State Street (NYSE:STT) Reaches New 1-Year High – Here’s What Happened

State Street Corporation (NYSE:STT)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $195.93 and last traded at $194.6710, with a volume of 49581 shares. The stock had previously closed at $193.62.

Wall Street Analysts Forecast Growth

STT has been the topic of a number of research reports. Barclays upped their price objective on State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a report on Friday, July 17th. Wells Fargo & Company lifted their target price on State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Royal Bank Of Canada upped their price target on shares of State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a research note on Friday, July 17th. Finally, Truist Financial reaffirmed a “hold” rating and set a $191.00 price target (up from $176.00) on shares of State Street in a research report on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $185.38.

State Street Stock Performance

The stock has a 50 day moving average of $181.47 and a 200 day moving average of $155.25. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The firm has a market cap of $53.19 billion, a price-to-earnings ratio of 17.08, a P/E/G ratio of 0.79 and a beta of 1.41.

State Street (NYSE:STT) last announced its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The firm had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the prior year, the company posted $2.04 earnings per share. The business’s revenue for the quarter was up 23.3% on a year-over-year basis. As a group, analysts anticipate that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be given a dividend of $0.92 per share. This is an increase from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a yield of 1.9%. The ex-dividend date is Thursday, October 1st. State Street’s dividend payout ratio (DPR) is presently 32.45%.

Insider Buying and Selling at State Street

In other news, EVP W. Bradford Hu sold 9,758 shares of the business’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the completion of the transaction, the executive vice president owned 49,794 shares of the company’s stock, valued at approximately $9,187,988.88. The trade was a 16.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction on Monday, June 8th. The stock was 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 represents a 3.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 25,811 shares of company stock valued at $4,723,982. 0.27% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. California State Teachers Retirement System lifted its holdings in shares of State Street by 16,194.0% in the second quarter. California State Teachers Retirement System now owns 76,843,386 shares of the asset manager’s stock worth $13,032,638,000 after acquiring an additional 76,371,782 shares during the last quarter. BlackRock Inc. bought a new stake in shares of State Street during the 2nd quarter valued at approximately $4,139,389,000. Regents of The University of California grew its holdings in shares of State Street by 15.6% during the 1st quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager’s stock valued at $1,273,841,000 after purchasing an additional 1,358,923 shares during the last quarter. Morgan Stanley increased its position in State Street by 9.0% during the 4th quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager’s stock worth $673,740,000 after purchasing an additional 433,201 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its stake 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 valued at $588,227,000 after purchasing an additional 1,074,174 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Company Profile

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.