State Street (NYSE:STT) Shares Gap Down - Here's What Happened

State Street Co. (NYSE:STT - Get Free Report)'s stock price gapped down prior to trading 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 Ratings Changes

STT has been the topic of several research reports. Bank of America boosted their target price on State Street from $98.00 to $99.00 and gave the company an "underperform" rating in a research note on Wednesday, April 2nd. StockNews.com lowered shares of State Street from a "buy" rating to a "hold" rating in a research report on Friday, March 7th. Citigroup decreased their price objective on shares of State Street from $105.00 to $100.00 and set a "neutral" rating on the stock in a research report on Monday, March 24th. Wells Fargo & Company reduced their target price on State Street from $118.00 to $113.00 and set an "overweight" rating on the stock in a research note on Friday, March 28th. Finally, Morgan Stanley cut their price objective on shares of State Street from $139.00 to $132.00 and set an "overweight" rating for the company in a research note on Wednesday, April 2nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $103.54.

State Street Trading Up 2.2 %

The stock's 50-day simple moving average is $89.24 and its 200-day simple moving average is $93.77. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56. The firm has a market capitalization of $23.49 billion, a PE ratio of 9.88, a P/E/G ratio of 1.11 and a beta of 1.42.

State Street (NYSE:STT - Get Free Report) last released its earnings results on Thursday, April 17th. The asset manager reported $2.04 EPS for the quarter, beating analysts' consensus estimates of $1.98 by $0.06. The company had revenue of $3.28 billion during the quarter, compared to analysts' expectations of $3.30 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. During the same quarter last year, the business posted $1.69 EPS. As a group, sell-side analysts expect that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Tuesday, April 1st were paid a $0.76 dividend. The ex-dividend date was Tuesday, April 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.74%. State Street's payout ratio is currently 34.12%.

Insider Activity

In other State Street news, Director Gregory L. Summe sold 10,815 shares of State Street 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 of the company's stock, valued at approximately $10,002,300. This trade represents a 9.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Ann Fogarty sold 3,705 shares of the company's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total transaction of $368,536.35. Following the transaction, the executive vice president now owns 50,816 shares in the company, valued at $5,054,667.52. This represents a 6.80 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.29% of the company's stock.

Institutional Investors Weigh In On State Street

A number of large investors have recently made changes to their positions in the company. Albion Financial Group UT purchased a new position in State Street during the fourth quarter valued at $25,000. Y.D. More Investments Ltd increased its stake 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 worth $36,000 after purchasing an additional 197 shares in the last quarter. Kohmann Bosshard Financial Services LLC purchased a new position in shares of State Street during the 4th quarter valued at $42,000. Coppell Advisory Solutions LLC boosted its holdings in State Street by 2,942.9% in the 4th quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock worth $42,000 after buying an additional 412 shares during the period. Finally, MV Capital Management Inc. raised its holdings in State Street by 98.4% during the first quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock valued at $45,000 after acquiring an additional 251 shares during the period. 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.