State Street (NYSE:STT) Given New $85.00 Price Target at Truist Financial

State Street (NYSE:STT) had its price target reduced by equities researchers at Truist Financial from $89.00 to $85.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “hold” rating on the asset manager’s stock. Truist Financial’s price objective suggests a potential upside of 6.33% from the company’s previous close.

Several other equities analysts have also issued reports on the company. Bank of America lifted their price target on State Street from $98.00 to $99.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 2nd. Wells Fargo & Company cut their price target on shares of State Street from $118.00 to $113.00 and set an “overweight” rating on the stock in a report on Friday, March 28th. Barclays cut their target price on State Street from $127.00 to $120.00 and set an “overweight” rating on the stock in a research note on Monday. Evercore ISI decreased their price target on State Street from $109.00 to $106.00 and set an “outperform” rating for the company in a research note on Tuesday, April 1st. Finally, Wolfe Research upgraded State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $102.69.

State Street Stock Down 1.6 %

Shares of STT stock traded down $1.32 during midday trading on Monday, reaching $79.94. 858,063 shares of the stock were exchanged, compared to its average volume of 2,177,443. The firm has a market cap of $23.07 billion, a PE ratio of 9.70, a price-to-earnings-growth ratio of 1.11 and a beta of 1.42. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The company’s 50 day moving average is $89.24 and its two-hundred day moving average is $93.82. State Street has a 1 year low of $70.20 and a 1 year high of $103.00.

State Street (NYSE:STT) last issued its quarterly earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $0.06. State Street had a net margin of 12.14% and a return on equity of 12.60%. The company had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.30 billion. During the same period last year, the business earned $1.69 EPS. On average, equities research analysts predict that State Street will post 9.68 EPS for the current year.

Insider Buying and Selling

In other news, Director Gregory L. Summe sold 10,815 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the completion of the sale, the director now directly owns 100,023 shares of the company’s stock, valued at approximately $10,002,300. The trade was a 9.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction of $368,536.35. Following the transaction, the executive vice president now directly owns 50,816 shares in the company, valued at approximately $5,054,667.52. This trade represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.29% of the stock is currently owned by company insiders.

Institutional Trading of State Street

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Albion Financial Group UT purchased a new position in shares of State Street during the 4th quarter valued at approximately $25,000. Y.D. More Investments Ltd boosted its position in State Street by 116.6% during the fourth quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock worth $36,000 after purchasing an additional 197 shares in the last quarter. Kohmann Bosshard Financial Services LLC acquired a new stake in State Street in the 4th quarter valued at $42,000. Coppell Advisory Solutions LLC raised its position in shares of State Street by 2,942.9% during the 4th quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager’s stock worth $42,000 after purchasing an additional 412 shares during the last quarter. Finally, Loomis Sayles & Co. L P raised its position in shares of State Street by 187.3% in the fourth quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager’s stock valued at $47,000 after buying an additional 311 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.