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

State Street Co. (NYSE:STT) hit a new 52-week high during trading on Monday . The stock traded as high as $98.88 and last traded at $98.60, with a volume of 167798 shares. The stock had previously closed at $97.50.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Wells Fargo & Company upped their price target on State Street from $106.00 to $108.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. The Goldman Sachs Group upped their target price on shares of State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Evercore ISI raised their price target on shares of State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Finally, Morgan Stanley increased their price objective on State Street from $100.00 to $102.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $92.11.

State Street Stock Up 0.3 %

The company has a market cap of $29.07 billion, a P/E ratio of 15.61, a P/E/G ratio of 1.22 and a beta of 1.46. The stock has a 50-day moving average of $91.80 and a two-hundred day moving average of $83.33. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.56 and a current ratio of 0.56.

State Street (NYSE:STT) last announced its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, topping analysts’ consensus estimates of $2.12 by $0.14. State Street had a net margin of 9.87% and a return on equity of 12.02%. The firm had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.19 billion. During the same period in the previous year, the business posted $1.93 EPS. The business’s quarterly revenue was up 21.1% on a year-over-year basis. On average, research analysts anticipate that State Street Co. will post 8.42 EPS for the current fiscal year.

Insider Activity

In other State Street news, EVP John Plansky sold 13,859 shares of the company’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the completion of the transaction, the executive vice president now owns 55,108 shares of the company’s stock, valued at $5,032,462.56. This represents a 20.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Kathryn M. Horgan sold 12,500 shares of State Street stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $97.97, for a total value of $1,224,625.00. Following the completion of the sale, the executive vice president now owns 111,042 shares in the company, valued at approximately $10,878,784.74. This represents a 10.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,460 shares of company stock valued at $2,499,860. 0.31% of the stock is currently owned by insiders.

Institutional Trading of State Street

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. LRI Investments LLC purchased a new position in shares of State Street during the first quarter valued at about $25,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of State Street during the 2nd quarter worth approximately $27,000. Versant Capital Management Inc raised its position in shares of State Street by 411.9% in the 2nd quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock worth $38,000 after acquiring an additional 416 shares in the last quarter. Coastline Trust Co purchased a new position in shares of State Street in the 3rd quarter valued at approximately $44,000. Finally, Trust Co. of Vermont boosted its position in shares of State Street by 44.4% during the second quarter. Trust Co. of Vermont now owns 650 shares of the asset manager’s stock valued at $48,000 after purchasing an additional 200 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.