Truist Financial Issues Pessimistic Forecast for State Street (NYSE:STT) Stock Price

State Street (NYSE:STT - Get Free Report) had its price objective lowered by stock analysts at Truist Financial from $89.00 to $85.00 in a report released on Monday, Marketbeat Ratings reports. The firm currently has a "hold" rating on the asset manager's stock. Truist Financial's price target would suggest a potential downside of 2.67% from the stock's current price.

A number of other research firms have also weighed in on STT. The Goldman Sachs Group set a $98.00 price objective on shares of State Street and gave the stock a "buy" rating in a research note on Thursday, April 17th. Evercore ISI dropped their price objective on shares of State Street from $109.00 to $106.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 1st. Bank of America lifted their price objective on shares of State Street from $98.00 to $99.00 and gave the company an "underperform" rating in a report on Wednesday, April 2nd. StockNews.com lowered State Street from a "buy" rating to a "hold" rating in a report on Friday, March 7th. Finally, Wells Fargo & Company cut their price target on State Street from $118.00 to $113.00 and set an "overweight" rating on the stock in a report on Friday, March 28th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $102.15.

State Street Trading Down 0.3 %

State Street stock traded down $0.24 during trading hours on Monday, hitting $87.33. The company had a trading volume of 2,100,424 shares, compared to its average volume of 2,152,907. The firm has a market cap of $25.20 billion, a P/E ratio of 10.60, a P/E/G ratio of 1.11 and a beta of 1.42. The company has a 50-day moving average price of $87.81 and a two-hundred day moving average price of $93.64. State Street has a 1 year low of $70.20 and a 1 year high of $103.00. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $0.06. The company had revenue of $3.28 billion for the quarter, compared to analysts' expectations of $3.30 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. During the same quarter in the prior year, the firm earned $1.69 earnings per share. On average, sell-side analysts anticipate that State Street will post 9.68 earnings per share for the current year.

Insider Buying and Selling at State Street

In other State Street news, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction that occurred on 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 completion of the sale, 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 sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction of $368,536.35. Following the completion of the sale, the executive vice president now owns 50,816 shares in the company, valued at $5,054,667.52. The trade was a 6.80 % decrease in their position. The disclosure for this sale can be found here. 0.29% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On State Street

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Adero Partners LLC raised its position in shares of State Street by 3.6% in the fourth quarter. Adero Partners LLC now owns 2,900 shares of the asset manager's stock worth $285,000 after acquiring an additional 100 shares during the period. Peapack Gladstone Financial Corp boosted its position in State Street by 2.0% during the third quarter. Peapack Gladstone Financial Corp now owns 5,283 shares of the asset manager's stock worth $467,000 after purchasing an additional 103 shares in the last quarter. Sequoia Financial Advisors LLC grew its holdings in State Street by 2.7% in the first quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager's stock valued at $395,000 after purchasing an additional 118 shares during the period. Jacobi Capital Management LLC increased its position in shares of State Street by 1.0% in the fourth quarter. Jacobi Capital Management LLC now owns 12,232 shares of the asset manager's stock valued at $1,201,000 after buying an additional 121 shares in the last quarter. Finally, Moors & Cabot Inc. lifted its position in shares of State Street by 0.7% during the 4th quarter. Moors & Cabot Inc. now owns 18,332 shares of the asset manager's stock valued at $1,799,000 after buying an additional 131 shares in the last quarter. 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.