Truist Financial Lowers State Street (NYSE:STT) Price Target to $116.00

State Street (NYSE:STT - Free Report) had its price target cut by Truist Financial from $122.00 to $116.00 in a research note released on Wednesday,Benzinga reports. They currently have a buy rating on the asset manager's stock.

Other research analysts have also recently issued research reports about the stock. Morgan Stanley boosted their price objective on shares of State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Cfra Research lowered shares of State Street from a "moderate buy" rating to a "hold" rating in a research note on Thursday, May 29th. Wells Fargo & Company boosted their target price on shares of State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. The Goldman Sachs Group boosted their target price on shares of State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Finally, Evercore ISI boosted their target price on shares of State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a research note on Wednesday, July 2nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $110.25.

State Street Trading Up 3.0%

STT stock traded up $3.02 during mid-day trading on Wednesday, reaching $105.03. 4,624,111 shares of the stock traded hands, compared to its average volume of 2,115,101. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.57 and a current ratio of 0.57. State Street has a one year low of $72.81 and a one year high of $110.97. The stock has a market capitalization of $29.95 billion, a PE ratio of 11.76, a PEG ratio of 1.18 and a beta of 1.45. The business has a 50-day moving average price of $100.48 and a two-hundred day moving average price of $95.04.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, beating analysts' consensus estimates of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 13.08%. The business had revenue of $3.47 billion for the quarter, compared to analysts' expectations of $3.33 billion. During the same quarter in the previous year, the business posted $2.15 earnings per share. The business's revenue was up 2.9% compared to the same quarter last year. Equities research analysts expect that State Street will post 9.68 EPS for the current year.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st were given a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 2.89%. The ex-dividend date of this dividend was Tuesday, July 1st. State Street's payout ratio is 34.04%.

Insider Activity at State Street

In other news, CAO Elizabeth Schaefer sold 1,300 shares of the firm's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total transaction of $117,936.00. Following the sale, the chief accounting officer owned 7,354 shares of the company's stock, valued at $667,154.88. This trade represents a 15.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.29% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Principal Financial Group Inc. lifted its holdings in State Street by 1.6% in the 1st quarter. Principal Financial Group Inc. now owns 339,406 shares of the asset manager's stock valued at $30,387,000 after purchasing an additional 5,242 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of State Street by 127.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager's stock worth $2,728,000 after purchasing an additional 17,201 shares during the last quarter. Index Fund Advisors Inc. acquired a new stake in shares of State Street during the 1st quarter worth about $505,000. Bank of New York Mellon Corp increased its position in shares of State Street by 6.0% during the 1st quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager's stock worth $195,764,000 after purchasing an additional 123,259 shares during the last quarter. Finally, Pacific Heights Asset Management LLC increased its position in shares of State Street by 9.1% during the 1st quarter. Pacific Heights Asset Management LLC now owns 60,000 shares of the asset manager's stock worth $5,372,000 after purchasing an additional 5,000 shares during the last quarter. Hedge funds and other institutional investors 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.