State Street (NYSE:STT) Reaches New 12-Month High at $87.35

State Street Co. (NYSE:STT - Get Free Report) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $87.35 and last traded at $87.26, with a volume of 19254 shares changing hands. The stock had previously closed at $86.69.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Royal Bank of Canada lifted their target price on State Street from $85.00 to $91.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 17th. Morgan Stanley boosted their price objective on shares of State Street from $90.00 to $93.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 17th. Wells Fargo & Company raised their target price on shares of State Street from $91.00 to $98.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 17th. Barclays increased their price objective on State Street from $102.00 to $103.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 17th. Finally, Bank of America upped their target price on State Street from $85.00 to $96.00 and gave the stock an "underperform" rating in a report on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, State Street presently has an average rating of "Hold" and a consensus price target of $88.89.

State Street Stock Performance

The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.89. The stock has a market cap of $26.03 billion, a PE ratio of 16.23, a P/E/G ratio of 1.34 and a beta of 1.48. The business's 50-day moving average price is $82.50 and its 200-day moving average price is $77.23.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.12. The business had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. State Street had a net margin of 8.98% and a return on equity of 11.78%. The business's revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the previous year, the company earned $2.17 earnings per share. As a group, equities research analysts expect that State Street Co. will post 8.14 earnings per share for the current fiscal year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be paid a dividend of $0.76 per share. This is a positive change from State Street's previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.49%. State Street's payout ratio is presently 51.69%.

Hedge Funds Weigh In On State Street

Several hedge funds and other institutional investors have recently modified their holdings of STT. LRI Investments LLC acquired a new position in shares of State Street in the first quarter valued at about $25,000. Ashton Thomas Private Wealth LLC acquired a new position in State Street in the 2nd quarter worth approximately $27,000. Norwood Financial Corp purchased a new position in State Street during the 1st quarter worth approximately $35,000. Versant Capital Management Inc lifted its stake in State Street by 411.9% during the 2nd quarter. Versant Capital Management Inc now owns 517 shares of the asset manager's stock valued at $38,000 after acquiring an additional 416 shares during the period. Finally, Accent Capital Management LLC purchased a new stake in shares of State Street in the 4th quarter valued at $39,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

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.