State Street (NYSE:STT) Given New $104.00 Price Target at Truist Financial

State Street (NYSE:STT) had its price target cut by Truist Financial from $106.00 to $104.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have a hold rating on the asset manager’s stock.

A number of other equities analysts have also issued reports on the company. Evercore ISI increased their price objective on State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Morgan Stanley lowered their price target on State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a report on Friday, January 3rd. Deutsche Bank Aktiengesellschaft upped their price objective on shares of State Street from $90.00 to $95.00 and gave the stock a “hold” rating in a report on Monday, November 11th. The Goldman Sachs Group increased their target price on shares of State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Finally, StockNews.com downgraded shares of State Street from a “buy” rating to a “hold” rating in a research report on Friday, January 17th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, State Street has a consensus rating of “Hold” and an average target price of $100.73.

State Street Stock Up 0.4 %

NYSE:STT opened at $97.58 on Tuesday. The stock has a 50-day simple moving average of $97.86 and a 200 day simple moving average of $90.13. State Street has a one year low of $70.20 and a one year high of $101.91. The company has a market capitalization of $28.61 billion, a price-to-earnings ratio of 11.84, 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 quick ratio of 0.56 and a current ratio of 0.56.

State Street (NYSE:STT) last issued its earnings results 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 return on equity of 12.60% and a net margin of 12.14%. The company had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3,267,560 billion. During the same period in the previous year, the firm posted $2.04 earnings per share. State Street’s quarterly revenue was up 12.1% compared to the same quarter last year. Sell-side analysts predict that State Street will post 9.57 EPS for the current fiscal year.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd were issued a $0.76 dividend. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $3.04 annualized dividend and a dividend yield of 3.12%. State Street’s dividend payout ratio is currently 36.89%.

Insider Transactions at State Street

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in STT. Geode Capital Management LLC boosted its stake in State Street by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 7,169,070 shares of the asset manager’s stock worth $632,111,000 after purchasing an additional 41,442 shares during the period. FMR LLC lifted its holdings in shares of State Street by 15.8% in the third quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock valued at $540,796,000 after purchasing an additional 833,679 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its position in shares of State Street by 30.4% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock worth $514,136,000 after buying an additional 1,354,560 shares during the period. Metropolis Capital Ltd grew its holdings in shares of State Street by 3.9% during the third quarter. Metropolis Capital Ltd now owns 4,286,306 shares of the asset manager’s stock valued at $379,209,000 after buying an additional 161,466 shares in the last quarter. Finally, Franklin Resources Inc. raised its position in State Street by 13.8% during the third quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock valued at $306,116,000 after buying an additional 408,792 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

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.