Truist Financial Cuts State Street (NYSE:STT) Price Target to $89.00

State Street (NYSE:STT) had its target price cut by Truist Financial from $104.00 to $89.00 in a report released on Friday morning,Benzinga reports. They currently have a hold rating on the asset manager’s stock.

Several other research firms have also commented on STT. Bank of America increased their price objective on shares of State Street from $98.00 to $99.00 and gave the company an “underperform” rating in a research note on Wednesday, April 2nd. Wolfe Research upgraded State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. Evercore ISI decreased their target price on State Street from $109.00 to $106.00 and set an “outperform” rating for the company in a research report on Tuesday, April 1st. StockNews.com lowered shares of State Street from a “buy” rating to a “hold” rating in a research report on Friday, March 7th. Finally, Citigroup decreased their price objective on shares of State Street from $105.00 to $100.00 and set a “neutral” rating for the company in a report on Monday, March 24th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $101.07.

State Street Stock Down 8.0 %

STT stock opened at $76.23 on Friday. The stock’s 50 day moving average is $94.09 and its 200-day moving average is $94.58. State Street has a twelve month low of $70.20 and a twelve month high of $103.00. The firm has a market capitalization of $21.99 billion, a PE ratio of 9.25, a P/E/G ratio of 1.11 and a beta of 1.42. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, beating 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 business had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.27 billion. During the same period last year, the business earned $2.04 EPS. The business’s revenue was up 12.1% on a year-over-year basis. Sell-side analysts expect that State Street will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be paid a dividend of $0.76 per share. The ex-dividend date is Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.99%. State Street’s payout ratio is 36.89%.

Insider Buying and Selling

In other news, Director Gregory L. Summe sold 10,815 shares of the company’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total value of $1,081,500.00. Following the transaction, the director now owns 100,023 shares of the company’s stock, valued at approximately $10,002,300. This represents a 9.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the sale, the executive vice president now directly owns 50,816 shares of the company’s stock, valued at $5,054,667.52. This represents a 6.80 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Albion Financial Group UT bought a new stake in State Street during the fourth quarter valued at approximately $25,000. Y.D. More Investments Ltd raised its position in shares of State Street by 116.6% during the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock valued at $36,000 after buying an additional 197 shares in the last quarter. Kohmann Bosshard Financial Services LLC bought a new stake in shares of State Street during the 4th quarter worth $42,000. Coppell Advisory Solutions LLC grew its position in State Street by 2,942.9% in the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager’s stock worth $42,000 after acquiring an additional 412 shares in the last quarter. Finally, Loomis Sayles & Co. L P increased its stake in 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 acquiring an additional 311 shares during the last quarter. Hedge funds and other 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.