Truist Financial Increases State Street (NYSE:STT) Price Target to $122.00

State Street (NYSE:STT) had its target price boosted by Truist Financial from $112.00 to $122.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the asset manager’s stock.

A number of other equities analysts have also recently commented on STT. Wells Fargo & Company decreased their target price on State Street from $118.00 to $113.00 and set an “overweight” rating on the stock in a report on Friday, March 28th. Wall Street Zen downgraded State Street from a “buy” rating to a “hold” rating in a research note on Friday, March 7th. Evercore ISI lifted their price objective on State Street from $102.00 to $115.00 and gave the company an “outperform” rating in a research report on Wednesday. Morgan Stanley increased their target price on shares of State Street from $110.00 to $114.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, The Goldman Sachs Group raised their target price on shares of State Street from $98.00 to $111.00 and gave the stock a “buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, State Street currently has a consensus rating of “Hold” and a consensus target price of $106.46.

State Street Stock Performance

STT opened at $110.31 on Thursday. The company’s 50 day moving average is $97.31 and its 200 day moving average is $94.46. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.07. The company has a market cap of $31.46 billion, a price-to-earnings ratio of 12.38, a PEG ratio of 1.27 and a beta of 1.45. State Street has a 12-month low of $72.65 and a 12-month high of $110.80.

State Street (NYSE:STT) last released its quarterly earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.06. State Street had a net margin of 12.85% and a return on equity of 12.79%. The business had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.30 billion. During the same period last year, the firm earned $1.69 earnings per share. On average, equities research analysts predict that State Street will post 9.68 EPS for the current year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st will be paid a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $3.04 annualized dividend and a yield of 2.76%. State Street’s payout ratio is 34.12%.

Insider Transactions at State Street

In other news, CAO Elizabeth Schaefer sold 1,300 shares of the business’s stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total value of $117,936.00. Following the transaction, the chief accounting officer owned 7,354 shares of the company’s stock, valued at approximately $667,154.88. The trade was a 15.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.29% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On State Street

Hedge funds and other institutional investors have recently modified their holdings of the stock. Invesco Ltd. lifted its stake in State Street by 9.0% in the 1st quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager’s stock worth $732,775,000 after purchasing an additional 674,120 shares in the last quarter. Geode Capital Management LLC grew its position in shares of State Street by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 7,193,687 shares of the asset manager’s stock valued at $704,238,000 after purchasing an additional 24,617 shares in the last quarter. FMR LLC increased its holdings in shares of State Street by 14.2% in the fourth quarter. FMR LLC now owns 6,983,607 shares of the asset manager’s stock worth $685,441,000 after purchasing an additional 870,849 shares during the last quarter. Amundi lifted its position in shares of State Street by 11.1% in the fourth quarter. Amundi now owns 5,602,547 shares of the asset manager’s stock worth $547,636,000 after buying an additional 561,773 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in State Street by 2.8% during the first quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager’s stock valued at $381,770,000 after buying an additional 115,751 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.