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

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Evercore ISI lifted their price objective on shares of State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Wolfe Research raised shares of State Street from an “underperform” rating to a “peer perform” rating in a research note on Monday. Barclays upped their price objective on shares of State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Morgan Stanley cut their price target on State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a research note on Friday, January 3rd. 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 note on Friday, December 20th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, State Street presently has an average rating of “Hold” and a consensus target price 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 stock has a 50-day moving average of $98.31 and a 200-day moving average of $90.97. The firm has a market cap of $29.96 billion, a price-to-earnings ratio of 12.40, a price-to-earnings-growth ratio of 1.13 and a beta of 1.43.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping the consensus estimate of $2.29 by $0.31. The business had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. The company’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.04 earnings per share. As a group, sell-side analysts forecast that State Street Co. will post 9.6 EPS for the current fiscal year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd were issued a dividend of $0.76 per share. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $3.04 dividend on an annualized basis and a dividend yield of 2.97%. State Street’s dividend payout ratio (DPR) is presently 36.89%.

Insider Transactions at State Street

In related news, EVP Kathryn M. Horgan sold 12,500 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $97.97, for a total value of $1,224,625.00. Following the completion of the sale, the executive vice president now owns 111,042 shares of the company’s stock, valued at $10,878,784.74. This represents a 10.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On State Street

Large investors have recently bought and sold shares of the stock. Albion Financial Group UT bought a new position in shares of State Street in the fourth quarter valued at approximately $25,000. Y.D. More Investments Ltd lifted its position in State Street by 116.6% in the fourth quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock worth $36,000 after purchasing an additional 197 shares during the period. Coastline Trust Co acquired a new stake in State Street in the third quarter worth approximately $44,000. Friedenthal Financial bought a new position in State Street during the 4th quarter valued at $49,000. Finally, Hager Investment Management Services LLC acquired a new position in shares of State Street during the 4th quarter valued at $56,000. Institutional investors and hedge funds 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.