State Street (NYSE:STT) Sets New 12-Month High – Time to Buy?

State Street Corporation (NYSE:STT)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $183.68 and last traded at $183.6970, with a volume of 237373 shares traded. The stock had previously closed at $178.17.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Seaport Research Partners reaffirmed a “buy” rating and set a $170.00 price target on shares of State Street in a report on Monday, April 20th. Citigroup increased their price objective on shares of 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 target price on shares of State Street from $150.00 to $176.00 and gave the stock a “hold” rating in a report on Friday, June 26th. UBS Group set a $176.00 target price on shares of State Street in a research report on Friday, June 26th. Finally, Royal Bank Of Canada boosted their target price on shares of State Street from $135.00 to $155.00 and gave the company a “sector perform” rating in a research note on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $173.91.

State Street Trading Up 2.6%

The firm has a market capitalization of $50.58 billion, a P/E ratio of 18.53, a P/E/G ratio of 0.93 and a beta of 1.42. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. The stock has a 50 day simple moving average of $163.03 and a 200-day simple moving average of $142.70.

State Street (NYSE:STT) last issued its quarterly earnings data 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 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 business’s quarterly revenue was up 15.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.04 EPS. On average, equities research analysts forecast that State Street Corporation will post 12.75 EPS for the current fiscal year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st were given a $0.84 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $3.36 annualized dividend and a yield of 1.8%. State Street’s dividend payout ratio (DPR) is presently 34.08%.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 3,000 shares of State Street stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total transaction of $461,670.00. Following the transaction, the executive vice president owned 43,522 shares in the company, valued at $6,697,600.58. This trade represents a 6.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP W. Bradford Hu sold 9,212 shares of the business’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $1,431,084.20. Following the sale, the executive vice president directly owned 59,552 shares of the company’s stock, valued at approximately $9,251,403.20. The trade was a 13.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 37,876 shares of company stock worth $5,866,583. 0.27% of the stock is owned by insiders.

Institutional Trading of State Street

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Regents of The University of California raised its stake in shares of State Street by 15.6% in the first quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager’s stock worth $1,273,841,000 after buying an additional 1,358,923 shares during the period. Morgan Stanley grew its stake in shares of State Street by 9.0% during the 4th quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager’s stock valued at $673,740,000 after acquiring an additional 433,201 shares during the period. Victory Capital Management Inc. increased its holdings in State Street by 30.8% in the 4th quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock worth $588,227,000 after acquiring an additional 1,074,174 shares in the last quarter. Franklin Resources Inc. increased its holdings in State Street by 1.7% in the 4th quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager’s stock worth $506,534,000 after acquiring an additional 67,309 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in State Street by 30.4% during the 4th quarter. First Trust Advisors LP now owns 3,582,977 shares of the asset manager’s stock worth $462,240,000 after acquiring an additional 835,331 shares during the period. Hedge funds and other institutional investors 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.