State Street (NYSE:STT) Sees Large Volume Increase

State Street Co. (NYSE:STT) shares saw unusually-strong 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.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on STT. Royal Bank of Canada boosted their target price on State Street from $75.00 to $85.00 and gave the stock a “sector perform” rating in a report on Monday, January 22nd. Barclays boosted their target price on State Street from $87.00 to $102.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Bank of America reissued an “underperform” rating and set a $81.00 target price on shares of State Street in a report on Thursday, January 4th. Keefe, Bruyette & Woods dropped their target price on State Street from $89.00 to $86.00 and set a “market perform” rating on the stock in a report on Monday, January 22nd. Finally, Evercore ISI boosted their target price on State Street from $85.00 to $88.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, State Street has an average rating of “Hold” and a consensus price target of $84.04.

State Street Stock Performance

The stock has a market cap of $22.16 billion, a price-to-earnings ratio of 13.74, a price-to-earnings-growth ratio of 1.32 and a beta of 1.52. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.55 and a current ratio of 0.61. The stock’s 50-day simple moving average is $74.16 and its two-hundred day simple moving average is $72.74.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Monday, April 1st were given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.76%. The ex-dividend date of this dividend was Thursday, March 28th. State Street’s dividend payout ratio is currently 51.69%.

Insider Buying and Selling

In other State Street news, EVP Anthony Bisegna sold 4,258 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $73.64, for a total transaction of $313,559.12. Following the sale, the executive vice president now directly owns 23,328 shares of the company’s stock, valued at $1,717,873.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Anthony Bisegna sold 4,258 shares of the 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 sale, the executive vice president now directly owns 23,328 shares of the company’s stock, valued at $1,717,873.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Eric W. Aboaf sold 12,000 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $73.90, for a total transaction of $886,800.00. Following the sale, the chief financial officer now directly owns 149,063 shares in the company, valued at $11,015,755.70. The disclosure for this sale can be found here. Insiders sold 18,864 shares of company stock valued at $1,390,597 over the last quarter. Corporate insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On State Street

Several large investors have recently bought and sold shares of the business. YHB Investment Advisors Inc. acquired a new stake in State Street in the first quarter worth $48,000. Mesirow Financial Investment Management Inc. acquired a new stake in State Street in the first quarter worth $305,000. Verdence Capital Advisors LLC raised its holdings in State Street by 12.9% in the first quarter. Verdence Capital Advisors LLC now owns 11,370 shares of the asset manager’s stock worth $879,000 after purchasing an additional 1,299 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in State Street by 11.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 310,312 shares of the asset manager’s stock worth $23,993,000 after purchasing an additional 31,909 shares during the period. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund raised its holdings in State Street by 9.7% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 92,522 shares of the asset manager’s stock worth $7,154,000 after purchasing an additional 8,200 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

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.