State Street (NYSE:STT) Price Target Lowered to $104.00 at Truist Financial

State Street (NYSE:STT) had its price target decreased by Truist Financial from $106.00 to $104.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “hold” rating on the asset manager’s stock. Truist Financial’s price target suggests a potential upside of 5.31% from the company’s previous close.

STT has been the subject of a number of other research reports. StockNews.com downgraded shares of State Street from a “buy” rating to a “hold” rating in a research report on Friday. Evercore ISI raised their price objective on shares of State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. upgraded shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective for the company in a research report on Friday, December 20th. Keefe, Bruyette & Woods upgraded shares of State Street from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $105.00 to $120.00 in a research report on Tuesday, December 3rd. Finally, Wells Fargo & Company raised their price objective on shares of State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a research report on Thursday, January 2nd. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $100.20.

State Street Stock Up 1.1 %

Shares of NYSE STT traded up $1.12 during mid-day trading on Tuesday, hitting $98.75. The company had a trading volume of 832,866 shares, compared to its average volume of 2,098,281. The company has a market capitalization of $28.95 billion, a PE ratio of 11.98, a price-to-earnings-growth ratio of 1.07 and a beta of 1.43. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. State Street has a 1-year low of $70.20 and a 1-year high of $101.91. The business’s 50-day simple moving average is $97.74 and its 200 day simple moving average is $89.90.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.29 by $0.31. State Street had a return on equity of 12.60% and a net margin of 12.14%. The company had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3,267,560 billion. During the same quarter last year, the company posted $2.04 earnings per share. The business’s quarterly revenue was up 12.1% compared to the same quarter last year. On average, analysts predict that State Street will post 9.55 earnings per share for the current year.

Insider Activity at State Street

In other State Street news, EVP Kathryn M. Horgan sold 12,500 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $97.97, for a total value of $1,224,625.00. Following the transaction, the executive vice president now owns 111,042 shares in the company, valued at $10,878,784.74. The trade was a 10.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On State Street

Institutional investors have recently added to or reduced their stakes in the company. Peapack Gladstone Financial Corp raised its stake in shares of State Street by 2.0% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 5,283 shares of the asset manager’s stock valued at $467,000 after purchasing an additional 103 shares in the last quarter. Benjamin F. Edwards & Company Inc. grew its position in shares of State Street by 5.4% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,514 shares of the asset manager’s stock valued at $186,000 after buying an additional 129 shares during the last quarter. Rockland Trust Co. grew its position in shares of State Street by 1.8% during the 3rd quarter. Rockland Trust Co. now owns 8,332 shares of the asset manager’s stock valued at $737,000 after buying an additional 150 shares during the last quarter. Empirical Finance LLC grew its position in shares of State Street by 1.4% during the 3rd quarter. Empirical Finance LLC now owns 11,268 shares of the asset manager’s stock valued at $997,000 after buying an additional 158 shares during the last quarter. Finally, ST Germain D J Co. Inc. grew its position in shares of State Street by 6.7% during the 4th quarter. ST Germain D J Co. Inc. now owns 2,869 shares of the asset manager’s stock valued at $282,000 after buying an additional 180 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Company Profile

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.