State Street (NYSE:STT) Hits New 12-Month High - Still a Buy?

State Street Corporation (NYSE:STT - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $106.71 and last traded at $106.51, with a volume of 102570 shares trading hands. The stock had previously closed at $106.00.

Analyst Ratings Changes

Several brokerages have recently weighed in on STT. Wall Street Zen cut shares of State Street from a "buy" rating to a "hold" rating in a research note on Friday, March 7th. The Goldman Sachs Group set a $98.00 target price on State Street and gave the stock a "buy" rating in a report on Thursday, April 17th. Truist Financial raised State Street from a "hold" rating to a "buy" rating and upped their target price for the company from $85.00 to $112.00 in a research report on Wednesday, May 28th. Bank of America boosted their price objective on shares of State Street from $98.00 to $99.00 and gave the company an "underperform" rating in a report on Wednesday, April 2nd. Finally, Citigroup dropped their price objective on State Street from $105.00 to $100.00 and set a "neutral" rating for the company in a report on Monday, March 24th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $102.54.

State Street Stock Up 0.5%

The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.57 and a current ratio of 0.57. The company has a market capitalization of $30.38 billion, a P/E ratio of 11.96, a price-to-earnings-growth ratio of 1.24 and a beta of 1.45. The firm's fifty day moving average is $95.40 and its 200-day moving average is $94.16.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.06. The company had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.30 billion. State Street had a net margin of 12.85% and a return on equity of 12.79%. During the same quarter in the previous year, the business posted $1.69 EPS. As a group, equities research analysts predict that State Street Corporation will post 9.68 EPS for the current year.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Tuesday, July 1st will be given a $0.76 dividend. The ex-dividend date is Tuesday, July 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 2.85%. State Street's dividend payout ratio (DPR) is presently 34.12%.

Insider Activity

In other news, CAO Elizabeth Schaefer sold 1,300 shares of the firm's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total transaction of $117,936.00. Following the transaction, the chief accounting officer directly owned 7,354 shares of the company's stock, valued at approximately $667,154.88. This trade represents a 15.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.29% of the company's stock.

Institutional Trading of State Street

Several institutional investors have recently bought and sold shares of STT. Invesco Ltd. grew its stake in shares of State Street by 9.0% during the 1st quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager's stock valued at $732,775,000 after purchasing an additional 674,120 shares during the period. Geode Capital Management LLC lifted its stake in State Street by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 7,193,687 shares of the asset manager's stock worth $704,238,000 after acquiring an additional 24,617 shares during the period. FMR LLC increased its holdings in State Street by 14.2% during the fourth quarter. FMR LLC now owns 6,983,607 shares of the asset manager's stock valued at $685,441,000 after buying an additional 870,849 shares during the period. Amundi raised its position in shares of State Street by 11.1% in the 4th quarter. Amundi now owns 5,602,547 shares of the asset manager's stock worth $547,636,000 after acquiring an additional 561,773 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of State Street by 2.8% during the first quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager's stock valued at $381,770,000 after buying an additional 115,751 shares during the last quarter. 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.