State Street (NYSE:STT) Now Covered by Analysts at Truist Financial

Stock analysts at Truist Financial began coverage on shares of State Street (NYSE:STT) in a note issued to investors on Tuesday,Benzinga reports. The firm set a “hold” rating and a $106.00 price target on the asset manager’s stock. Truist Financial’s target price would indicate a potential upside of 7.75% from the company’s previous close.

Other equities research analysts have also issued reports about the company. Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $105.00 to $120.00 in a research note on Tuesday, December 3rd. JPMorgan Chase & Co. upgraded shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price target on the stock in a report on Friday, December 20th. Wells Fargo & Company lifted their price target on shares of State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a research report on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft increased their price objective on shares of State Street from $90.00 to $95.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Finally, StockNews.com lowered shares of State Street from a “buy” rating to a “hold” rating in a report on Friday, December 27th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $100.33.

State Street Trading Up 0.7 %

Shares of STT stock opened at $98.38 on Tuesday. State Street has a 1-year low of $70.20 and a 1-year high of $101.91. The firm’s 50-day simple moving average is $97.10 and its 200-day simple moving average is $88.22. The firm has a market cap of $28.84 billion, a P/E ratio of 15.54, a PEG ratio of 1.24 and a beta of 1.43. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.56 and a quick ratio of 0.56.

State Street (NYSE:STT) last announced its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates of $2.12 by $0.14. The company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.19 billion. State Street had a net margin of 9.87% and a return on equity of 12.02%. State Street’s revenue for the quarter was up 21.1% on a year-over-year basis. During the same quarter last year, the business earned $1.93 EPS. As a group, equities analysts forecast that State Street will post 8.42 EPS for the current year.

Insiders Place Their Bets

In related news, EVP John Plansky sold 13,859 shares of the company’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $91.32, for a total value of $1,265,603.88. Following the sale, the executive vice president now directly owns 55,108 shares of the company’s stock, valued at $5,032,462.56. This represents a 20.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kathryn M. Horgan sold 12,500 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the transaction, the executive vice president now directly owns 111,042 shares of the company’s stock, valued at approximately $10,878,784.74. This represents a 10.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,460 shares of company stock worth $2,499,860 in the last three months. 0.31% of the stock is owned by insiders.

Institutional Trading of State Street

Institutional investors and hedge funds have recently bought and sold shares of the company. TD Asset Management Inc raised its position in shares of State Street by 2.3% during the 2nd quarter. TD Asset Management Inc now owns 123,488 shares of the asset manager’s stock valued at $9,138,000 after acquiring an additional 2,731 shares in the last quarter. Candriam S.C.A. raised its holdings in shares of State Street by 21.9% during the second quarter. Candriam S.C.A. now owns 48,686 shares of the asset manager’s stock worth $3,603,000 after purchasing an additional 8,761 shares during the period. Savant Capital LLC raised its holdings in shares of State Street by 125.0% during the second quarter. Savant Capital LLC now owns 27,527 shares of the asset manager’s stock worth $2,037,000 after purchasing an additional 15,293 shares during the period. Caprock Group LLC lifted its position in shares of State Street by 292.7% in the 2nd quarter. Caprock Group LLC now owns 17,956 shares of the asset manager’s stock worth $1,329,000 after buying an additional 13,383 shares during the last quarter. Finally, Oak Thistle LLC acquired a new position in shares of State Street in the 2nd quarter valued at about $393,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

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.