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

Shares of State Street Corporation (NYSE:STT) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $142.76 and last traded at $141.79, with a volume of 2327319 shares changing hands. The stock had previously closed at $141.62.

Wall Street Analyst Weigh In

STT has been the topic of several recent analyst reports. Truist Financial set a $136.00 target price on shares of State Street in a report on Tuesday, January 20th. Bank of America upgraded shares of State Street from an “underperform” rating to a “neutral” rating and set a $143.00 target price on the stock in a report on Monday, April 6th. Loop Capital set a $144.00 target price on shares of State Street in a report on Tuesday, January 6th. Morgan Stanley dropped their target price on shares of State Street from $168.00 to $164.00 and set an “overweight” rating on the stock in a report on Tuesday, January 20th. Finally, Wall Street Zen upgraded shares of State Street from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $140.50.

State Street Stock Up 0.1%

The firm’s fifty day moving average price is $127.95 and its two-hundred day moving average price is $124.46. The stock has a market cap of $39.28 billion, a price-to-earnings ratio of 15.07, a price-to-earnings-growth ratio of 0.92 and a beta of 1.37. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.61.

State Street (NYSE:STT) last announced its quarterly earnings data on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $3.57 billion. During the same quarter in the prior year, the business earned $2.60 earnings per share. The business’s quarterly revenue was up 7.5% compared to the same quarter last year. Sell-side analysts forecast that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st were issued a dividend of $0.84 per share. The ex-dividend date was Wednesday, April 1st. This represents a $3.36 annualized dividend and a dividend yield of 2.4%. State Street’s dividend payout ratio is currently 35.71%.

Insider Buying and Selling at State Street

In other news, EVP John Plansky sold 16,100 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president owned 56,162 shares in the company, valued at approximately $6,982,059.84. This represents a 22.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On State Street

Several institutional investors have recently made changes to their positions in the stock. Regents of The University of California raised its holdings in shares of State Street by 211.2% during the fourth quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock valued at $1,123,186,000 after purchasing an additional 5,908,370 shares during the period. Morgan Stanley increased its position in shares of State Street by 9.0% during the fourth quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager’s stock worth $673,740,000 after acquiring an additional 433,201 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of State Street by 30.8% during the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock worth $588,227,000 after acquiring an additional 1,074,174 shares in the last quarter. Franklin Resources Inc. increased its position in shares of State Street by 1.7% during the fourth quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager’s stock worth $506,534,000 after acquiring an additional 67,309 shares in the last quarter. Finally, First Trust Advisors LP increased its position in shares of State Street by 30.4% during the fourth quarter. First Trust Advisors LP now owns 3,582,977 shares of the asset manager’s stock worth $462,240,000 after acquiring an additional 835,331 shares in the last quarter. Institutional investors and hedge funds 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.