State Street (NYSE:STT) Sets New 1-Year High – What’s Next?

State Street Co. (NYSE:STT) hit a new 52-week high during trading on Wednesday . The stock traded as high as $102.16 and last traded at $102.38, with a volume of 155712 shares traded. The stock had previously closed at $100.40.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Wolfe Research upgraded shares of State Street from an “underperform” rating to a “peer perform” rating in a report on Monday. Morgan Stanley decreased their price objective on shares of State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a report on Friday, January 3rd. Evercore ISI upped their price objective on shares of State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $105.00 to $120.00 in a research report on Tuesday, December 3rd. Finally, Wells Fargo & Company upped their target price on shares of State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a research report on Thursday, January 2nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $100.73.

State Street Stock Up 1.3 %

The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The firm has a market cap of $29.80 billion, a P/E ratio of 12.33, a PEG ratio of 1.11 and a beta of 1.43. The company’s 50 day simple moving average is $98.20 and its 200-day simple moving average is $90.90.

State Street (NYSE:STT) last posted its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.31. The business had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.04 EPS. Research analysts forecast that State Street Co. will post 9.43 earnings per share for the current fiscal year.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd were paid a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 2.99%. The ex-dividend date was Thursday, January 2nd. State Street’s dividend payout ratio (DPR) is presently 36.89%.

Insider Transactions at State Street

In other State Street news, EVP Kathryn M. Horgan sold 12,500 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the sale, the executive vice president now owns 111,042 shares in the company, valued at approximately $10,878,784.74. This trade represents a 10.12 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On State Street

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Albion Financial Group UT purchased a new stake in State Street during the 4th quarter valued at approximately $25,000. Y.D. More Investments Ltd grew its holdings in State Street by 116.6% during the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock valued at $36,000 after buying an additional 197 shares in the last quarter. Coastline Trust Co purchased a new stake in State Street during the 3rd quarter valued at approximately $44,000. Friedenthal Financial purchased a new position in shares of State Street in the fourth quarter valued at $49,000. Finally, Capital Performance Advisors LLP purchased a new position in shares of State Street in the third quarter valued at $54,000. Institutional investors own 87.44% of the company’s stock.

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.