State Street (NYSE:STT) Price Target Raised to $176.00 at Truist Financial

Key Points

• Truist Financial raised its price target on State Street to $176 from $150, while keeping a hold rating. The new target implies about 4.6% upside from the current share price.
• State Street has seen mixed analyst activity overall, with recent target and rating changes from several firms. The stock currently carries a Moderate Buy consensus and an average price target of $164.16.
• The company recently reported better-than-expected quarterly results, with EPS of $2.84 and revenue of $3.80 billion both topping estimates. Shares were trading near $168.28, close to the stock’s 52-week high of $175.46.

State Street (NYSE:STT - Get Free Report) had its price objective upped by equities researchers at Truist Financial from $150.00 to $176.00 in a research note issued on Friday,Benzinga reports. The firm currently has a "hold" rating on the asset manager's stock. Truist Financial's price target suggests a potential upside of 4.59% from the company's current price.

A number of other analysts have also recently issued reports on the stock. Zacks Research cut shares of State Street from a "strong-buy" rating to a "hold" rating in a research note on Monday. Barclays set a $165.00 price target on State Street in a report on Monday, April 20th. Citigroup increased their target price on State Street from $172.00 to $193.00 and gave the stock a "buy" rating in a research report on Tuesday. JPMorgan Chase & Co. upped their price target on State Street from $137.50 to $158.50 and gave the stock a "neutral" rating in a research note on Monday, May 11th. Finally, Bank of America raised shares of State Street from an "underperform" rating to a "neutral" rating and set a $143.00 price objective for the company in a report on Monday, April 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $164.16.

State Street Stock Performance

State Street stock traded down $1.23 during trading on Friday, reaching $168.28. The company had a trading volume of 476,543 shares, compared to its average volume of 2,175,272. The firm's 50-day simple moving average is $157.16 and its 200 day simple moving average is $138.80. State Street has a 52 week low of $101.98 and a 52 week high of $175.46. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $46.57 billion, a price-to-earnings ratio of 17.08, a price-to-earnings-growth ratio of 0.92 and a beta of 1.43.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, topping analysts' consensus estimates of $2.64 by $0.20. The business had revenue of $3.80 billion during the quarter, compared to analysts' expectations of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The business's quarterly revenue was up 15.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.04 earnings per share. Sell-side analysts forecast that State Street will post 12.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP W. Bradford Hu sold 9,212 shares of the company's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $1,431,084.20. Following the completion of the sale, the executive vice president directly owned 59,552 shares of the company's stock, valued at $9,251,403.20. This represents a 13.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 3,000 shares of the stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total transaction of $461,670.00. Following the transaction, the executive vice president owned 43,522 shares in the company, valued at approximately $6,697,600.58. This represents a 6.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 37,876 shares of company stock worth $5,866,583. Insiders own 0.27% of the company's stock.

Institutional Investors Weigh In On State Street

A number of hedge funds have recently made changes to their positions in the stock. Wilkerson Advisory Group LLC bought a new stake in shares of State Street in the 4th quarter valued at about $29,000. Phillip James Consulting Co. bought a new position in shares of State Street during the 4th quarter worth approximately $30,000. JPL Wealth Management LLC purchased a new stake in State Street during the third quarter valued at approximately $29,000. Whipplewood Advisors LLC acquired a new stake in State Street in the first quarter valued at approximately $34,000. Finally, Reflection Asset Management purchased a new position in State Street in the fourth quarter worth $35,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Company Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.

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