State Street (NYSE:STT) Sets New 12-Month High – Here’s Why

State Street Corporation (NYSE:STT)’s stock price hit a new 52-week high during trading on Friday . The stock traded as high as $123.78 and last traded at $123.72, with a volume of 338651 shares traded. The stock had previously closed at $121.87.

Analyst Ratings Changes

Several research firms have issued reports on STT. Zacks Research downgraded shares of State Street from a “strong-buy” rating to a “hold” rating in a research note on Monday. BMO Capital Markets started coverage on shares of State Street in a research report on Friday, October 3rd. They set an “outperform” rating and a $130.00 target price on the stock. Evercore ISI upped their price target on shares of State Street from $117.00 to $128.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Wells Fargo & Company raised their price objective on shares of State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a research report on Monday, October 20th. Finally, Morgan Stanley lifted their price objective on shares of State Street from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $125.92.

State Street Trading Up 1.2%

The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.03. The company’s fifty day moving average price is $116.28 and its two-hundred day moving average price is $110.36. The firm has a market cap of $34.44 billion, a PE ratio of 13.03, a P/E/G ratio of 1.12 and a beta of 1.44.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.21. State Street had a net margin of 13.14% and a return on equity of 13.37%. The firm had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.43 billion. During the same period in the prior year, the company posted $2.26 earnings per share. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. As a group, sell-side analysts forecast that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction on Monday, October 27th. The stock was sold at an average price of $117.24, for a total value of $175,860.00. Following the completion of the transaction, the executive vice president owned 38,626 shares in the company, valued at approximately $4,528,512.24. This represents a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.29% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On State Street

Institutional investors and hedge funds have recently made changes to their positions in the stock. Saranac Partners Ltd acquired a new stake in shares of State Street in the third quarter valued at about $146,000. IFP Advisors Inc increased its holdings in State Street by 130.0% in the third quarter. IFP Advisors Inc now owns 605 shares of the asset manager’s stock valued at $70,000 after buying an additional 342 shares in the last quarter. CIBC Private Wealth Group LLC lifted its position in shares of State Street by 5.7% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 11,418 shares of the asset manager’s stock valued at $1,325,000 after acquiring an additional 618 shares during the period. CIBC Bancorp USA Inc. purchased a new stake in shares of State Street during the 3rd quarter worth approximately $4,547,000. Finally, Achmea Investment Management B.V. grew its holdings in shares of State Street by 3.3% in the 3rd quarter. Achmea Investment Management B.V. now owns 254,446 shares of the asset manager’s stock worth $29,518,000 after acquiring an additional 8,085 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

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.