State Street’s (STT) Hold Rating Reiterated at Truist Financial

Truist Financial restated their hold rating on shares of State Street (NYSE:STT) in a research note issued to investors on Wednesday, Marketbeat Ratings reports. Truist Financial currently has a $138.00 price target on the asset manager’s stock, up from their previous price target of $131.00.

Other equities research analysts have also issued research reports about the stock. Loop Capital set a $144.00 price objective on shares of State Street in a research note on Tuesday. Wall Street Zen downgraded State Street from a “hold” rating to a “sell” rating in a report on Saturday, January 3rd. Keefe, Bruyette & Woods boosted their price objective on State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a research report on Monday, October 20th. Wells Fargo & Company increased their target price on State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a research report on Monday, October 20th. Finally, BMO Capital Markets initiated coverage on shares of State Street in a report on Friday, October 3rd. They set an “outperform” rating and a $130.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $133.77.

State Street Stock Performance

STT stock opened at $132.45 on Wednesday. The stock’s 50 day simple moving average is $123.68 and its 200 day simple moving average is $116.17. State Street has a 12-month low of $72.81 and a 12-month high of $134.67. The firm has a market cap of $36.99 billion, a P/E ratio of 14.02, a P/E/G ratio of 0.89 and a beta of 1.43. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT) last released its earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.21. The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.43 billion. State Street had a net margin of 13.14% and a return on equity of 13.37%. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.26 earnings per share. As a group, equities research analysts predict that State Street will post 9.68 EPS for the current year.

State Street Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 12th. Investors of record on Friday, January 2nd will be paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Friday, January 2nd. State Street’s payout ratio is currently 35.56%.

Insiders Place Their Bets

In related news, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $117.24, for a total value of $175,860.00. Following the completion of the transaction, the executive vice president owned 38,626 shares in the company, valued at $4,528,512.24. This represents a 3.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.29% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in STT. True Wealth Design LLC raised its holdings in State Street by 166.3% during the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock worth $29,000 after purchasing an additional 158 shares in the last quarter. JPL Wealth Management LLC bought a new stake in shares of State Street in the 3rd quarter worth $29,000. Flagship Wealth Advisors LLC acquired a new stake in shares of State Street in the third quarter valued at $35,000. Measured Wealth Private Client Group LLC bought a new position in State Street during the third quarter valued at about $35,000. Finally, SJS Investment Consulting Inc. boosted its stake in State Street by 2,142.9% during the third quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock valued at $36,000 after buying an additional 300 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

State Street Company Profile

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.