State Street (NYSE:STT) Given New $89.00 Price Target at Truist Financial

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

Several other equities analysts also recently commented on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $103.00 price objective (down from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Evercore ISI lowered their price target 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. Wolfe Research upgraded State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. Barclays boosted their target price on State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Citigroup dropped their price target on State Street from $105.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, State Street currently has a consensus rating of “Hold” and an average target price of $101.07.

State Street Stock Down 8.0 %

STT opened at $76.23 on Friday. The company has a market cap of $21.99 billion, a P/E ratio of 9.25, a P/E/G ratio of 1.11 and a beta of 1.42. State Street has a 12 month low of $70.20 and a 12 month high of $103.00. The business’s 50-day moving average price is $94.09 and its 200-day moving average price is $94.58. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT) last announced 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 firm had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.27 billion. During the same quarter in the previous year, the company posted $2.04 earnings per share. The business’s revenue was up 12.1% on a year-over-year basis. On average, equities analysts expect that State Street will post 9.68 EPS for the current year.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be issued a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street’s dividend payout ratio (DPR) is presently 36.89%.

Insider Activity

In other State Street news, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the completion of the transaction, the director now owns 100,023 shares in the company, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Ann Fogarty sold 3,705 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value of $368,536.35. Following the completion of the sale, the executive vice president now directly owns 50,816 shares in the company, valued at approximately $5,054,667.52. This represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Flagship Harbor Advisors LLC purchased a new position in State Street in the 4th quarter worth approximately $272,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of State Street by 3.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 457,924 shares of the asset manager’s stock worth $44,725,000 after purchasing an additional 14,476 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of State Street by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager’s stock worth $184,025,000 after purchasing an additional 10,404 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in shares of State Street by 11.1% during the fourth quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager’s stock valued at $7,289,000 after buying an additional 7,446 shares during the last quarter. Finally, Merit Financial Group LLC purchased a new position in State Street in the 4th quarter worth about $395,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

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.