sentiment: Pomerantz LLP announced an investigation into potential claims on behalf of State Street investors. The announcement does not establish wrongdoing, but the possibility of litigation adds a reputational and legal overhang to the shares. Pomerantz investor investigation
• Negative Sentiment: Executive Vice President W. Bradford Hu sold 7,099 shares worth approximately $1.2 million, reducing his position by 14.26%. The transaction occurred under a pre-arranged Rule 10b5-1 plan, which makes it a weaker bearish signal than discretionary insider selling, but it may still weigh modestly on sentiment. State Street insider sale

Analyst Ratings Changes

STT has been the topic of a number of recent research reports. Citigroup lowered their price target on shares of State Street from $212.00 to $190.00 and set a “buy” rating on the stock in a research report on Friday, October 16th. Wells Fargo & Company boosted their price objective on shares of State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Evercore set a $200.00 target price on shares of State Street in a research report on Monday, July 20th. Barclays raised their target price on shares of State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a report on Friday, July 17th. Finally, Zacks Research cut shares of State Street from a “strong-buy” rating to a “hold” rating in a report on Friday, September 18th. Ten analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $190.03.

About State Street

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.