Truist Financial Has Lowered Expectations for State Street (NYSE:STT) Stock Price

State Street (NYSE:STT) had its price objective reduced by equities research analysts at Truist Financial from $104.00 to $89.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “hold” rating on the asset manager’s stock. Truist Financial’s price objective would indicate a potential upside of 16.75% from the stock’s current price.

Several other brokerages have also weighed in on STT. Bank of America upped their target price on shares of State Street from $98.00 to $99.00 and gave the stock an “underperform” rating in a research report on Wednesday. Barclays upped their price target on State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Wolfe Research raised State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. StockNews.com lowered State Street from a “buy” rating to a “hold” rating in a report on Friday, March 7th. Finally, Wells Fargo & Company cut their price target on State Street from $118.00 to $113.00 and set an “overweight” rating for the company in a research note on Friday, March 28th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $101.07.

State Street Price Performance

Shares of NYSE:STT opened at $76.23 on Friday. State Street has a 52 week low of $70.20 and a 52 week high of $103.00. The company has a 50-day moving average price of $94.09 and a 200 day moving average price of $94.52. The company has a market cap of $21.99 billion, a P/E ratio of 9.25, a PEG 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 posted its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 EPS 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 during the quarter, compared to analysts’ expectations of $3.27 billion. During the same period last year, the firm earned $2.04 EPS. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. Research analysts predict that State Street will post 9.68 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Gregory L. Summe sold 10,815 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were 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 of the company’s stock, valued at $10,002,300. This represents a 9.76 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction 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 $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. Corporate insiders own 0.31% of the company’s stock.

Institutional Trading of State Street

A number of institutional investors and hedge funds have recently made changes to their positions in STT. Albion Financial Group UT acquired a new stake in State Street during the fourth quarter worth about $25,000. Y.D. More Investments Ltd raised its holdings in State Street by 116.6% in the fourth 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 during the period. Kohmann Bosshard Financial Services LLC acquired a new position in State Street during the fourth quarter valued at approximately $42,000. Coppell Advisory Solutions LLC lifted its position in State Street by 2,942.9% during the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager’s stock valued at $42,000 after buying an additional 412 shares in the last quarter. Finally, Loomis Sayles & Co. L P grew its stake in State Street by 187.3% during the fourth quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager’s stock worth $47,000 after buying an additional 311 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

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.