State Street (NYSE:STT) Hits New 1-Year High – Here’s Why

State Street Co. (NYSE:STT)’s share price reached a new 52-week high on Wednesday . The company traded as high as $98.37 and last traded at $98.27, with a volume of 22638 shares changing hands. The stock had previously closed at $92.91.

Wall Street Analysts Forecast Growth

STT has been the subject of several recent research reports. StockNews.com raised shares of State Street from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th. Morgan Stanley lifted their target price on State Street from $100.00 to $102.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Wells Fargo & Company boosted their price objective on shares of State Street from $98.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of State Street from $79.00 to $87.00 and gave the company a “hold” rating in a research report on Monday, September 23rd. Finally, The Goldman Sachs Group lifted their price objective on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $91.39.

State Street Stock Performance

The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.56 and a current ratio of 0.56. The company has a market cap of $28.39 billion, a PE ratio of 15.29, a PEG ratio of 1.18 and a beta of 1.46. The business’s 50-day moving average is $88.44 and its 200 day moving average is $81.04.

State Street (NYSE:STT) last released its earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates of $2.12 by $0.14. The company had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.19 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. State Street’s revenue for the quarter was up 21.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.93 EPS. On average, equities research analysts predict that State Street Co. will post 8.38 EPS for the current fiscal year.

Insider Transactions at State Street

In other State Street news, EVP John Plansky sold 13,859 shares of the stock in a transaction on Friday, October 18th. The shares were sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the completion of the sale, the executive vice president now owns 55,108 shares of the company’s stock, valued at $5,032,462.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.31% of the company’s stock.

Institutional Trading of State Street

A number of institutional investors and hedge funds have recently added to or reduced their stakes in STT. LSV Asset Management boosted its stake in shares of State Street by 30.6% during the 2nd quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock valued at $390,897,000 after purchasing an additional 1,238,251 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of State Street by 541.2% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 751,641 shares of the asset manager’s stock worth $58,117,000 after acquiring an additional 634,422 shares during the period. SG Americas Securities LLC raised its position in shares of State Street by 430.5% in the 1st quarter. SG Americas Securities LLC now owns 735,136 shares of the asset manager’s stock worth $56,841,000 after acquiring an additional 596,567 shares in the last quarter. Lazard Asset Management LLC lifted its stake in shares of State Street by 168.7% in the 1st quarter. Lazard Asset Management LLC now owns 807,950 shares of the asset manager’s stock valued at $62,469,000 after purchasing an additional 507,270 shares during the period. Finally, Metropolis Capital Ltd boosted its position in shares of State Street by 13.1% during the second quarter. Metropolis Capital Ltd now owns 4,124,840 shares of the asset manager’s stock valued at $305,238,000 after purchasing an additional 479,205 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

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.