State Street (NYSE:STT) Hits New 52-Week High – Should You Buy?

State Street Corporation (NYSE:STT) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $133.20 and last traded at $133.0850, with a volume of 263556 shares changing hands. The stock had previously closed at $129.07.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Zacks Research cut State Street from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 1st. BMO Capital Markets started coverage on shares of State Street in a research note on Friday, October 3rd. They issued an “outperform” rating and a $130.00 price target on the stock. Keefe, Bruyette & Woods raised their price target on shares of State Street from $132.00 to $135.00 and gave the stock an “outperform” rating in a research report on Monday, October 20th. Loop Capital set a $144.00 price objective on shares of State Street in a research note on Tuesday. Finally, Morgan Stanley reissued an “overweight” rating and issued a $168.00 price objective on shares of State Street in a report on Tuesday, December 16th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, State Street presently has an average rating of “Moderate Buy” and a consensus price target of $132.00.

State Street Stock Up 1.0%

The company has a market cap of $37.50 billion, a P/E ratio of 14.21, a PEG ratio of 1.10 and a beta of 1.43. The stock has a 50-day moving average of $122.69 and a 200 day moving average of $115.72. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.59 and a quick ratio of 0.59.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.21. State Street had a net margin of 13.14% and a return on equity of 13.37%. The business had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.43 billion. During the same quarter in the prior year, the business posted $2.26 earnings per share. State Street’s revenue was up 8.8% compared to the same quarter last year. Research analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, January 12th. Investors of record on Friday, January 2nd will be given a dividend of $0.84 per share. The ex-dividend date is Friday, January 2nd. This represents a $3.36 annualized dividend and a dividend yield of 2.5%. State Street’s dividend payout ratio (DPR) is currently 35.56%.

Insider Transactions at State Street

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the business’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 transaction, the executive vice president directly owned 38,626 shares in the company, valued at $4,528,512.24. The trade was a 3.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is owned by company insiders.

Hedge Funds Weigh In On State Street

Several hedge funds and other institutional investors have recently modified their holdings of STT. Regents of The University of California acquired a new position in State Street during the 3rd quarter worth approximately $324,576,000. Norges Bank bought a new stake in shares of State Street during the second quarter worth $256,367,000. Two Sigma Investments LP increased its holdings in shares of State Street by 261.0% during the third quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager’s stock worth $141,277,000 after buying an additional 880,507 shares in the last quarter. First Trust Advisors LP lifted its stake in shares of State Street by 36.8% in the 3rd quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager’s stock valued at $318,754,000 after acquiring an additional 738,456 shares during the last quarter. Finally, Jupiter Asset Management Ltd. bought a new position in shares of State Street in the 3rd quarter valued at $62,092,000. Institutional investors own 87.44% of the company’s stock.

About State Street

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.