State Street (NYSE:STT) Reaches New 52-Week High - What's Next?

Key Points

• State Street hit a new 52-week high on Monday, trading as high as $170.54 before closing at $169.13. The move came on relatively light volume of 115,077 shares.
• Recent analyst activity has been broadly positive, with several firms lifting price targets and ratings, including Goldman Sachs, Zacks, JPMorgan, Bank of America, and Argus. The stock now carries a consensus Moderate Buy rating and an average price target of $158.57.
• The company reported stronger-than-expected quarterly results, with EPS of $2.84 on revenue of $3.80 billion, both beating estimates. State Street also declared a quarterly dividend of $0.84 per share, equal to a 2.0% annualized yield.

State Street Corporation (NYSE:STT - Get Free Report)'s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $170.54 and last traded at $169.13, with a volume of 115077 shares traded. The stock had previously closed at $167.63.

Analyst Ratings Changes

Several equities research analysts have commented on the company. The Goldman Sachs Group upped their price target on State Street from $152.00 to $168.00 and gave the stock a "buy" rating in a research note on Monday, April 20th. Zacks Research upgraded State Street from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 21st. JPMorgan Chase & Co. upped their price target on State Street from $137.50 to $158.50 and gave the stock a "neutral" rating in a research note on Monday, May 11th. Bank of America upgraded State Street from an "underperform" rating to a "neutral" rating and set a $143.00 price target for the company in a research note on Monday, April 6th. Finally, Argus upped their price target on State Street from $140.00 to $168.00 and gave the stock a "buy" rating in a research note on Tuesday, April 21st. Three research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, State Street presently has an average rating of "Moderate Buy" and a consensus price target of $158.57.

State Street Price Performance

The company has a 50-day moving average price of $150.84 and a two-hundred day moving average price of $135.57. 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 company has a market cap of $46.80 billion, a PE ratio of 17.14, a P/E/G ratio of 0.92 and a beta of 1.43.

State Street (NYSE:STT - Get Free Report) last issued its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.64 by $0.20. The company had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The company's revenue was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.04 earnings per share. Sell-side analysts expect that State Street Corporation will post 12.35 earnings per share for the current fiscal year.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Wednesday, July 1st. State Street's dividend payout ratio (DPR) is 34.08%.

Insiders Place Their Bets

In other State Street news, COO Mostapha Tahiri sold 9,611 shares of the firm's stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the completion of the sale, the chief operating officer owned 64,642 shares in the company, valued at $9,885,701.06. This trade represents a 12.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael L. Richards sold 1,500 shares of the firm's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the sale, the executive vice president owned 41,827 shares of the company's stock, valued at approximately $6,781,829.78. This trade represents a 3.46% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 37,876 shares of company stock worth $5,866,583 in the last quarter. Company insiders own 0.27% of the company's stock.

Institutional Investors Weigh In On State Street

Hedge funds have recently bought and sold shares of the business. Chicago Partners Investment Group LLC lifted its holdings in State Street by 1.6% during the 4th quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager's stock worth $675,000 after buying an additional 83 shares during the last quarter. Wedmont Private Capital lifted its holdings in State Street by 1.3% during the 4th quarter. Wedmont Private Capital now owns 6,498 shares of the asset manager's stock worth $861,000 after buying an additional 85 shares during the last quarter. Arjuna Capital lifted its holdings in State Street by 0.4% during the 4th quarter. Arjuna Capital now owns 25,139 shares of the asset manager's stock worth $3,243,000 after buying an additional 95 shares during the last quarter. LVW Advisors LLC lifted its holdings in State Street by 1.7% during the 4th quarter. LVW Advisors LLC now owns 5,605 shares of the asset manager's stock worth $723,000 after buying an additional 96 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its holdings in State Street by 0.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager's stock worth $4,053,000 after buying an additional 100 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

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.

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