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

State Street Co. (NYSE:STT) reached 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 firms have commented on STT. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $103.00 price objective (down from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $105.00 to $120.00 in a research note on Tuesday, December 3rd. Wolfe Research raised shares of State Street from an “underperform” rating to a “peer perform” rating in a research note on Monday. Truist Financial dropped their price objective on shares of State Street from $106.00 to $104.00 and set a “hold” rating for the company in a research note on Tuesday, January 21st. Finally, JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price for the company in a research report on Friday, December 20th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $100.73.

State Street Price Performance

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

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The company had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.27 billion. During the same quarter in the prior year, the company earned $2.04 EPS. State Street’s quarterly revenue was up 12.1% on a year-over-year basis. On average, equities research analysts predict that State Street Co. will post 9.43 EPS for the current year.

State Street Dividend Announcement

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

Insiders Place Their Bets

In other news, EVP Kathryn M. Horgan sold 12,500 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now owns 111,042 shares in the company, valued at $10,878,784.74. This trade represents a 10.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in STT. Albion Financial Group UT purchased a new position in State Street in the 4th quarter valued at $25,000. Y.D. More Investments Ltd increased its stake in shares of State Street by 116.6% in the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock worth $36,000 after acquiring an additional 197 shares during the last quarter. Coastline Trust Co acquired a new stake in shares of State Street in the 3rd quarter worth $44,000. Friedenthal Financial acquired a new stake in shares of State Street in the 4th quarter worth $49,000. Finally, Capital Performance Advisors LLP acquired a new stake in shares of State Street in the 3rd quarter worth $54,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

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.