State Street (NYSE:STT) Price Target Cut to $85.00 by Analysts at Truist Financial

State Street (NYSE:STT) had its price objective decreased by research analysts at Truist Financial from $89.00 to $85.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “hold” rating on the asset manager’s stock. Truist Financial’s price target suggests a potential upside of 6.33% from the stock’s previous close.

A number of other analysts have also commented on the company. Morgan Stanley cut their price target on State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 2nd. The Goldman Sachs Group set a $98.00 price target on State Street and gave the company a “buy” rating in a research report on Thursday. Evercore ISI cut their price objective on State Street from $109.00 to $106.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 1st. Wells Fargo & Company decreased their target price on shares of State Street from $118.00 to $113.00 and set an “overweight” rating for the company in a research report on Friday, March 28th. Finally, Barclays lowered their target price on shares of State Street from $127.00 to $120.00 and set an “overweight” rating for the company in a research note on Monday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, State Street has an average rating of “Hold” and an average target price of $102.69.

State Street Stock Performance

Shares of NYSE:STT traded down $1.32 on Monday, hitting $79.94. The company had a trading volume of 858,063 shares, compared to its average volume of 2,177,443. The stock has a 50 day moving average price of $89.24 and a 200 day moving average price of $93.82. 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 stock has a market cap of $23.07 billion, a price-to-earnings ratio of 9.70, a P/E/G ratio of 1.11 and a beta of 1.42. State Street has a 1-year low of $70.20 and a 1-year high of $103.00.

State Street (NYSE:STT) last announced its earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.06. State Street had a net margin of 12.14% and a return on equity of 12.60%. The company had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.30 billion. During the same quarter in the previous year, the business posted $1.69 earnings per share. Analysts expect that State Street will post 9.68 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Ann Fogarty sold 3,705 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total transaction of $368,536.35. Following the completion of the transaction, the executive vice president now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction dated 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 sale, the director now directly owns 100,023 shares in the company, valued at approximately $10,002,300. This represents a 9.76 % decrease in their position. The disclosure for this sale can be found here. 0.29% of the stock is currently owned by insiders.

Institutional Trading of State Street

Institutional investors have recently modified their holdings of the business. Norges Bank purchased a new position in State Street during the 4th quarter valued at about $161,021,000. Price T Rowe Associates Inc. MD grew its position in State Street by 236.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager’s stock valued at $226,642,000 after acquiring an additional 1,622,408 shares during the last quarter. FMR LLC grew its holdings in shares of State Street by 14.2% during the 4th quarter. FMR LLC now owns 6,983,607 shares of the asset manager’s stock valued at $685,441,000 after purchasing an additional 870,849 shares during the last quarter. Azora Capital LP purchased a new position in State Street in the 4th quarter worth $80,294,000. Finally, Northern Trust Corp increased its stake in State Street by 15.7% in the 4th quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager’s stock worth $407,166,000 after purchasing an additional 563,790 shares during the period. 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.