State Street (NYSE:STT) Price Target Cut to $89.00 by Analysts at Truist Financial

State Street (NYSE:STT) had its price objective lowered by Truist Financial from $104.00 to $89.00 in a report published on Friday morning,Benzinga reports. Truist Financial currently has a hold rating on the asset manager’s stock.

STT has been the subject of a number of other research reports. Citigroup dropped their price objective on State Street from $105.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Wells Fargo & Company dropped their price target on shares of State Street from $118.00 to $113.00 and set an “overweight” rating for the company in a research report on Friday, March 28th. Evercore ISI decreased 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 report on Tuesday. Barclays increased their target price on shares of State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $103.00 price target (down previously from $104.00) on shares of State Street in a report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat, State Street presently has a consensus rating of “Hold” and an average target price of $101.07.

State Street Price Performance

Shares of State Street stock opened at $76.23 on Friday. The stock has a market capitalization of $21.99 billion, a price-to-earnings ratio of 9.25, a price-to-earnings-growth ratio of 1.11 and a beta of 1.42. The company has a fifty day moving average of $94.09 and a 200-day moving average of $94.47. State Street has a 52-week low of $70.20 and a 52-week 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) last announced its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.29 by $0.31. The firm had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period last year, the firm earned $2.04 earnings per share. Equities research analysts expect that State Street will post 9.68 EPS for the current year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be issued a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.99%. State Street’s dividend payout ratio (DPR) is 36.89%.

Insider Activity

In related news, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total transaction of $368,536.35. Following the completion of the transaction, the executive vice president now directly owns 50,816 shares of the company’s stock, valued at $5,054,667.52. This trade represents a 6.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Gregory L. Summe sold 10,815 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was 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 owns 100,023 shares in the company, valued at approximately $10,002,300. This trade represents a 9.76 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in STT. Albion Financial Group UT bought a new position in shares of State Street during the fourth quarter valued at $25,000. Y.D. More Investments Ltd increased its stake in State Street by 116.6% during the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 197 shares in the last quarter. Kohmann Bosshard Financial Services LLC purchased a new position in State Street in the fourth quarter worth about $42,000. Coppell Advisory Solutions LLC lifted its stake in shares of State Street by 2,942.9% in the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager’s stock worth $42,000 after buying an additional 412 shares in the last quarter. Finally, Loomis Sayles & Co. L P grew its holdings in shares of State Street by 187.3% during the fourth quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager’s stock valued at $47,000 after buying an additional 311 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.