Truist Financial Cuts State Street (NYSE:STT) Price Target to $104.00

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

Other research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. raised shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price on the stock in a research report on Friday, December 20th. Morgan Stanley lowered their price target 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. Evercore ISI increased their price objective on State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. StockNews.com downgraded shares of State Street from a “buy” rating to a “hold” rating in a research report on Friday, January 17th. Finally, The Goldman Sachs Group increased their price objective on State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Two 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. According to data from MarketBeat, State Street currently has an average rating of “Hold” and a consensus target price of $100.73.

State Street Trading Up 0.4 %

Shares of NYSE STT opened at $97.58 on Tuesday. The stock has a market capitalization of $28.61 billion, a P/E ratio of 11.84, a price-to-earnings-growth ratio of 1.07 and a beta of 1.43. The business has a fifty day moving average price of $97.86 and a 200 day moving average price of $90.13. State Street has a 1-year low of $70.20 and a 1-year high of $101.91. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56.

State Street (NYSE:STT) last posted its earnings results on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping 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 firm had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3,267,560 billion. During the same period last year, the company earned $2.04 earnings per share. State Street’s revenue for the quarter was up 12.1% compared to the same quarter last year. Equities research analysts expect that State Street will post 9.57 EPS for the current fiscal year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Thursday, January 2nd were given a dividend of $0.76 per share. The ex-dividend date was Thursday, January 2nd. This represents a $3.04 dividend on an annualized basis and a yield of 3.12%. State Street’s dividend payout ratio (DPR) is 36.89%.

Insider Buying and Selling at State Street

In other State Street news, EVP Kathryn M. Horgan sold 12,500 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $97.97, for a total value of $1,224,625.00. Following the completion of the sale, the executive vice president now owns 111,042 shares of the company’s stock, valued at $10,878,784.74. This trade represents a 10.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.31% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Caprock Group LLC boosted its position in State Street by 4.4% in the 4th quarter. Caprock Group LLC now owns 13,215 shares of the asset manager’s stock valued at $1,297,000 after buying an additional 556 shares during the last quarter. Smith Group Asset Management LLC acquired a new position in shares of State Street in the fourth quarter worth about $526,000. R Squared Ltd purchased a new position in State Street in the fourth quarter valued at about $58,000. Pacer Advisors Inc. boosted its holdings in State Street by 78.8% in the fourth quarter. Pacer Advisors Inc. now owns 39,613 shares of the asset manager’s stock valued at $3,888,000 after purchasing an additional 17,464 shares during the last quarter. Finally, KBC Group NV grew its stake in State Street by 23.8% during the 4th quarter. KBC Group NV now owns 92,484 shares of the asset manager’s stock valued at $9,077,000 after purchasing an additional 17,804 shares in the last quarter. 87.44% of the stock is currently 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.