State Street (NYSE:STT) Price Target Cut to $104.00 by Analysts at Truist Financial

State Street (NYSE:STT) had its price target decreased by stock analysts at Truist Financial from $106.00 to $104.00 in a report issued on Tuesday,Benzinga reports. The firm 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 stock’s previous close.

A number of other research firms have also commented on STT. 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 note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Morgan Stanley reduced their target price on shares of State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a report on Friday, January 3rd. StockNews.com cut shares of State Street from a “buy” rating to a “hold” rating in a report on Friday. Finally, Barclays raised their target price on shares of State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $100.20.

State Street Stock Performance

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

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, beating analysts’ consensus estimates of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The business 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 business earned $2.04 earnings per share. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. Sell-side analysts anticipate that State Street will post 9.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Kathryn M. Horgan sold 12,500 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the transaction, the executive vice president now owns 111,042 shares in the company, valued at approximately $10,878,784.74. This trade represents a 10.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of STT. Benjamin F. Edwards & Company Inc. raised its holdings in State Street by 5.4% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,514 shares of the asset manager’s stock worth $186,000 after acquiring an additional 129 shares during the period. Pacer Advisors Inc. grew its position in State Street by 4.6% in the 2nd quarter. Pacer Advisors Inc. now owns 20,939 shares of the asset manager’s stock worth $1,549,000 after purchasing an additional 922 shares during the last quarter. Sei Investments Co. grew its position in State Street by 14.5% in the 2nd quarter. Sei Investments Co. now owns 500,238 shares of the asset manager’s stock worth $37,017,000 after purchasing an additional 63,438 shares during the last quarter. Ensign Peak Advisors Inc grew its position in State Street by 39.3% in the 2nd quarter. Ensign Peak Advisors Inc now owns 145,859 shares of the asset manager’s stock worth $10,794,000 after purchasing an additional 41,180 shares during the last quarter. Finally, ProShare Advisors LLC grew its position in State Street by 3.4% in the 2nd quarter. ProShare Advisors LLC now owns 79,042 shares of the asset manager’s stock worth $5,849,000 after purchasing an additional 2,574 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

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.