State Street (NYSE:STT) Reaches New 12-Month High - What's Next?

Shares of State Street Corporation (NYSE:STT - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $103.99 and last traded at $103.74, with a volume of 679224 shares. The stock had previously closed at $101.24.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Evercore ISI reduced their target price on State Street from $109.00 to $106.00 and set an "outperform" rating for the company in a report on Tuesday, April 1st. Wall Street Zen cut State Street from a "buy" rating to a "hold" rating in a research note on Friday, March 7th. Wells Fargo & Company decreased their price objective on State Street from $118.00 to $113.00 and set an "overweight" rating for the company in a report on Friday, March 28th. Morgan Stanley set a $110.00 target price on shares of State Street and gave the company an "overweight" rating in a report on Tuesday, June 3rd. Finally, Keefe, Bruyette & Woods decreased their price target on shares of State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, State Street presently has an average rating of "Hold" and an average target price of $102.54.

State Street Trading Up 0.6%

The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.07. The company's fifty day moving average price is $94.90 and its two-hundred day moving average price is $94.20. The firm has a market cap of $30.24 billion, a PE ratio of 11.90, a P/E/G ratio of 1.22 and a beta of 1.44.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 EPS for the quarter, beating analysts' consensus estimates of $1.98 by $0.06. State Street had a net margin of 12.85% and a return on equity of 12.79%. The firm had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.30 billion. During the same quarter last year, the firm earned $1.69 earnings per share. As a group, 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 announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st will be given a dividend of $0.76 per share. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $3.04 annualized dividend and a dividend yield of 2.87%. State Street's payout ratio is currently 34.12%.

Insider Transactions at State Street

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the company's 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 sale, the chief accounting officer now owns 7,354 shares in the company, valued at $667,154.88. This represents a 15.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.29% of the company's stock.

Institutional Trading of State Street

A number of institutional investors have recently bought and sold shares of the company. Meeder Advisory Services Inc. boosted its position in shares of State Street by 2.0% in the 1st quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager's stock worth $515,000 after buying an additional 114 shares in the last quarter. Sequoia Financial Advisors LLC lifted its holdings in shares of State Street by 2.7% in the first quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager's stock valued at $395,000 after purchasing an additional 118 shares in the last quarter. Larson Financial Group LLC lifted its holdings in shares of State Street by 40.8% in the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after purchasing an additional 118 shares in the last quarter. Jacobi Capital Management LLC grew its position in shares of State Street by 1.0% in the fourth quarter. Jacobi Capital Management LLC now owns 12,232 shares of the asset manager's stock valued at $1,201,000 after purchasing an additional 121 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its stake in shares of State Street by 5.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,257 shares of the asset manager's stock worth $201,000 after purchasing an additional 126 shares in the last quarter. 87.44% of the stock is currently 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.