State Street (NYSE:STT) Sets New 52-Week High Following Analyst Upgrade

State Street Corporation (NYSE:STT) reached a new 52-week high during trading on Thursday after Keefe, Bruyette & Woods raised their price target on the stock from $147.00 to $157.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. State Street traded as high as $137.64 and last traded at $137.5670, with a volume of 468208 shares. The stock had previously closed at $136.13.

A number of other equities research analysts have also recently commented on STT. The Goldman Sachs Group restated a “buy” rating on shares of State Street in a research note on Tuesday, January 6th. TD Cowen restated a “buy” rating on shares of State Street in a research note on Wednesday, January 7th. Wall Street Zen upgraded shares of State Street from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. Loop Capital set a $144.00 target price on shares of State Street in a research note on Tuesday, January 6th. Finally, Truist Financial set a $136.00 price objective on shares of State Street in a report on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $140.50.

Insider Transactions at State Street

In other State Street news, EVP John Plansky sold 16,100 shares of the stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the completion of the sale, the executive vice president directly owned 56,162 shares of the company’s stock, valued at $6,982,059.84. This trade represents a 22.28% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.29% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Chicago Partners Investment Group LLC grew its holdings in shares of State Street by 1.6% in the fourth quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager’s stock valued at $675,000 after purchasing an additional 83 shares in the last quarter. Wedmont Private Capital grew its holdings in shares of State Street by 1.3% in the fourth quarter. Wedmont Private Capital now owns 6,498 shares of the asset manager’s stock valued at $861,000 after purchasing an additional 85 shares in the last quarter. Brown Advisory Inc. grew its holdings in shares of State Street by 0.5% in the second quarter. Brown Advisory Inc. now owns 17,224 shares of the asset manager’s stock valued at $1,832,000 after purchasing an additional 93 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC grew its holdings in shares of State Street by 38.2% in the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager’s stock valued at $39,000 after purchasing an additional 94 shares in the last quarter. Finally, Arjuna Capital grew its holdings in shares of State Street by 0.4% in the fourth quarter. Arjuna Capital now owns 25,139 shares of the asset manager’s stock valued at $3,243,000 after purchasing an additional 95 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Stock Performance

The business’s fifty day moving average is $127.37 and its two-hundred day moving average is $123.75. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $38.60 billion, a PE ratio of 14.72, a price-to-earnings-growth ratio of 0.89 and a beta of 1.37.

State Street (NYSE:STT) last posted its earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, beating analysts’ consensus estimates of $2.82 by $0.15. State Street had a net margin of 13.02% and a return on equity of 13.46%. The firm had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.57 billion. During the same period last year, the firm posted $2.60 earnings per share. State Street’s revenue for the quarter was up 7.5% compared to the same quarter last year. As a group, research analysts anticipate that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

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

About State Street

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.