State Street (NYSE:STT) Hits New 52-Week High – Here’s Why

State Street Co. (NYSE:STT)’s share price hit a new 52-week high on Monday . The company traded as high as $98.88 and last traded at $98.60, with a volume of 167798 shares traded. The stock had previously closed at $97.50.

Analyst Ratings Changes

A number of research analysts have recently issued reports on STT shares. StockNews.com downgraded State Street from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Barclays lifted their target price on State Street from $103.00 to $108.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. The Goldman Sachs Group increased their price target on State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Wells Fargo & Company lifted their price objective on shares of State Street from $106.00 to $108.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of State Street from $90.00 to $95.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $92.11.

State Street Price Performance

The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.56 and a current ratio of 0.56. The business has a 50 day simple moving average of $91.80 and a 200-day simple moving average of $83.33. The firm has a market cap of $29.07 billion, a price-to-earnings ratio of 15.61, a P/E/G ratio of 1.22 and a beta of 1.46.

State Street (NYSE:STT) last announced its earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.12 by $0.14. State Street had a return on equity of 12.02% and a net margin of 9.87%. The company had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.19 billion. During the same quarter in the previous year, the firm earned $1.93 earnings per share. State Street’s quarterly revenue was up 21.1% on a year-over-year basis. Equities research analysts expect that State Street Co. will post 8.42 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Kathryn M. Horgan sold 12,500 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the completion of the sale, the executive vice president now directly owns 111,042 shares of the company’s stock, valued at $10,878,784.74. This trade represents a 10.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP John Plansky sold 13,859 shares of the stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the transaction, the executive vice president now owns 55,108 shares of the company’s stock, valued at approximately $5,032,462.56. The trade was a 20.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,460 shares of company stock valued at $2,499,860 in the last 90 days. 0.31% of the stock is currently owned by corporate insiders.

Institutional Trading of State Street

A number of large investors have recently bought and sold shares of STT. LRI Investments LLC bought a new stake in State Street in the 1st quarter valued at about $25,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of State Street in the second quarter valued at approximately $27,000. Versant Capital Management Inc lifted its stake in shares of State Street by 411.9% during the 2nd quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock valued at $38,000 after buying an additional 416 shares in the last quarter. Coastline Trust Co bought a new position in State Street in the 3rd quarter worth approximately $44,000. Finally, Trust Co. of Vermont raised its holdings in State Street by 44.4% during the 2nd quarter. Trust Co. of Vermont now owns 650 shares of the asset manager’s stock valued at $48,000 after acquiring an additional 200 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Company Profile

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.