Stock Worth Watching: What’s Next for State Street Corp After Achieving 52-Week High?

Stock Worth Watching: What's Next for State Street Corp After Achieving 52 Week High?

The stock of State Street Corp (NYSE:STT) hit a new 52-week high and has $83.61 target or 4.00% above today’s $80.39 share price. The 5 months bullish chart indicates low risk for the $31.73 billion company. The 1-year high was reported on Dec, 1 by Barchart.com. If the $83.61 price target is reached, the company will be worth $1.27B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. The stock increased 2.02% or $1.59 during the last trading session, hitting $80.39. About 2.89 million shares traded hands or 31.96% up from the average. State Street Corp (NYSE:STT) has risen 25.46% since April 28, 2016 and is uptrending. It has outperformed by 19.53% the S&P500.

Analysts await State Street Corp (NYSE:STT) to report earnings on January, 25. They expect $1.34 EPS, up 10.74% or $0.13 from last year’s $1.21 per share. STT’s profit will be $528.90M for 15.00 P/E if the $1.34 EPS becomes a reality. After $1.35 actual EPS reported by State Street Corp for the previous quarter, Wall Street now forecasts -0.74% negative EPS growth.

State Street Corp (NYSE:STT) Ratings Coverage

Out of 11 analysts covering State Street Corporation (NYSE:STT), 3 rate it a “Buy”, 1 “Sell”, while 7 “Hold”. This means 27% are positive. State Street Corporation has been the topic of 32 analyst reports since July 28, 2015 according to StockzIntelligence Inc. Deutsche Bank maintained State Street Corp (NYSE:STT) rating on Wednesday, October 5. Deutsche Bank has “Hold” rating and $75 price target. The firm earned “Buy” rating on Monday, October 26 by Argus Research. The rating was maintained by Deutsche Bank with “Hold” on Thursday, June 16. The stock of State Street Corp (NYSE:STT) earned “Mkt Perform” rating by Keefe Bruyette & Woods on Wednesday, October 5. The firm has “Buy” rating given on Monday, October 10 by Jefferies. On Friday, January 8 the stock rating was maintained by Deutsche Bank with “Hold”. The firm earned “Sector Perform” rating on Thursday, January 28 by RBC Capital Markets. The firm earned “Hold” rating on Friday, September 9 by Deutsche Bank. Sandler O’Neill downgraded the shares of STT in a report on Tuesday, September 6 to “Hold” rating. The firm earned “Overweight” rating on Monday, October 26 by Barclays Capital.

According to Zacks Investment Research, “State Street Corporation is the world’s leading specialist in providing sophisticated global investors with investment servicing, investment management, investment research and trading services. Customers include mutual funds and other collective investment funds, corporate and public pension funds, corporations, unions and not-for-profit organizations in and outside of the United States.”

Insitutional Activity: The institutional sentiment decreased to 0.77 in Q2 2016. Its down 0.15, from 0.92 in 2016Q1. The ratio dived, as 39 funds sold all State Street Corp shares owned while 250 reduced positions. 71 funds bought stakes while 194 increased positions. They now own 328.46 million shares or 1.10% less from 332.10 million shares in 2016Q1.
Ballentine Ptnrs Limited Liability has 4,242 shares for 0.02% of their US portfolio. Synovus Fincl Corporation last reported 0.01% of its portfolio in the stock. Nordea Invest Mgmt Ab reported 19,404 shares or 0% of all its holdings. Wetherby Asset Mngmt Inc owns 12,068 shares or 0.14% of their US portfolio. Moreover, Guardian Co has 0% invested in State Street Corp (NYSE:STT) for 167 shares. The Japan-based Fukoku Mutual Life has invested 0.03% in State Street Corp (NYSE:STT). Northwest Counselors Lc reported 16,627 shares or 0.49% of all its holdings. Heritage Invsts Mgmt has 13,550 shares for 0.06% of their US portfolio. Blackrock Advsrs Ltd Liability Co accumulated 247,907 shares or 0.01% of the stock. Commonwealth Equity Serv Inc last reported 34,666 shares in the company. Prudential Fincl Inc last reported 0.08% of its portfolio in the stock. Mizuho Tru And Bk Ltd has 0.11% invested in the company for 678,025 shares. Ledyard Comml Bank reported 1,958 shares or 0.02% of all its holdings. Markston International Limited Liability Corporation has invested 1.48% of its portfolio in State Street Corp (NYSE:STT). Sandy Spring Bank & Trust last reported 0.22% of its portfolio in the stock.

Insider Transactions: Since July 1, 2016, the stock had 0 insider buys, and 10 sales for $7.32 million net activity. $70,570 worth of State Street Corp (NYSE:STT) shares were sold by Keenan Karen C. $4,189 worth of State Street Corp (NYSE:STT) was sold by Newth Sean P on Tuesday, November 15. Shares for $2.42M were sold by CARP JEFFREY N on Friday, July 1.

More news for State Street Corp (NYSE:STT) were recently published by: Nasdaq.com, which released: “Agree To Buy State Street Corp. At $55, Earn 6.2% Using Options” on November 23, 2016. Bizjournals.com‘s article titled: “State Street subleasing chunk of namesake tower in Boston” and published on November 23, 2016 is yet another important article.

STT Company Profile

State Street Corporation, incorporated on October 16, 1969, the parent company, is a financial holding company. The parent firm provides financial and managerial support to its legal and operating subsidiaries. The Company, through its subsidiary, State Street Bank, provides a range of financial services and products to institutional investors across the world. The Company’s clients include mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, foundations, endowments and investment managers. The Firm has approximately two lines of businesses: Investment Servicing and Investment Management.

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