State Street (NYSE:STT) Reaches New 52-Week High - Here's Why

State Street Corporation (NYSE:STT - Get Free Report) shares hit a new 52-week high on Monday . The stock traded as high as $110.97 and last traded at $110.80, with a volume of 66759 shares. The stock had previously closed at $110.31.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Evercore ISI lifted their price objective on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Cfra Research downgraded State Street from a "moderate buy" rating to a "hold" rating in a research note on Thursday, May 29th. The Goldman Sachs Group raised their target price on State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Keefe, Bruyette & Woods cut their target price on State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. Finally, Truist Financial raised their target price on State Street from $112.00 to $122.00 and gave the stock a "buy" rating in a research note on Thursday, July 3rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, State Street presently has a consensus rating of "Hold" and a consensus target price of $109.92.

State Street Stock Up 0.7%

The stock has a 50-day moving average of $99.05 and a two-hundred day moving average of $94.82. The company has a market cap of $31.43 billion, a P/E ratio of 12.37, a P/E/G ratio of 1.27 and a beta of 1.45. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.57 and a current ratio of 0.57.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The asset manager reported $2.04 EPS for the quarter, topping analysts' consensus estimates of $1.98 by $0.06. The business had revenue of $3.28 billion for the quarter, compared to analysts' expectations of $3.30 billion. State Street had a return on equity of 12.79% and a net margin of 12.85%. During the same period in the previous year, the firm earned $1.69 EPS. On average, research analysts anticipate that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st will be paid a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $3.04 dividend on an annualized basis and a yield of 2.76%. State Street's dividend payout ratio (DPR) is currently 34.12%.

Insider Buying and Selling

In other State Street news, CAO Elizabeth Schaefer sold 1,300 shares of State Street stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total value of $117,936.00. Following the transaction, the chief accounting officer directly owned 7,354 shares of the company's stock, valued at $667,154.88. The trade was a 15.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is owned by company insiders.

Hedge Funds Weigh In On State Street

Hedge funds have recently made changes to their positions in the business. First Pacific Financial purchased a new position in shares of State Street during the first quarter valued at approximately $25,000. Capital Analysts LLC increased its stake in shares of State Street by 3,914.3% during the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock valued at $25,000 after buying an additional 274 shares during the period. Larson Financial Group LLC increased its stake in shares of State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after buying an additional 118 shares during the period. Coppell Advisory Solutions LLC increased its stake in shares of State Street by 2,942.9% during the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock valued at $42,000 after buying an additional 412 shares during the period. Finally, Golden State Wealth Management LLC increased its stake in shares of State Street by 186.7% during the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock valued at $43,000 after buying an additional 310 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Company Profile

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.