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

State Street Corporation (NYSE:STT)’s share price hit a new 52-week high on Monday . The stock traded as high as $133.20 and last traded at $133.0850, with a volume of 263556 shares changing hands. The stock had previously closed at $129.07.

Analyst Ratings Changes

A number of brokerages have issued reports on STT. Citigroup upped their target price on State Street from $136.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, December 30th. Truist Financial decreased their price target on State Street from $133.00 to $131.00 and set a “buy” rating for the company in a research note on Monday, October 20th. The Goldman Sachs Group upped their price objective on State Street from $109.00 to $130.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Weiss Ratings reiterated a “buy (b)” rating on shares of State Street in a research report on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods raised their price objective on State Street from $132.00 to $135.00 and gave the stock an “outperform” rating in a research note on Monday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $130.27.

State Street Stock Performance

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 firm has a market capitalization of $37.40 billion, a price-to-earnings ratio of 14.15, a P/E/G ratio of 1.06 and a beta of 1.43. The company has a 50-day moving average price of $122.06 and a 200-day moving average price of $115.24.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.57 by $0.21. The business had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.43 billion. State Street had a net margin of 13.14% and a return on equity of 13.37%. The business’s revenue was up 8.8% on a year-over-year basis. During the same period last year, the firm posted $2.26 earnings per share. As a group, equities research analysts forecast that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, January 12th. Investors of record on Friday, January 2nd will be issued a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Friday, January 2nd. State Street’s payout ratio is presently 35.56%.

Insider Buying and Selling

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $117.24, for a total value of $175,860.00. Following the completion of the sale, the executive vice president directly owned 38,626 shares of the company’s stock, valued at approximately $4,528,512.24. This represents a 3.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.29% of the company’s stock.

Institutional Trading of State Street

A number of large investors have recently added to or reduced their stakes in the business. True Wealth Design LLC increased its holdings in shares of State Street by 166.3% in the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock valued at $29,000 after buying an additional 158 shares in the last quarter. JPL Wealth Management LLC acquired a new position in shares of State Street in the 3rd quarter worth $29,000. Flagship Wealth Advisors LLC acquired a new stake in shares of State Street during the third quarter worth $35,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of State Street during the third quarter worth $35,000. Finally, SJS Investment Consulting Inc. lifted its holdings in shares of State Street by 2,142.9% during the third quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 300 shares during the last quarter. 87.44% of the stock is currently owned by 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.