State Street (NYSE:STT) Reaches New 1-Year High – Still a Buy?

State Street Corporation (NYSE:STT) reached a new 52-week high during trading on Wednesday . The stock traded as high as $134.77 and last traded at $134.7380, with a volume of 1326064 shares traded. The stock had previously closed at $132.81.

Analysts Set New Price Targets

Several brokerages have recently weighed in on STT. Loop Capital set a $144.00 target price on shares of State Street in a research note on Tuesday, January 6th. Weiss Ratings reissued a “buy (b)” rating on shares of State Street in a research note on Wednesday, October 8th. Truist Financial restated a “hold” rating and set a $138.00 target price (up previously from $131.00) on shares of State Street in a research report on Wednesday, January 7th. Keefe, Bruyette & Woods increased their price target on State Street from $132.00 to $135.00 and gave the stock an “outperform” rating in a report on Monday, October 20th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of State Street in a research note on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, State Street has a consensus rating of “Moderate Buy” and a consensus price target of $133.77.

State Street Trading Up 1.4%

The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.03. The stock’s 50 day moving average is $124.34 and its two-hundred day moving average is $116.72. The company has a market capitalization of $37.60 billion, a PE ratio of 14.25, a price-to-earnings-growth ratio of 0.89 and a beta of 1.43.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 EPS for the quarter, beating the consensus estimate of $2.57 by $0.21. State Street had a net margin of 13.14% and a return on equity of 13.37%. The business had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.43 billion. During the same quarter in the previous year, the business posted $2.26 EPS. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. As a group, sell-side analysts predict that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, January 12th. Shareholders of record on Friday, January 2nd were given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Friday, January 2nd. State Street’s dividend payout ratio (DPR) is 35.56%.

Insider Activity

In other news, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction on Monday, October 27th. The stock was sold at an average price of $117.24, for a total value of $175,860.00. Following the completion of the transaction, the executive vice president directly owned 38,626 shares of the company’s stock, valued at approximately $4,528,512.24. The trade was a 3.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On State Street

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Brighton Jones LLC bought a new stake in shares of State Street in the 4th quarter valued at about $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in State Street by 2.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock valued at $2,885,000 after acquiring an additional 918 shares in the last quarter. NewEdge Advisors LLC boosted its stake in State Street by 105.2% in the first quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock valued at $913,000 after acquiring an additional 5,226 shares in the last quarter. Empowered Funds LLC increased its position in shares of State Street by 220.1% during the first quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock worth $2,065,000 after purchasing an additional 15,996 shares in the last quarter. Finally, Woodline Partners LP lifted its holdings in shares of State Street by 38.4% during the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock valued at $2,182,000 after purchasing an additional 6,767 shares during the last quarter. Hedge funds and other 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.