Truist Financial Boosts State Street (NYSE:STT) Price Target to $150.00

State Street (NYSE:STT) had its price objective lifted by stock analysts at Truist Financial from $136.00 to $150.00 in a report issued on Monday,Benzinga reports. The firm currently has a “hold” rating on the asset manager’s stock. Truist Financial’s price target indicates a potential upside of 3.23% from the stock’s current price.

STT has been the subject of several other reports. TD Cowen reiterated a “buy” rating on shares of State Street in a research report on Wednesday, January 7th. Citigroup began coverage on shares of State Street in a research report on Monday, February 23rd. They set a “buy” rating and a $150.00 price objective for the company. Barclays set a $165.00 price objective on shares of State Street in a research report on Monday. Morgan Stanley decreased their price objective on shares of State Street from $168.00 to $164.00 and set an “overweight” rating for the company in a research report on Tuesday, January 20th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of State Street in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, State Street has an average rating of “Moderate Buy” and a consensus price target of $148.58.

State Street Trading Down 0.1%

STT opened at $145.31 on Monday. State Street has a twelve month low of $79.56 and a twelve month high of $148.99. The company has a quick ratio of 0.61, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. The company has a fifty day moving average of $128.69 and a 200-day moving average of $125.05. The stock has a market cap of $40.26 billion, a PE ratio of 14.74, a price-to-earnings-growth ratio of 0.93 and a beta of 1.37.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The company had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same period in the prior year, the company posted $2.04 earnings per share. State Street’s revenue for the quarter was up 15.6% compared to the same quarter last year. On average, sell-side analysts predict that State Street will post 9.68 EPS for the current year.

Insider Transactions at State Street

In related news, EVP John Plansky sold 16,100 shares of the stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the transaction, the executive vice president directly owned 56,162 shares of the company’s stock, valued at $6,982,059.84. This represents a 22.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.29% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. True Wealth Design LLC lifted its stake in shares of State Street by 166.3% in the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock valued at $29,000 after buying an additional 158 shares in the last quarter. Wilkerson Advisory Group LLC bought a new position in shares of State Street in the fourth quarter valued at $29,000. JPL Wealth Management LLC bought a new position in shares of State Street in the third quarter valued at $29,000. Phillip James Consulting Co. bought a new position in shares of State Street in the fourth quarter valued at $30,000. Finally, Flagship Wealth Advisors LLC bought a new position in shares of State Street in the third quarter valued at $35,000. 87.44% of the stock is owned by institutional investors.

State Street Company Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.