Truist Financial Increases State Street (NYSE:STT) Price Target to $125.00

State Street (NYSE:STT) had its price target raised by Truist Financial from $116.00 to $125.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the asset manager’s stock. Truist Financial’s price target indicates a potential upside of 12.52% from the stock’s previous close.

A number of other equities analysts have also recently commented on STT. Morgan Stanley lifted their target price on shares of State Street from $110.00 to $114.00 and gave the company an “overweight” rating in a report on Tuesday, July 1st. Keefe, Bruyette & Woods dropped their price objective on shares of State Street from $118.00 to $113.00 and set an “outperform” rating on the stock in a research note on Monday, April 21st. Cfra Research raised shares of State Street from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, July 15th. The Goldman Sachs Group boosted their price objective on shares of State Street from $98.00 to $111.00 and gave the company a “buy” rating in a research note on Wednesday, July 2nd. Finally, Bank of America boosted their price objective on shares of State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a research note on Wednesday, July 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $112.82.

State Street Stock Performance

Shares of State Street stock opened at $111.09 on Thursday. The firm’s fifty day simple moving average is $106.93 and its 200-day simple moving average is $97.06. The stock has a market capitalization of $31.52 billion, a price-to-earnings ratio of 12.44, a PEG ratio of 1.25 and a beta of 1.48. State Street has a 12 month low of $72.81 and a 12 month high of $114.28. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57.

State Street (NYSE:STT) last announced its earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.17. The business had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The company’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the company posted $2.15 EPS. As a group, equities analysts forecast that State Street will post 9.68 earnings per share for the current year.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 990 shares of the company’s stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the transaction, the executive vice president directly owned 41,332 shares of the company’s stock, valued at $4,517,174.28. This represents a 2.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.29% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On State Street

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Invesco Ltd. grew its stake in State Street by 4.7% in the 2nd quarter. Invesco Ltd. now owns 8,566,237 shares of the asset manager’s stock valued at $910,934,000 after acquiring an additional 381,547 shares during the last quarter. Dodge & Cox grew its stake in State Street by 1.1% in the 2nd quarter. Dodge & Cox now owns 7,412,414 shares of the asset manager’s stock valued at $788,236,000 after acquiring an additional 80,855 shares during the last quarter. Geode Capital Management LLC grew its stake in State Street by 0.4% in the 2nd quarter. Geode Capital Management LLC now owns 7,412,130 shares of the asset manager’s stock valued at $784,930,000 after acquiring an additional 27,098 shares during the last quarter. Northern Trust Corp grew its stake in State Street by 2.8% in the 1st quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager’s stock valued at $381,770,000 after acquiring an additional 115,751 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in State Street by 0.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,068,867 shares of the asset manager’s stock valued at $274,732,000 after acquiring an additional 14,011 shares during the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

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.