Truist Financial Upgrades State Street (NYSE:STT) to "Buy"

Truist Financial upgraded shares of State Street (NYSE:STT - Free Report) from a hold rating to a buy rating in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The brokerage currently has $112.00 price target on the asset manager's stock, up from their previous price target of $85.00.

STT has been the subject of several other reports. Wells Fargo & Company reduced their target price on shares of State Street from $118.00 to $113.00 and set an "overweight" rating for the company in a report on Friday, March 28th. Keefe, Bruyette & Woods reduced their price objective on shares of State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. Barclays decreased their price objective on shares of State Street from $127.00 to $120.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Wall Street Zen downgraded shares of State Street from a "buy" rating to a "hold" rating in a report on Friday, March 7th. Finally, Citigroup decreased their price target on State Street from $105.00 to $100.00 and set a "neutral" rating on the stock in a report on Monday, March 24th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, State Street has a consensus rating of "Hold" and a consensus price target of $104.23.

State Street Stock Performance

Shares of STT traded down $0.82 on Wednesday, reaching $96.22. The company's stock had a trading volume of 2,683,856 shares, compared to its average volume of 2,134,549. The stock's 50 day simple moving average is $88.78 and its two-hundred day simple moving average is $93.98. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. The stock has a market capitalization of $27.44 billion, a P/E ratio of 11.68, a PEG ratio of 1.11 and a beta of 1.42. State Street has a 12-month low of $70.20 and a 12-month high of $103.00.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.06. The business had revenue of $3.28 billion for the quarter, compared to analysts' expectations of $3.30 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. During the same quarter last year, the company posted $1.69 EPS. Research analysts forecast that State Street will post 9.68 earnings per share for the current fiscal year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st will be issued a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 3.16%. The ex-dividend date is Tuesday, July 1st. State Street's dividend payout ratio (DPR) is presently 34.12%.

Insider Activity

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the firm's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total value of $117,936.00. Following the completion of the transaction, the chief accounting officer now directly owns 7,354 shares of the company's stock, valued at approximately $667,154.88. This trade represents a 15.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.29% of the company's stock.

Hedge Funds Weigh In On State Street

Several institutional investors have recently bought and sold shares of STT. Flagship Harbor Advisors LLC purchased a new position in shares of State Street in the 4th quarter worth approximately $272,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in State Street by 3.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 457,924 shares of the asset manager's stock worth $44,725,000 after buying an additional 14,476 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in State Street by 0.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager's stock worth $184,025,000 after buying an additional 10,404 shares during the period. Janney Montgomery Scott LLC increased its position in State Street by 11.1% during the fourth quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager's stock valued at $7,289,000 after acquiring an additional 7,446 shares during the last quarter. Finally, Bank of Montreal Can raised its stake in shares of State Street by 54.6% in the fourth quarter. Bank of Montreal Can now owns 720,909 shares of the asset manager's stock valued at $70,757,000 after acquiring an additional 254,510 shares during the period. 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.