State Street (NYSE:STT) Earns Hold Rating from Analysts at Truist Financial

Research analysts at Truist Financial initiated coverage on shares of State Street (NYSE:STT) in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage set a “hold” rating and a $106.00 price target on the asset manager’s stock. Truist Financial’s target price indicates a potential upside of 8.52% from the company’s current price.

Other equities analysts have also issued reports about the stock. The Goldman Sachs Group increased their price target on shares of State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. JPMorgan Chase & Co. upgraded shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price target on the stock in a research note on Friday, December 20th. Barclays boosted their target price on shares of State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research report on Monday. Wells Fargo & Company lifted their price objective on State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a report on Thursday, January 2nd. Finally, Deutsche Bank Aktiengesellschaft upped their target price on State Street from $90.00 to $95.00 and gave the company a “hold” rating in a report on Monday, November 11th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $100.33.

State Street Stock Performance

NYSE STT opened at $97.68 on Tuesday. The company has a market cap of $28.63 billion, a P/E ratio of 15.43, a P/E/G ratio of 1.24 and a beta of 1.43. State Street has a 1-year low of $70.20 and a 1-year high of $101.91. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.56 and a quick ratio of 0.56. The stock has a 50-day moving average of $97.29 and a two-hundred day moving average of $88.47.

State Street (NYSE:STT) last released its earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.12 by $0.14. State Street had a return on equity of 12.02% and a net margin of 9.87%. The firm had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.19 billion. During the same period last year, the business posted $1.93 earnings per share. State Street’s revenue was up 21.1% compared to the same quarter last year. As a group, analysts anticipate that State Street will post 8.42 EPS for the current year.

Insider Activity at State Street

In other State Street news, EVP John Plansky sold 13,859 shares of State Street stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $91.32, for a total value of $1,265,603.88. Following the completion of the transaction, the executive vice president now directly owns 55,108 shares in the company, valued at $5,032,462.56. The trade was a 20.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Kathryn M. Horgan sold 12,500 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the completion of the transaction, the executive vice president now owns 111,042 shares of the company’s stock, valued at approximately $10,878,784.74. This trade represents a 10.12 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 26,460 shares of company stock valued at $2,499,860. Corporate insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On State Street

Several hedge funds have recently modified their holdings of the company. KBC Group NV increased its stake in State Street by 20.5% in the 3rd quarter. KBC Group NV now owns 74,680 shares of the asset manager’s stock worth $6,607,000 after purchasing an additional 12,707 shares in the last quarter. Asset Management One Co. Ltd. increased its holdings in State Street by 17.3% in the third quarter. Asset Management One Co. Ltd. now owns 137,040 shares of the asset manager’s stock worth $12,124,000 after buying an additional 20,183 shares during the last quarter. Ensign Peak Advisors Inc lifted its stake in shares of State Street by 39.3% in the 2nd quarter. Ensign Peak Advisors Inc now owns 145,859 shares of the asset manager’s stock valued at $10,794,000 after purchasing an additional 41,180 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of State Street by 43.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 68,815 shares of the asset manager’s stock valued at $6,069,000 after acquiring an additional 20,968 shares during the last quarter. Finally, Banque Cantonale Vaudoise raised its position in shares of State Street by 118.9% in the third quarter. Banque Cantonale Vaudoise now owns 42,667 shares of the asset manager’s stock valued at $3,775,000 after purchasing an additional 23,171 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

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.