State Street (NYSE:STT) Reaches New 1-Year High – Still a Buy?

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Zacks Research upgraded State Street from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 3rd. Keefe, Bruyette & Woods boosted their price objective on shares of State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a research report on Monday, October 20th. The Goldman Sachs Group raised their target price on shares of State Street from $109.00 to $130.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Bank of America lifted their target price on shares of State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a research note on Wednesday, July 16th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of State Street in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $125.92.

State Street Stock 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 has a 50 day moving average price of $114.76 and a 200 day moving average price of $107.71. The stock has a market capitalization of $33.84 billion, a PE ratio of 12.82, a PEG ratio of 1.24 and a beta of 1.47.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.57 by $0.21. The company had revenue of $13 billion for the quarter, compared to analysts’ expectations of $3.43 billion. State Street had a net margin of 13.14% and a return on equity of 13.37%. State Street’s revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.26 EPS. As a group, equities research analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

Insider Activity at State Street

In related 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 of the company’s stock, valued at $4,528,512.24. This trade represents a 3.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Brighton Jones LLC bought a new stake in State Street in the 4th quarter worth approximately $296,000. Allworth Financial LP lifted its holdings in shares of State Street by 11.5% during the 1st quarter. Allworth Financial LP now owns 2,512 shares of the asset manager’s stock valued at $220,000 after buying an additional 259 shares during the period. Cerity Partners LLC boosted its stake in shares of State Street by 16.0% in the 1st quarter. Cerity Partners LLC now owns 74,248 shares of the asset manager’s stock worth $6,647,000 after buying an additional 10,249 shares during the last quarter. New York State Common Retirement Fund grew its holdings in shares of State Street by 4.9% in the first quarter. New York State Common Retirement Fund now owns 363,956 shares of the asset manager’s stock worth $32,585,000 after acquiring an additional 17,000 shares during the period. Finally, Stephens Inc. AR increased its position in State Street by 40.4% during the first quarter. Stephens Inc. AR now owns 3,793 shares of the asset manager’s stock valued at $340,000 after acquiring an additional 1,092 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

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.