State Street (NYSE:STT) Sets New 52-Week High – Time to Buy?

State Street Corporation (NYSE:STT) hit a new 52-week high on Thursday . The company traded as high as $128.93 and last traded at $128.7160, with a volume of 2630352 shares traded. The stock had previously closed at $126.16.

Wall Street Analyst Weigh In

A number of research firms recently commented on STT. TD Cowen initiated coverage on shares of State Street in a research report on Thursday, September 25th. They issued a “buy” rating for the company. The Goldman Sachs Group increased their price target on State Street from $109.00 to $130.00 and gave the stock a “buy” rating in a report on Monday, October 6th. Morgan Stanley lifted their price objective on State Street from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, October 20th. Citigroup boosted their price objective on State Street from $130.00 to $136.00 and gave the company a “buy” rating in a research report on Friday, October 24th. Finally, BMO Capital Markets began coverage on shares of State Street in a report on Friday, October 3rd. They set an “outperform” rating and a $130.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $125.92.

State Street Stock Performance

The firm has a market cap of $35.95 billion, a P/E ratio of 13.62, a price-to-earnings-growth ratio of 1.17 and a beta of 1.44. The stock’s 50-day moving average price is $117.08 and its 200 day moving average price is $111.26. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.59 and a quick ratio of 0.59.

State Street (NYSE:STT) last released its earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.57 by $0.21. State Street had a return on equity of 13.37% and a net margin of 13.14%.The business had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.43 billion. During the same quarter in the previous year, the business earned $2.26 earnings per share. State Street’s quarterly revenue was up 8.8% on a year-over-year basis. As a group, equities analysts predict that State Street Corporation will post 9.68 EPS for the current year.

Insider Transactions at State Street

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction on Monday, October 27th. The shares were sold at an average price of $117.24, for a total value of $175,860.00. Following the completion of the sale, the executive vice president owned 38,626 shares in the company, valued at $4,528,512.24. This trade represents a 3.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On State Street

Institutional investors and hedge funds have recently modified their holdings of the company. Capital Analysts LLC increased its position in State Street by 3,914.3% during the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock worth $25,000 after buying an additional 274 shares during the last quarter. True Wealth Design LLC boosted its stake in shares of State Street by 166.3% during the 3rd quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock worth $29,000 after acquiring an additional 158 shares during the period. JPL Wealth Management LLC acquired a new position in shares of State Street during the 3rd quarter worth approximately $29,000. Flagship Wealth Advisors LLC bought a new stake in State Street in the 3rd quarter valued at $35,000. Finally, Measured Wealth Private Client Group LLC bought a new stake in State Street in the 3rd quarter valued at $35,000. 87.44% of the stock is 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.