State Street (NYSE:STT) Reaches New 12-Month High – Here’s What Happened

State Street Corporation (NYSE:STT)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $194.82 and last traded at $193.8670, with a volume of 83442 shares trading hands. The stock had previously closed at $191.74.

Analyst Ratings Changes

STT has been the topic of several recent analyst reports. Bank of America raised their target price on State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 7th. Seaport Research Partners reiterated a “buy” rating and issued a $170.00 price objective on shares of State Street in a report on Monday, April 20th. Barclays lifted their price objective on State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research report on Friday, July 17th. Truist Financial restated a “hold” rating and set a $191.00 target price (up from $176.00) on shares of State Street in a report on Friday, July 17th. Finally, JPMorgan Chase & Co. raised their price target on State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $185.38.

State Street Trading Up 0.9%

The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59. The stock’s 50 day moving average is $177.65 and its 200-day moving average is $151.88. The company has a market capitalization of $53.15 billion, a P/E ratio of 17.06, a P/E/G ratio of 0.79 and a beta of 1.41.

State Street (NYSE:STT) last posted its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, beating the consensus estimate of $3.34 by $0.31. State Street had a return on equity of 15.26% and a net margin of 15.02%.The business had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same period in the previous year, the firm posted $2.04 EPS. The business’s revenue was up 23.3% on a year-over-year basis. As a group, equities research analysts anticipate that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be paid a $0.92 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a yield of 1.9%. State Street’s payout ratio is currently 29.63%.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $162.14, for a total value of $243,210.00. Following the completion of the transaction, the executive vice president owned 41,827 shares in the company, valued at approximately $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP W. Bradford Hu sold 9,758 shares of the firm’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the transaction, the executive vice president directly owned 49,794 shares of the company’s stock, valued at $9,187,988.88. This represents a 16.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 49,576 shares of company stock worth $8,415,875. 0.27% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in shares of State Street in the 2nd quarter worth approximately $4,139,389,000. Regents of The University of California grew its stake in shares of State Street by 211.2% in the 4th quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock worth $1,123,186,000 after buying an additional 5,908,370 shares during the last quarter. Norges Bank bought a new position in State Street during the 4th quarter valued at approximately $303,483,000. Legal & General Group Plc bought a new position in State Street during the 2nd quarter valued at approximately $330,849,000. Finally, Bank of New York Mellon Corp purchased a new position in State Street during the second quarter valued at $301,393,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

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.