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

State Street Corporation (NYSE:STT) shares hit a new 52-week high during trading on Monday . The company traded as high as $119.63 and last traded at $119.0050, with a volume of 570 shares trading hands. The stock had previously closed at $118.31.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Bank of America boosted their target price on State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 16th. Weiss Ratings reiterated a “buy (b)” rating on shares of State Street in a research report on Wednesday, October 8th. TD Cowen assumed coverage on shares of State Street in a research report on Thursday, September 25th. They set a “buy” rating on the stock. Evercore ISI raised their target price on shares of State Street from $117.00 to $128.00 and gave the company an “outperform” rating in a research note on Tuesday, September 30th. Finally, Truist Financial lowered their price target on shares of State Street from $133.00 to $131.00 and set a “buy” rating for the company in a research report on Monday, October 20th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $125.92.

State Street Stock Up 0.4%

The stock has a market capitalization of $33.17 billion, a price-to-earnings ratio of 12.57, a P/E/G ratio of 1.24 and a beta of 1.47. The firm’s fifty day simple moving average is $114.54 and its 200 day simple moving average is $107.25. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.57 and a current ratio of 0.59.

State Street (NYSE:STT) last released its earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.57 by $0.21. The firm had revenue of $13 billion during the quarter, compared to analysts’ expectations of $3.43 billion. State Street had a return on equity of 13.37% and a net margin of 13.14%.The company’s revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.26 EPS. On average, sell-side analysts forecast that State Street Corporation will post 9.68 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Trading of State Street

A number of hedge funds have recently made changes to their positions in STT. Capital Analysts LLC lifted its holdings in State Street by 3,914.3% during the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 274 shares during the last quarter. True Wealth Design LLC raised its holdings in State Street by 166.3% in the 3rd quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock valued at $29,000 after acquiring an additional 158 shares during the period. Flagship Wealth Advisors LLC acquired a new stake in State Street during the third quarter worth approximately $35,000. Larson Financial Group LLC lifted its position in State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock worth $36,000 after acquiring an additional 118 shares during the last quarter. Finally, SJS Investment Consulting Inc. grew its position in shares of State Street by 2,142.9% in 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 owned by institutional investors and hedge funds.

About State Street

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.