Truist Financial Initiates Coverage on State Street (NYSE:STT)

Stock analysts at Truist Financial initiated coverage on shares of State Street (NYSE:STTGet Free Report) in a report issued on Tuesday,Benzinga reports. The brokerage set a “hold” rating and a $106.00 price target on the asset manager’s stock. Truist Financial’s target price points to a potential upside of 7.75% from the stock’s previous close.

Other analysts have also recently issued reports about the company. Deutsche Bank Aktiengesellschaft raised their target price on State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Morgan Stanley lowered their price target on State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a report on Friday. StockNews.com downgraded shares of State Street from a “buy” rating to a “hold” rating in a report on Friday, December 27th. JPMorgan Chase & Co. raised shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price on the stock in a research note on Friday, December 20th. Finally, Wells Fargo & Company upped their price target on shares of State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a research note on Thursday, January 2nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $100.33.

View Our Latest Report on STT

State Street Stock Performance

STT stock opened at $98.38 on Tuesday. The stock’s fifty day moving average is $97.10 and its two-hundred day moving average is $88.22. The stock has a market capitalization of $28.84 billion, a price-to-earnings 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 quick ratio of 0.56 and a current ratio of 0.56. State Street has a 1 year low of $70.20 and a 1 year high of $101.91.

State Street (NYSE:STTGet Free Report) last posted its earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.12 by $0.14. State Street had a net margin of 9.87% and a return on equity of 12.02%. The firm had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.19 billion. During the same period in the previous year, the business posted $1.93 EPS. State Street’s revenue was up 21.1% on a year-over-year basis. On average, research analysts predict that State Street will post 8.42 EPS for the current year.

Insider Transactions at State Street

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

Hedge Funds Weigh In On State Street

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC purchased a new stake in shares of State Street in the second quarter valued at $27,000. Coastline Trust Co acquired a new position in State Street during the third quarter valued at $44,000. Capital Performance Advisors LLP purchased a new stake in State Street in the 3rd quarter worth about $54,000. Versant Capital Management Inc boosted its position in State Street by 37.0% during the 4th quarter. Versant Capital Management Inc now owns 730 shares of the asset manager’s stock worth $72,000 after acquiring an additional 197 shares during the period. Finally, Tobam purchased a new position in State Street during the 3rd quarter valued at about $77,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Company Profile

(Get Free Report)

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.

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