State Street Corporation (NYSE:STT - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $183.68 and last traded at $183.6970, with a volume of 237373 shares. The stock had previously closed at $178.17.
Analyst Ratings Changes
A number of research analysts have commented on STT shares. Citigroup upped their price target on State Street from $172.00 to $193.00 and gave the company a "buy" rating in a research report on Tuesday, June 23rd. Truist Financial raised their price target on State Street from $150.00 to $176.00 and gave the stock a "hold" rating in a research note on Friday, June 26th. Argus boosted their price objective on shares of State Street from $140.00 to $168.00 and gave the company a "buy" rating in a research report on Tuesday, April 21st. Weiss Ratings raised shares of State Street from a "buy (b)" rating to a "buy (b+)" rating in a research report on Thursday, May 28th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of State Street from $175.00 to $195.00 and gave the company an "outperform" rating in a research note on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $173.91.
Check Out Our Latest Report on State Street
State Street Price Performance
The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57. The firm has a market cap of $50.58 billion, a PE ratio of 18.53, a price-to-earnings-growth ratio of 0.93 and a beta of 1.42. The firm has a 50-day simple moving average of $163.03 and a 200 day simple moving average of $142.70.
State Street (NYSE:STT - Get Free Report) last announced its earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, beating analysts' consensus estimates of $2.64 by $0.20. The firm had revenue of $3.80 billion for the quarter, compared to analysts' expectations of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. The company's quarterly revenue was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.04 EPS. As a group, equities analysts expect that State Street Corporation will post 12.75 EPS for the current year.
State Street Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Wednesday, July 1st were paid a dividend of $0.84 per share. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $3.36 annualized dividend and a yield of 1.8%. State Street's payout ratio is presently 34.08%.
Insider Buying and Selling at State Street
In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of the firm's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the completion of the transaction, the chief executive officer owned 255,512 shares of the company's stock, valued at approximately $39,693,789.20. This trade represents a 5.39% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Mostapha Tahiri sold 9,611 shares of State Street stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the transaction, the chief operating officer owned 64,642 shares of the company's stock, valued at $9,885,701.06. The trade was a 12.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 37,876 shares of company stock worth $5,866,583 in the last ninety days. 0.27% of the stock is owned by company insiders.
Institutional Investors Weigh In On State Street
Several hedge funds have recently added to or reduced their stakes in the stock. Nordea Investment Management AB lifted its position in State Street by 15.4% in the 4th quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager's stock valued at $367,041,000 after acquiring an additional 377,568 shares in the last quarter. Clean Yield Group increased its holdings in shares of State Street by 8,247.4% in the 4th quarter. Clean Yield Group now owns 19,199 shares of the asset manager's stock worth $2,477,000 after purchasing an additional 18,969 shares in the last quarter. IFM Investors Pty Ltd raised its stake in shares of State Street by 9.7% in the first quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager's stock worth $10,699,000 after purchasing an additional 7,469 shares during the last quarter. Concurrent Investment Advisors LLC purchased a new position in shares of State Street in the fourth quarter worth $1,959,000. Finally, Heritage Family Offices LLP bought a new position in shares of State Street during the fourth quarter valued at $1,220,000. 87.44% of the stock is owned by institutional investors.
State Street Company Profile
(
Get Free Report)
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.
Further Reading
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