State Street Corporation (NYSE:STT – Get Free Report)’s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $174.86 and last traded at $174.7780, with a volume of 146868 shares traded. The stock had previously closed at $173.71.
More State Street News
Here are the key news stories impacting State Street this week:
- Neutral Sentiment: State Street disclosed that several of its subsidiaries exited substantial holding positions in multiple Australian companies, including Smartgroup, Aussie Broadband, Deterra Royalties, Electro Optic Systems, Super Retail Group, Austal, Bapcor, Bega Cheese, and Clarity Pharmaceuticals. These filings suggest normal portfolio rebalancing/position trimming rather than an operating issue at State Street. Article: State Street exits substantial holding in Smartgroup
- Neutral Sentiment: State Street SPDR ETFs also received a prospectus update for a Singapore benchmark fund, which is a routine fund-documentation item and is unlikely to materially affect STT’s fundamentals on its own. Article: State Street SPDR STI ETF issues updated prospectus for Singapore benchmark fund
- Neutral Sentiment: A market article comparing State Street’s SPDR lineup with iShares may be drawing investor attention to the asset-management franchise, but it does not indicate a direct new financial result or corporate event for STT. Article: State Street SPDR vs. iShares: Which Bank ETF Wins This Showdown?
Analyst Ratings Changes
A number of research firms recently weighed in on STT. Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. The Goldman Sachs Group upped their price objective on State Street from $152.00 to $168.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Barclays set a $165.00 target price on State Street in a report on Monday, April 20th. Finally, Seaport Research Partners restated a “buy” rating and set a $170.00 target price on shares of State Street in a research report on Monday, April 20th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, State Street presently has a consensus rating of “Moderate Buy” and an average price target of $159.97.
State Street Stock Up 0.3%
The stock has a market capitalization of $48.22 billion, a P/E ratio of 17.68, a P/E/G ratio of 0.92 and a beta of 1.43. The firm’s fifty day moving average is $155.38 and its 200-day moving average is $137.77. 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 – Get Free Report) last released its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, beating analysts’ consensus estimates of $2.64 by $0.20. The firm had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the previous year, the business earned $2.04 earnings per share. As a group, equities research analysts predict that State Street Corporation will post 12.35 earnings per share for the current year.
State Street Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be issued a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Wednesday, July 1st. State Street’s payout ratio is presently 34.08%.
Insiders Place Their Bets
In related news, COO Mostapha Tahiri sold 9,611 shares of the firm’s stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the completion of the sale, the chief operating officer directly owned 64,642 shares of the company’s stock, valued at $9,885,701.06. This trade represents a 12.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction on Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the completion of the transaction, the executive vice president owned 41,827 shares of the company’s stock, valued at approximately $6,781,829.78. The trade was a 3.46% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 37,876 shares of company stock valued at $5,866,583 in the last 90 days. Insiders own 0.27% of the company’s stock.
Institutional Investors Weigh In On State Street
Hedge funds have recently added to or reduced their stakes in the stock. Brighton Jones LLC bought a new stake in shares of State Street during the fourth quarter valued at approximately $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in State Street by 2.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock valued at $2,885,000 after buying an additional 918 shares during the last quarter. NewEdge Advisors LLC increased its stake in shares of State Street by 105.2% in the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock valued at $913,000 after buying an additional 5,226 shares during the period. Empowered Funds LLC raised its position in shares of State Street by 220.1% during the first quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock worth $2,065,000 after acquiring an additional 15,996 shares during the last quarter. Finally, Woodline Partners LP lifted its stake in shares of State Street by 38.4% during the first quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock valued at $2,182,000 after acquiring an additional 6,767 shares during the period. 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.
See Also
- Five stocks we like better than State Street
- Amazon’s Pullback Deepens as a New FTC Risk Hits the Stock
- The Biotech Sector Looks Ready for a Multi-Year Breakout—Here’s What to Watch.
- How Intel Is Packaging the Future of American Chips
- These AI Stocks Have Insider Selling, But Buyers Still Have a Reason to Stay
Receive News & Ratings for State Street Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for State Street and related companies with MarketBeat.com's FREE daily email newsletter.
