State Street (NYSE:STT) Sets New 52-Week High on Analyst Upgrade

State Street Corporation (NYSE:STT)’s share price reached a new 52-week high during trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $158.50 to $176.50. JPMorgan Chase & Co. currently has a neutral rating on the stock. State Street traded as high as $175.80 and last traded at $175.5480, with a volume of 1182971 shares traded. The stock had previously closed at $170.69.

Several other equities analysts also recently issued reports on STT. Truist Financial upped their price objective on shares of State Street from $150.00 to $176.00 and gave the company a “hold” rating in a research note on Friday, June 26th. Wells Fargo & Company boosted their price target on State Street from $171.00 to $196.00 and gave the company an “overweight” rating in a report on Wednesday, June 24th. The Goldman Sachs Group raised their price objective on State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Evercore set a $158.00 target price on State Street and gave the company an “outperform” rating in a research note on Monday, April 20th. Finally, Citigroup raised their price target on State Street from $172.00 to $193.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $169.72.

Insider Transactions at State Street

In other news, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $2,260,808.55. Following the transaction, the chief executive officer directly owned 255,512 shares of the company’s stock, valued at $39,693,789.20. The trade was a 5.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Bradford Hu sold 9,212 shares of State Street stock in a transaction that occurred 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 transaction, the executive vice president directly owned 59,552 shares in the company, valued at approximately $9,251,403.20. This trade represents a 13.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 37,876 shares of company stock valued at $5,866,583. Insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On State Street

Several hedge funds and other institutional investors have recently bought and sold shares of STT. Wilkerson Advisory Group LLC bought a new stake in shares of State Street in the 4th quarter valued at approximately $29,000. Phillip James Consulting Co. bought a new position in State Street in the fourth quarter worth about $30,000. JPL Wealth Management LLC bought a new position in State Street during the 3rd quarter worth $29,000. Whipplewood Advisors LLC acquired a new stake in shares of State Street in the 1st quarter worth about $34,000. Finally, Reflection Asset Management bought a new stake in shares of State Street during the fourth quarter valued at approximately $35,000. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Stock Up 2.8%

The stock has a market cap of $48.57 billion, a P/E ratio of 17.78, a P/E/G ratio of 0.92 and a beta of 1.42. The firm has a 50 day simple moving average of $159.83 and a two-hundred day simple moving average of $140.59. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.57.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.64 by $0.20. The company had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The firm’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same period last year, the firm earned $2.04 EPS. Equities research analysts predict that State Street Corporation will post 12.53 earnings per share for the current year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be issued a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Wednesday, July 1st. State Street’s dividend payout ratio (DPR) is presently 34.08%.

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.