State Street (NYSE:STT) Sets New 1-Year High – Here’s Why

State Street Corporation (NYSE:STT)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $157.16 and last traded at $156.74, with a volume of 101172 shares traded. The stock had previously closed at $153.95.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Morgan Stanley boosted their price target on State Street from $155.00 to $166.00 and gave the stock an “overweight” rating in a research report on Monday, April 20th. Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 21st. Royal Bank Of Canada raised their price objective on State Street from $135.00 to $155.00 and gave the company a “sector perform” rating in a research note on Monday, April 20th. JPMorgan Chase & Co. upped their target price on State Street from $137.50 to $158.50 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Finally, Keefe, Bruyette & Woods increased their price target on State Street from $157.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, April 20th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $158.57.

State Street Price Performance

The stock has a market cap of $43.70 billion, a price-to-earnings ratio of 16.01, a price-to-earnings-growth ratio of 0.87 and a beta of 1.45. The stock has a fifty day simple moving average of $141.88 and a 200-day simple moving average of $131.78. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, topping analysts’ consensus estimates of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The company had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same period in the previous year, the company earned $2.04 earnings per share. The company’s quarterly revenue was up 15.6% compared to the same quarter last year. As a group, equities research analysts expect that State Street Corporation will post 12.35 EPS for the current year.

State Street Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.1%. The ex-dividend date is Wednesday, July 1st. State Street’s dividend payout ratio is presently 34.08%.

Insider Buying and Selling at State Street

In other news, COO Mostapha Tahiri sold 9,611 shares of the company’s stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the completion of the transaction, the chief operating officer owned 64,642 shares of the company’s stock, valued at approximately $9,885,701.06. This represents a 12.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael L. Richards sold 3,000 shares of the company’s stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total transaction of $461,670.00. Following the transaction, the executive vice president directly owned 43,522 shares of the company’s stock, valued at $6,697,600.58. This represents a 6.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 28,711 shares of company stock valued at $3,933,032 in the last ninety days. Company insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On State Street

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wilkerson Advisory Group LLC bought a new stake in shares of State Street in the 4th quarter worth approximately $29,000. Phillip James Consulting Co. bought a new stake in shares of State Street during the fourth quarter valued at approximately $30,000. JPL Wealth Management LLC bought a new stake in shares of State Street during the third quarter valued at approximately $29,000. Whipplewood Advisors LLC acquired a new position in shares of State Street in the first quarter valued at $34,000. Finally, Reflection Asset Management acquired a new position in shares of State Street in the fourth quarter valued at $35,000. 87.44% of the stock is currently owned by institutional investors.

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.