State Street (NYSE:STT) Price Target Lowered to $89.00 at Truist Financial

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

STT has been the subject of several other reports. Citigroup decreased their price objective on shares of State Street from $105.00 to $100.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $103.00 price target (down from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Morgan Stanley cut their price objective on State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a research note on Wednesday. StockNews.com downgraded State Street from a “buy” rating to a “hold” rating in a report on Friday, March 7th. Finally, Evercore ISI lowered their price target on State Street from $109.00 to $106.00 and set an “outperform” rating for the company in a report on Tuesday, April 1st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $101.07.

State Street Stock Down 8.0 %

Shares of NYSE:STT opened at $76.23 on Friday. The company has a market capitalization of $21.99 billion, a price-to-earnings ratio of 9.25, a price-to-earnings-growth ratio of 1.11 and a beta of 1.42. The company has a 50 day moving average of $94.09 and a two-hundred day moving average of $94.52. State Street has a 52-week low of $70.20 and a 52-week high of $103.00. 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 announced its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share 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 company had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.27 billion. During the same period last year, the firm earned $2.04 earnings per share. The company’s revenue was up 12.1% on a year-over-year basis. As a group, analysts forecast that State Street will post 9.68 earnings per share for the current fiscal year.

Insider Buying and Selling

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 value of $368,536.35. Following the completion of the transaction, the executive vice president now owns 50,816 shares in the company, valued at $5,054,667.52. This represents a 6.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Gregory L. Summe sold 10,815 shares of the firm’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 transaction, the director now directly owns 100,023 shares in the company, valued at approximately $10,002,300. The trade was a 9.76 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Albion Financial Group UT acquired a new stake in State Street in the fourth quarter worth approximately $25,000. Y.D. More Investments Ltd lifted its holdings in shares of 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 bought a new position in State Street during the fourth quarter valued at about $42,000. Coppell Advisory Solutions LLC grew its holdings 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 worth $42,000 after acquiring an additional 412 shares during the period. Finally, Loomis Sayles & Co. L P raised its position in State Street by 187.3% in the fourth quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager’s stock worth $47,000 after acquiring an additional 311 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

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.