State Street (NYSE:STT) Sets New 52-Week High – Here’s What Happened

Shares of State Street Corporation (NYSE:STT) reached a new 52-week high on Wednesday . The company traded as high as $131.80 and last traded at $131.96, with a volume of 37036 shares traded. The stock had previously closed at $130.70.

Analysts Set New Price Targets

A number of brokerages have weighed in on STT. Cowen reiterated a “buy” rating on shares of State Street in a research note on Tuesday, October 21st. Morgan Stanley reiterated an “overweight” rating and issued a $168.00 price target on shares of State Street in a research report on Tuesday, December 16th. Evercore ISI increased their price target on shares of State Street from $117.00 to $128.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 30th. BMO Capital Markets initiated coverage on shares of State Street in a research note on Friday, October 3rd. They issued an “outperform” rating and a $130.00 price objective on the stock. Finally, Citigroup boosted their price target on State Street from $130.00 to $136.00 and gave the company a “buy” rating in a research report on Friday, October 24th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $129.00.

State Street Price Performance

The company has a debt-to-equity ratio of 1.03, a current ratio of 0.59 and a quick ratio of 0.59. The stock has a market capitalization of $36.91 billion, a price-to-earnings ratio of 13.98, a PEG ratio of 1.21 and a beta of 1.44. The business’s fifty day moving average price is $119.44 and its 200-day moving average price is $113.38.

State Street (NYSE:STT) last released its quarterly 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. The business had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.43 billion. State Street had a return on equity of 13.37% and a net margin of 13.14%.The company’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.26 EPS. On average, research analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 12th. Shareholders of record on Friday, January 2nd will be paid a dividend of $0.84 per share. The ex-dividend date is Friday, January 2nd. This represents a $3.36 annualized dividend and a yield of 2.5%. State Street’s dividend payout ratio (DPR) is 35.56%.

Insider Buying and Selling at State Street

In related news, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $117.24, for a total transaction of $175,860.00. Following the transaction, the executive vice president directly owned 38,626 shares in the company, valued at approximately $4,528,512.24. The trade was a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.29% of the stock is owned by insiders.

Hedge Funds Weigh In On State Street

A number of hedge funds and other institutional investors have recently modified their holdings of STT. JPL Wealth Management LLC bought a new position in State Street in the 3rd quarter valued at $29,000. True Wealth Design LLC grew its position in State Street by 166.3% during the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock valued at $29,000 after buying an additional 158 shares during the period. Flagship Wealth Advisors LLC bought a new position in State Street during the third quarter valued at about $35,000. Measured Wealth Private Client Group LLC purchased a new stake in State Street during the third quarter worth about $35,000. Finally, SJS Investment Consulting Inc. raised its position in State Street by 2,142.9% in the third quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock worth $36,000 after acquiring an additional 300 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

About State Street

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.