Gregory L. Summe Sells 10,815 Shares of State Street Co. (NYSE:STT) Stock

State Street Co. (NYSE:STT) Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total value of $1,081,500.00. Following the sale, the director now directly owns 100,023 shares in the company, valued at approximately $10,002,300. This trade represents a 9.76 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

State Street Price Performance

Shares of NYSE:STT traded down $0.62 during midday trading on Wednesday, hitting $99.82. The stock had a trading volume of 2,008,597 shares, compared to its average volume of 1,977,687. State Street Co. has a fifty-two week low of $70.20 and a fifty-two week high of $103.00. The company’s 50-day moving average price is $98.59 and its 200-day moving average price is $92.54. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. The company has a market capitalization of $28.80 billion, a P/E ratio of 12.11, a price-to-earnings-growth ratio of 1.11 and a beta of 1.43.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.31. The company had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. The firm’s revenue was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.04 earnings per share. As a group, equities research analysts predict that State Street Co. will post 9.65 EPS for the current fiscal year.

State Street Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd were paid a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend was Thursday, January 2nd. State Street’s dividend payout ratio (DPR) is currently 36.89%.

Hedge Funds Weigh In On State Street

A number of institutional investors have recently modified their holdings of the company. Norges Bank purchased a new stake in State Street in the 4th quarter valued at about $161,021,000. Price T Rowe Associates Inc. MD lifted its position in State Street by 236.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager’s stock valued at $226,642,000 after purchasing an additional 1,622,408 shares during the last quarter. Hotchkis & Wiley Capital Management LLC increased its position in shares of State Street by 30.4% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock valued at $514,136,000 after purchasing an additional 1,354,560 shares during the last quarter. FMR LLC raised its stake in shares of State Street by 14.2% during the fourth quarter. FMR LLC now owns 6,983,607 shares of the asset manager’s stock worth $685,441,000 after acquiring an additional 870,849 shares in the last quarter. Finally, Azora Capital LP bought a new stake in State Street in the fourth quarter worth $80,294,000. 87.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently issued reports on STT. Barclays lifted their target price on State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Morgan Stanley dropped their price target on State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a research report on Friday, January 3rd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $103.00 target price (down previously from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Wolfe Research raised shares of State Street from an “underperform” rating to a “peer perform” rating in a research report on Monday, January 27th. Finally, StockNews.com cut State Street from a “buy” rating to a “hold” rating in a research report on Friday, February 14th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, State Street presently has an average rating of “Hold” and a consensus price target of $100.73.

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.