State Street (NYSE:STT) Given New $125.00 Price Target at Truist Financial

Key Points

• Truist Financial has raised its target price for State Street from $116.00 to $125.00, indicating a potential upside of 12.13% from the stock's previous close.
• State Street's stock currently has a consensus rating of "Hold," with one sell rating, five hold ratings, and seven buy ratings from analysts.
• The company's latest earnings report showed an EPS of $2.53, surpassing analysts' expectations, along with a revenue of $3.47 billion for the quarter.

State Street (NYSE:STT - Free Report) had its target price hoisted by Truist Financial from $116.00 to $125.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has a buy rating on the asset manager's stock.

Other equities analysts have also recently issued reports about the company. Citigroup lifted their price target on State Street from $100.00 to $115.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Bank of America lifted their price target on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a research note on Wednesday, July 16th. Wells Fargo & Company lifted their price target on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. The Goldman Sachs Group lifted their price target on State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Finally, Keefe, Bruyette & Woods decreased their price target on State Street from $118.00 to $113.00 and set an "outperform" rating on the stock in a research note on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $112.82.

State Street Price Performance

Shares of STT traded down $2.51 during midday trading on Thursday, reaching $111.09. The stock had a trading volume of 1,291,661 shares, compared to its average volume of 1,808,919. The company's 50-day moving average is $106.93 and its 200 day moving average is $97.03. State Street has a 12-month low of $72.81 and a 12-month high of $114.28. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $31.52 billion, a price-to-earnings ratio of 12.44, a price-to-earnings-growth ratio of 1.22 and a beta of 1.48.

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 (EPS) for the quarter, topping analysts' consensus estimates of $2.36 by $0.17. The firm had revenue of $3.47 billion during the quarter, compared to analysts' expectations of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%. The company's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the prior year, the business earned $2.15 EPS. On average, equities analysts predict that State Street will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be issued a $0.84 dividend. This is an increase from State Street's previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 annualized dividend and a yield of 3.0%. State Street's dividend payout ratio (DPR) is 37.63%.

Insider Activity

In other news, EVP Michael L. Richards sold 990 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total value of $108,197.10. Following the completion of the transaction, the executive vice president owned 41,332 shares of the company's stock, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.29% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. First Pacific Financial bought a new position in State Street during the 1st quarter valued at approximately $25,000. Capital Analysts LLC increased its position in State Street by 3,914.3% during the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock valued at $25,000 after buying an additional 274 shares in the last quarter. Larson Financial Group LLC increased its position in State Street by 40.8% during the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after buying an additional 118 shares in the last quarter. Coppell Advisory Solutions LLC increased its position in State Street by 2,942.9% during the 4th quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock valued at $42,000 after buying an additional 412 shares in the last quarter. Finally, Golden State Wealth Management LLC increased its position in State Street by 186.7% during the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock valued at $43,000 after buying an additional 310 shares in the last quarter. Institutional investors 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.