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

State Street (NYSE:STT - Free Report) had its price objective decreased by Truist Financial from $104.00 to $89.00 in a research note issued to investors on Friday morning,Benzinga reports. Truist Financial currently has a hold rating on the asset manager's stock.

A number of other research firms have also issued reports on STT. JPMorgan Chase & Co. upgraded State Street from an "underweight" rating to a "neutral" rating and set a $95.00 price target for the company in a research report on Friday, December 20th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $103.00 target price (down from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Evercore ISI lowered their price target on shares of State Street from $109.00 to $106.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 1st. Wolfe Research upgraded shares of State Street from an "underperform" rating to a "peer perform" rating in a research report on Monday, January 27th. Finally, Morgan Stanley reduced their target price on shares of State Street from $139.00 to $132.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 2nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $101.07.

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State Street Price Performance

STT stock traded down $0.08 during midday trading on Friday, reaching $76.17. The stock had a trading volume of 4,235,837 shares, compared to its average volume of 2,183,877. State Street has a 52-week low of $70.20 and a 52-week high of $103.00. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The company's fifty day simple moving average is $93.61 and its 200 day simple moving average is $94.48. The company has a market cap of $21.97 billion, a price-to-earnings ratio of 9.24, a price-to-earnings-growth ratio of 1.11 and a beta of 1.42.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The firm had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.27 billion. During the same period last year, the firm posted $2.04 earnings per share. The company's revenue for the quarter was up 12.1% on a year-over-year basis. As a group, sell-side analysts predict that State Street will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be given a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 3.99%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street's dividend payout ratio is currently 36.89%.

Insider Activity

In related news, EVP Ann Fogarty sold 3,705 shares of State Street 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 transaction, the executive vice president now directly owns 50,816 shares in the company, valued at approximately $5,054,667.52. This trade represents a 6.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Gregory L. Summe sold 10,815 shares of the company's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total value of $1,081,500.00. Following the sale, the director now owns 100,023 shares in the company, valued at approximately $10,002,300. This trade represents a 9.76 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.31% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Albion Financial Group UT purchased a new position in State Street in the fourth quarter valued at approximately $25,000. Y.D. More Investments Ltd raised its stake in State Street by 116.6% during the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager's stock worth $36,000 after acquiring an additional 197 shares in the last quarter. Kohmann Bosshard Financial Services LLC purchased a new stake in State Street in the fourth quarter valued at $42,000. Coppell Advisory Solutions LLC boosted its stake in State Street by 2,942.9% in the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock valued at $42,000 after acquiring an additional 412 shares in the last quarter. Finally, Loomis Sayles & Co. L P increased its position in shares of 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 purchasing an additional 311 shares in the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

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.