State Street (NYSE:STT) Sets New 12-Month High at $103.70

State Street Co. (NYSE:STT) shares hit a new 52-week high during trading on Thursday . The company traded as high as $103.70 and last traded at $103.33, with a volume of 2808182 shares trading hands. The stock had previously closed at $102.35.

STT has been the topic of a number of research analyst reports. Credit Suisse Group boosted their price objective on shares of State Street from $92.00 to $103.00 and gave the company a “neutral” rating in a research report on Tuesday, October 19th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of State Street from $120.00 to $111.00 and set a “buy” rating for the company in a research report on Friday, September 24th. Piper Sandler boosted their target price on shares of State Street from $96.00 to $102.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 19th. Royal Bank of Canada boosted their target price on shares of State Street from $86.00 to $99.00 and gave the stock a “sector perform” rating in a research report on Tuesday, October 19th. Finally, UBS Group boosted their target price on shares of State Street from $106.00 to $118.00 and gave the stock a “buy” rating in a research report on Wednesday, October 20th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $105.92.

The stock has a market capitalization of $37.94 billion, a price-to-earnings ratio of 15.28, a PEG ratio of 1.51 and a beta of 1.59. The company’s 50 day moving average is $95.46 and its 200 day moving average is $91.23. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.54 and a current ratio of 0.54.

State Street (NYSE:STT) last released its earnings results on Sunday, October 17th. The asset manager reported $2.00 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.92 by $0.08. The firm had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.96 billion. State Street had a net margin of 21.27% and a return on equity of 11.13%. The business’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.45 EPS. On average, equities research analysts anticipate that State Street Co. will post 7.36 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, January 13th. Investors of record on Monday, January 3rd were paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend was Friday, December 31st. State Street’s payout ratio is currently 33.58%.

In other news, CEO Cyrus Taraporevala sold 4,487 shares of the stock in a transaction on Thursday, December 9th. The shares were sold at an average price of $92.12, for a total value of $413,342.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael L. Richards sold 262 shares of the stock in a transaction on Tuesday, November 16th. The shares were sold at an average price of $99.58, for a total transaction of $26,089.96. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,436 shares of company stock valued at $3,175,928. Corporate insiders own 0.28% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. Addenda Capital Inc. increased its position in shares of State Street by 2.2% during the 4th quarter. Addenda Capital Inc. now owns 68,845 shares of the asset manager’s stock worth $6,436,000 after purchasing an additional 1,511 shares in the last quarter. Louisiana State Employees Retirement System increased its position in shares of State Street by 0.4% during the 4th quarter. Louisiana State Employees Retirement System now owns 22,900 shares of the asset manager’s stock worth $2,130,000 after purchasing an additional 100 shares in the last quarter. First Hawaiian Bank increased its position in shares of State Street by 986.6% during the 4th quarter. First Hawaiian Bank now owns 37,522 shares of the asset manager’s stock worth $3,489,000 after purchasing an additional 34,069 shares in the last quarter. Stonnington Group LLC acquired a new stake in shares of State Street during the 4th quarter worth about $3,224,000. Finally, DNB Asset Management AS increased its position in shares of State Street by 7.8% during the 4th quarter. DNB Asset Management AS now owns 69,081 shares of the asset manager’s stock worth $6,425,000 after purchasing an additional 4,969 shares in the last quarter. Institutional investors and hedge funds own 89.32% of the company’s stock.

About State Street (NYSE:STT)

State Street Corp. operates as a financial holding company. It conducts business primarily through State Street Bank. The company operates through following business lines: Investment Servicing and Investment Management. The Investment Servicing business offers custody, product and participant-level accounting, daily pricing and administration, master trust and master custody, record-keeping, cash management, foreign exchange, brokerage and other trading services, securities finance, deposit and short-term investment facilities, loans and lease financing, investment manager and alternative investment manager operations outsourcing, and performance, risk and compliance analytics.

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