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

State Street Corporation (NYSE:STT)’s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $142.76 and last traded at $141.79, with a volume of 2327319 shares. The stock had previously closed at $141.62.

Wall Street Analysts Forecast Growth

STT has been the topic of a number of research analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a report on Wednesday, January 21st. TD Cowen reissued a “buy” rating on shares of State Street in a report on Wednesday, January 7th. The Goldman Sachs Group reissued a “buy” rating on shares of State Street in a report on Tuesday, January 6th. Truist Financial set a $136.00 price target on State Street in a report on Tuesday, January 20th. Finally, Bank of America raised State Street from an “underperform” rating to a “neutral” rating and set a $143.00 price target on the stock in a report on Monday, April 6th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $140.50.

State Street Trading Down 0.6%

The firm has a market cap of $39.30 billion, a P/E ratio of 15.08, a P/E/G ratio of 0.92 and a beta of 1.37. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.61 and a current ratio of 0.61. The firm has a fifty day moving average of $128.43 and a 200-day moving average of $124.71.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.15. The business had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.57 billion. State Street had a return on equity of 13.46% and a net margin of 13.02%.The business’s revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the business posted $2.60 EPS. Equities research analysts forecast that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st were paid a dividend of $0.84 per share. The ex-dividend date of this dividend was Wednesday, April 1st. This represents a $3.36 annualized dividend and a yield of 2.4%. State Street’s payout ratio is presently 35.71%.

Insiders Place Their Bets

In other State Street news, EVP John Plansky sold 16,100 shares of State Street stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the sale, the executive vice president owned 56,162 shares of the company’s stock, valued at $6,982,059.84. The trade was a 22.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is owned by insiders.

Institutional Trading of State Street

Several hedge funds have recently added to or reduced their stakes in STT. Regents of The University of California acquired a new position in shares of State Street during the 3rd quarter valued at $324,576,000. Jones Financial Companies Lllp increased its position in shares of State Street by 11.7% during the 3rd quarter. Jones Financial Companies Lllp now owns 208,600 shares of the asset manager’s stock valued at $24,139,000 after purchasing an additional 21,810 shares during the period. Machina Capital S.A.S. acquired a new position in shares of State Street during the 3rd quarter valued at $2,622,000. AE Wealth Management LLC acquired a new position in shares of State Street during the 3rd quarter valued at $6,611,000. Finally, Impax Asset Management Group plc increased its position in shares of State Street by 49.2% during the 3rd quarter. Impax Asset Management Group plc now owns 127,984 shares of the asset manager’s stock valued at $14,847,000 after purchasing an additional 42,198 shares during the period. Institutional investors own 87.44% of the company’s stock.

State Street Company Profile

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.