State Street (STT) Hits New 1-Year Low at $81.61

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State Street Corp (NYSE:STT)’s share price hit a new 52-week low during trading on Thursday . The company traded as low as $81.61 and last traded at $82.67, with a volume of 81192 shares changing hands. The stock had previously closed at $82.87.

A number of equities analysts have recently commented on the stock. Goldman Sachs Group began coverage on shares of State Street in a report on Thursday. They issued a “buy” rating on the stock. UBS Group lifted their price objective on shares of State Street from $96.00 to $98.00 and gave the company a “buy” rating in a research report on Monday, October 8th. Keefe, Bruyette & Woods set a $90.00 price objective on shares of State Street and gave the company a “hold” rating in a research report on Tuesday, October 2nd. Deutsche Bank lifted their price objective on shares of State Street from $98.00 to $99.00 and gave the company a “buy” rating in a research report on Thursday, September 27th. Finally, Wolfe Research began coverage on shares of State Street in a research report on Tuesday, September 25th. They issued a “market perform” rating on the stock. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $105.07.

The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.52 and a current ratio of 0.52. The stock has a market cap of $30.65 billion, a price-to-earnings ratio of 13.67, a price-to-earnings-growth ratio of 1.00 and a beta of 1.22.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, July 20th. The asset manager reported $1.88 earnings per share for the quarter, missing analysts’ consensus estimates of $2.01 by ($0.13). State Street had a net margin of 19.56% and a return on equity of 14.98%. The firm had revenue of $3.03 billion during the quarter, compared to analysts’ expectations of $3.05 billion. During the same quarter last year, the business earned $1.67 earnings per share. The business’s quarterly revenue was up 7.7% on a year-over-year basis. As a group, analysts expect that State Street Corp will post 7.66 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Monday, October 1st will be given a dividend of $0.47 per share. This is a positive change from State Street’s previous quarterly dividend of $0.42. This represents a $1.88 annualized dividend and a dividend yield of 2.31%. The ex-dividend date is Friday, September 28th. State Street’s payout ratio is presently 31.54%.

In other State Street news, EVP George E. Sullivan sold 1,611 shares of the business’s stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $83.18, for a total transaction of $134,002.98. Following the sale, the executive vice president now directly owns 58,847 shares in the company, valued at approximately $4,894,893.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joseph L. Hooley sold 25,000 shares of the business’s stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $83.01, for a total transaction of $2,075,250.00. The disclosure for this sale can be found here. Insiders have sold a total of 26,954 shares of company stock worth $2,237,777 over the last 90 days. Insiders own 0.40% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. Segall Bryant & Hamill LLC boosted its position in shares of State Street by 14.5% during the 2nd quarter. Segall Bryant & Hamill LLC now owns 8,025 shares of the asset manager’s stock worth $747,000 after purchasing an additional 1,015 shares in the last quarter. Maltese Capital Management LLC purchased a new stake in shares of State Street during the 2nd quarter worth $7,717,000. Pitcairn Co. purchased a new stake in shares of State Street during the 2nd quarter worth $580,000. Cornerstone Wealth Management LLC purchased a new stake in shares of State Street during the 2nd quarter worth $754,000. Finally, First National Trust Co boosted its position in shares of State Street by 2.2% during the 2nd quarter. First National Trust Co now owns 43,211 shares of the asset manager’s stock worth $4,023,000 after purchasing an additional 949 shares in the last quarter. Institutional investors own 86.73% of the company’s stock.

About State Street (NYSE:STT)

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; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

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