State Street (NYSE:STT) Shares Gap Down – Should You Sell?

State Street Co. (NYSE:STT) gapped down before the market opened on Thursday . The stock had previously closed at $79.63, but opened at $75.50. State Street shares last traded at $78.61, with a volume of 571,070 shares.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on STT shares. The Goldman Sachs Group set a $98.00 price target on shares of State Street and gave the stock a “buy” rating in a research report on Thursday. Evercore ISI cut their price target on State Street from $109.00 to $106.00 and set an “outperform” rating for the company in a research note on Tuesday, April 1st. Wolfe Research upgraded State Street from an “underperform” rating to a “peer perform” rating in a research report on Monday, January 27th. Truist Financial cut their target price on State Street from $104.00 to $89.00 and set a “hold” rating for the company in a research report on Friday, April 4th. Finally, Bank of America boosted their price target on State Street from $98.00 to $99.00 and gave the stock an “underperform” rating in a report on Wednesday, April 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $103.54.

State Street Stock Up 2.2 %

The firm has a market capitalization of $23.49 billion, a PE ratio of 9.88, a PEG ratio of 1.11 and a beta of 1.42. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The business’s 50 day simple moving average is $89.24 and its 200 day simple moving average is $93.71.

State Street (NYSE:STT) last announced its earnings results on Thursday, April 17th. The asset manager reported $2.04 EPS for the quarter, topping analysts’ consensus estimates of $1.98 by $0.06. State Street had a return on equity of 12.60% and a net margin of 12.14%. The firm had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.30 billion. During the same quarter in the previous year, the business earned $1.69 EPS. On average, equities research analysts forecast that State Street Co. will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st were issued a $0.76 dividend. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.74%. State Street’s dividend payout ratio (DPR) is presently 36.89%.

Insider Activity at State Street

In related news, EVP Ann Fogarty sold 3,705 shares of the business’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction of $368,536.35. Following the completion of the transaction, the executive vice president now owns 50,816 shares in the company, valued at $5,054,667.52. The trade was a 6.80 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total value of $1,081,500.00. Following the completion of the sale, the director now owns 100,023 shares in the company, valued at approximately $10,002,300. The trade was a 9.76 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Albion Financial Group UT purchased a new stake in State Street in the 4th quarter valued at about $25,000. Y.D. More Investments Ltd boosted its holdings in shares of State Street by 116.6% in the fourth quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 197 shares during the period. Kohmann Bosshard Financial Services LLC bought a new position in State Street in the fourth quarter worth approximately $42,000. Coppell Advisory Solutions LLC increased its holdings in State Street by 2,942.9% during the 4th quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager’s stock worth $42,000 after purchasing an additional 412 shares during the period. Finally, MV Capital Management Inc. raised its position in State Street by 98.4% during the 1st quarter. MV Capital Management Inc. now owns 506 shares of the asset manager’s stock valued at $45,000 after purchasing an additional 251 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

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.