State Street Corporation (NYSE: STT) stock jumped 1.07% on Thursday to $67.75 against a previous-day closing price of $67.03. With 2.82 million shares changed hands, the volume of the stock remained lighter than its average volume of 2.9 million shares. During the session, the Asset Management company that operates in wider Financial sector, reached to the highest price of $68.25 whereas the lowest price it dropped to was $66.84. The 52-week range on STT shows that it touched its highest point at $94.74 and its lowest point at $58.62 during that stretch. It currently has a 1-year price target of $84.50. With its current market cap of 23.00 billion, STT has annualized dividend of $2.52 while the current yield stands at 3.72%. Beta for the stock currently stands at 1.58.
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Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of STT was down-trending over the past week, with a drop of -1.90%, but this was down by -2.96% over a month. Three-month performance dropped to -22.28% while six-month performance fell -11.54%. The stock lost -1.34% in the past year, while it has lost -12.66% so far this year. A look at the trailing 12-month EPS for STT yields 7.14 with Next year EPS estimates of 8.61. For the next quarter, that number is 2.10. This implies an EPS growth rate of 0.00% for this year and 10.11% for next year. EPS is expected to grow by 6.55% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 4.20%.
Float and Shares Shorts:
At present, 341.11 million STT shares are outstanding with a float of 332.75 million shares on hand for trading. On Apr 27, 2023, short shares totaled 4.25 million, which was 1.27% higher than short shares on Mar 30, 2023. In addition to Mr. Ronald Philip O’Hanley as the firm’s Chairman & CEO, Mr. Louis D. Maiuri serves as its Pres, COO & Head of Investment Services.
Through their ownership of 97.77% of STT’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 54.14% of STT, in contrast to 35.68% held by mutual funds. Shares owned by individuals account for 2.66%. As the largest shareholder in STT with 11.79% of the stake, The Vanguard Group, Inc. holds 40,615,519 shares worth 40,615,519. A second-largest stockholder of STT, Dodge & Cox, holds 21,830,987 shares, controlling over 6.34% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in STT, holding 17,572,450 shares or 5.10% stake. With a 4.53% stake in STT, the Dodge & Cox Stock Fund is the largest stakeholder. A total of 15,597,100 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 2.95% of STT stock, is the second-largest Mutual Fund holder. It holds 10,163,070 shares valued at 734.38 million. Vanguard 500 Index Fund holds 2.38% of the stake in STT, owning 8,192,527 shares worth 591.99 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for STT since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With STT analysts setting a high price target of $100.00 and a low target of $68.00, the average target price over the next 12 months is $84.22. Based on these targets, STT could surge 47.6% to reach the target high and rise by 0.37% to reach the target low. Reaching the average price target will result in a growth of 24.31% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded STT stock several times over the past three months with 0 Buys and 2 Sells. In these transactions, 0 shares were bought while 9,087 shares were sold. The number of buy transactions has increased to 28 while that of sell transactions has risen to 36 over the past year. The total number of shares bought during that period was 503,114 while 217,616 shares were sold.