State Street (NYSE:STT) Sets New 1-Year High – What’s Next?

Shares of State Street Corporation (NYSE:STT) reached a new 52-week high during trading on Monday . The stock traded as high as $119.63 and last traded at $119.0050, with a volume of 570 shares trading hands. The stock had previously closed at $118.31.

Wall Street Analysts Forecast Growth

Several brokerages have commented on STT. Truist Financial lowered their target price on State Street from $133.00 to $131.00 and set a “buy” rating for the company in a research note on Monday, October 20th. Evercore ISI upped their price objective on shares of State Street from $117.00 to $128.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. The Goldman Sachs Group raised their target price on shares of State Street from $109.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Wells Fargo & Company upped their price target on shares of State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a report on Monday, October 20th. Finally, Morgan Stanley increased their price target on State Street from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 20th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $125.92.

State Street Price Performance

The company has a debt-to-equity ratio of 1.03, a current ratio of 0.59 and a quick ratio of 0.57. The business’s fifty day moving average price is $114.54 and its 200-day moving average price is $107.25. The stock has a market capitalization of $33.17 billion, a price-to-earnings ratio of 12.57, a PEG ratio of 1.24 and a beta of 1.47.

State Street (NYSE:STT) last announced its earnings results on Friday, October 17th. The asset manager reported $2.78 EPS for the quarter, beating 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 company had revenue of $13 billion during the quarter, compared to the consensus estimate of $3.43 billion. During the same quarter 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. On average, research analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

Insider Activity

In other news, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $117.24, for a total transaction of $175,860.00. Following the completion of the sale, the executive vice president owned 38,626 shares in the company, valued at $4,528,512.24. This trade represents a 3.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.29% of the stock is currently owned by insiders.

Hedge Funds Weigh In On State Street

Institutional investors and hedge funds have recently bought and sold shares of the company. Brown Advisory Inc. lifted its position in shares of State Street by 0.5% during the 2nd quarter. Brown Advisory Inc. now owns 17,224 shares of the asset manager’s stock valued at $1,832,000 after buying an additional 93 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its stake in shares of State Street by 38.2% in the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager’s stock worth $39,000 after purchasing an additional 94 shares in the last quarter. Global Retirement Partners LLC raised its position in shares of State Street by 7.7% in the third quarter. Global Retirement Partners LLC now owns 1,470 shares of the asset manager’s stock valued at $171,000 after purchasing an additional 105 shares during the period. Security National Bank of SO Dak lifted its stake in shares of State Street by 0.5% during the 2nd quarter. Security National Bank of SO Dak now owns 21,528 shares of the asset manager’s stock valued at $2,289,000 after buying an additional 105 shares in the last quarter. Finally, Harbour Investments Inc. boosted its holdings in State Street by 11.7% in the 2nd quarter. Harbour Investments Inc. now owns 1,012 shares of the asset manager’s stock worth $108,000 after buying an additional 106 shares during the period. 87.44% of the stock is owned by institutional investors.

About State Street

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.