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

State Street (NYSE:STT) had its price target upped by research analysts at Truist Financial from $150.00 to $176.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “hold” rating on the asset manager’s stock. Truist Financial’s price objective points to a potential upside of 4.59% from the stock’s current price.

A number of other equities analysts have also issued reports on STT. The Goldman Sachs Group raised their target price on shares of State Street from $152.00 to $168.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Barclays set a $165.00 target price on State Street in a research report on Monday, April 20th. Seaport Research Partners restated a “buy” rating and issued a $170.00 price target on shares of State Street in a research report on Monday, April 20th. Citigroup raised their target price on shares of State Street from $172.00 to $193.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Bank of America raised shares of State Street from an “underperform” rating to a “neutral” rating and set a $143.00 price target on the stock in a report on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $164.16.

State Street Price Performance

Shares of NYSE:STT traded down $1.23 during trading on Friday, reaching $168.28. 476,543 shares of the company’s stock traded hands, compared to its average volume of 2,175,272. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. State Street has a fifty-two week low of $101.98 and a fifty-two week high of $175.46. The company has a 50-day simple moving average of $157.16 and a 200-day simple moving average of $138.80. The firm has a market cap of $46.57 billion, a PE ratio of 17.08, a P/E/G ratio of 0.92 and a beta of 1.43.

State Street (NYSE:STT) last announced its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The company had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the previous year, the company posted $2.04 EPS. The firm’s quarterly revenue was up 15.6% on a year-over-year basis. As a group, analysts predict that State Street will post 12.35 earnings per share for the current year.

Insider Activity

In related news, EVP W. Bradford Hu sold 9,212 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $1,431,084.20. Following the completion of the transaction, 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 position. The sale was disclosed in a filing with the SEC, 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 1,500 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $162.14, for a total value of $243,210.00. Following the completion of the transaction, the executive vice president directly owned 41,827 shares of the company’s stock, valued at approximately $6,781,829.78. The trade was a 3.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 37,876 shares of company stock worth $5,866,583 over the last ninety days. 0.27% of the stock is owned by company insiders.

Institutional Investors Weigh In On State Street

A number of hedge funds and other institutional investors have recently made changes to their positions in STT. Regents of The University of California increased its holdings in shares of State Street by 15.6% during the 1st quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager’s stock valued at $1,273,841,000 after acquiring an additional 1,358,923 shares during the last quarter. Morgan Stanley lifted its position in shares of State Street by 9.0% during the 4th quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager’s stock worth $673,740,000 after purchasing an additional 433,201 shares during the last quarter. Victory Capital Management Inc. grew its holdings in State Street by 30.8% in the 4th quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock valued at $588,227,000 after buying an additional 1,074,174 shares during the last quarter. Franklin Resources Inc. increased its position in State Street by 1.7% in the 4th quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager’s stock worth $506,534,000 after buying an additional 67,309 shares during the period. Finally, First Trust Advisors LP lifted its holdings in shares of State Street by 30.4% during the fourth quarter. First Trust Advisors LP now owns 3,582,977 shares of the asset manager’s stock worth $462,240,000 after buying an additional 835,331 shares during the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

About State Street

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.