State Street (NYSE:STT) Reaches New 12-Month High – Still a Buy?

State Street Co. (NYSE:STT) shares hit 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. The stock had previously closed at $92.91.

Analysts Set New Price Targets

A number of brokerages have recently commented on STT. Citigroup boosted their price target on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Morgan Stanley boosted their target price on State Street from $100.00 to $102.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Evercore ISI lifted their price target on State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Wells Fargo & Company increased their price objective on shares of State Street from $98.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Finally, Bank of America upped their target price on shares of State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $91.39.

State Street Stock Up 4.3 %

The company has a fifty day moving average of $88.44 and a 200 day moving average of $81.04. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.91. The company has a market cap of $28.39 billion, a P/E ratio of 15.29, a price-to-earnings-growth ratio of 1.18 and a beta of 1.46.

State Street (NYSE:STT) last issued its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.14. The firm had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.19 billion. State Street had a net margin of 9.87% and a return on equity of 12.02%. The business’s quarterly revenue was up 21.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.93 EPS. On average, research analysts anticipate that State Street Co. will post 8.38 earnings per share for the current fiscal year.

Insider Transactions at State Street

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

Institutional Investors Weigh In On State Street

Several hedge funds and other institutional investors have recently added to or reduced their stakes in STT. Mitsubishi UFJ Trust & Banking Corp increased its stake in shares of State Street by 3.3% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 198,891 shares of the asset manager’s stock worth $15,376,000 after purchasing an additional 6,363 shares in the last quarter. M&G Plc purchased a new position in shares of State Street in the first quarter valued at about $7,626,000. Cetera Investment Advisers grew its position in shares of State Street by 127.8% during the first quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock worth $3,433,000 after purchasing an additional 24,906 shares in the last quarter. Forsta AP Fonden raised its stake in State Street by 19.7% during the 1st quarter. Forsta AP Fonden now owns 75,900 shares of the asset manager’s stock valued at $5,869,000 after purchasing an additional 12,500 shares during the period. Finally, LSV Asset Management raised its stake in State Street by 10.5% during the 1st quarter. LSV Asset Management now owns 4,044,135 shares of the asset manager’s stock valued at $312,693,000 after purchasing an additional 385,404 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

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.