State Street (NYSE:STT) Sees Large Volume Increase

Shares of State Street Co. (NYSE:STT) saw unusually-high trading volume on Wednesday . Approximately 5,517,564 shares traded hands during 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

STT has been the topic of several research analyst reports. JPMorgan Chase & Co. upped their target price on shares of State Street from $79.50 to $80.50 in a research note on Friday, April 12th. The Goldman Sachs Group raised shares of State Street from a “neutral” rating to a “buy” rating and increased their target price for the stock from $69.00 to $92.00 in a report on Wednesday, January 3rd. Barclays boosted their price target on shares of State Street from $87.00 to $102.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Morgan Stanley boosted their price target on shares of State Street from $89.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. Finally, Argus boosted their price target on shares of State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $84.04.

State Street Stock Up 0.1 %

The company has a debt-to-equity ratio of 0.90, a current ratio of 0.61 and a quick ratio of 0.55. The business’s 50 day simple moving average is $74.16 and its 200 day simple moving average is $72.74. The company has a market capitalization of $22.16 billion, a PE ratio of 13.74, a P/E/G ratio of 1.32 and a beta of 1.52.

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 paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 3.76%. The ex-dividend date was Thursday, March 28th. State Street’s dividend payout ratio (DPR) is presently 51.69%.

Insider Activity

In other news, CFO Eric W. Aboaf sold 12,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The shares were 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Eric W. Aboaf sold 12,000 shares of State Street stock in a transaction that occurred on Thursday, February 29th. The shares were 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 owns 149,063 shares in the company, valued at $11,015,755.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Anthony Bisegna sold 4,258 shares of State Street stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $73.64, for a total transaction of $313,559.12. Following the completion of the transaction, the executive vice president now owns 23,328 shares of the company’s stock, valued at approximately $1,717,873.92. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,864 shares of company stock valued at $1,390,597. Company insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. CWM LLC raised its position in State Street by 17.2% in the 3rd quarter. CWM LLC now owns 5,912 shares of the asset manager’s stock valued at $396,000 after purchasing an additional 866 shares during the last quarter. Caprock Group LLC grew its stake in shares of State Street by 7.4% during the 3rd quarter. Caprock Group LLC now owns 4,317 shares of the asset manager’s stock worth $292,000 after purchasing an additional 298 shares during the period. Hennessy Advisors Inc. grew its stake in State Street by 33.3% in the 3rd quarter. Hennessy Advisors Inc. now owns 4,000 shares of the asset manager’s stock valued at $268,000 after acquiring an additional 1,000 shares during the last quarter. UMB Bank n.a. grew its stake in State Street by 14.5% in the 3rd quarter. UMB Bank n.a. now owns 2,926 shares of the asset manager’s stock valued at $196,000 after acquiring an additional 371 shares during the last quarter. Finally, Czech National Bank grew its stake in State Street by 40.7% in the 3rd quarter. Czech National Bank now owns 55,692 shares of the asset manager’s stock valued at $3,729,000 after acquiring an additional 16,122 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Company Profile

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.