Truist Financial Issues Positive Forecast for State Street (NYSE:STT) Stock Price

State Street (NYSE:STT) had its price objective boosted by Truist Financial from $136.00 to $150.00 in a research note published on Monday, Marketbeat.com reports. They currently have a hold rating on the asset manager’s stock.

STT has been the topic of several other reports. 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 research report on Monday, April 6th. The Goldman Sachs Group boosted their price target on shares of State Street from $152.00 to $168.00 and gave the stock a “buy” rating in a research report on Monday. Morgan Stanley cut their price target on shares of State Street from $168.00 to $164.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 20th. Loop Capital set a $144.00 price target on shares of State Street in a research report on Tuesday, January 6th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of State Street from $147.00 to $157.00 and gave the stock an “outperform” rating in a research report on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $152.92.

State Street Trading Up 3.2%

STT opened at $150.04 on Monday. The stock has a market capitalization of $41.57 billion, a P/E ratio of 15.22, a P/E/G ratio of 0.93 and a beta of 1.37. State Street has a 12 month low of $79.56 and a 12 month high of $150.27. The firm’s fifty day simple moving average is $129.01 and its 200 day simple moving average is $125.29. The company has a current ratio of 0.57, a quick ratio of 0.61 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, beating 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 business had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same period in the previous year, the firm posted $2.04 EPS. The firm’s revenue was up 15.6% compared to the same quarter last year. As a group, research analysts anticipate that State Street will post 11.94 EPS for the current fiscal year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st were issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Wednesday, April 1st. State Street’s dividend payout ratio is presently 34.08%.

Insider Activity

In other news, EVP John Plansky sold 16,100 shares of the company’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total value of $2,001,552.00. Following the sale, the executive vice president directly owned 56,162 shares of the company’s stock, valued at approximately $6,982,059.84. This represents a 22.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On State Street

Institutional investors and hedge funds have recently modified their holdings of the company. True Wealth Design LLC raised its holdings in shares of State Street by 166.3% in the 3rd quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock valued at $29,000 after purchasing an additional 158 shares during the period. Wilkerson Advisory Group LLC bought a new stake in shares of State Street in the 4th quarter valued at about $29,000. JPL Wealth Management LLC bought a new stake in shares of State Street in the 3rd quarter valued at about $29,000. Phillip James Consulting Co. bought a new stake in shares of State Street in the 4th quarter valued at about $30,000. Finally, Flagship Wealth Advisors LLC bought a new stake in shares of State Street in the 3rd quarter valued at about $35,000. 87.44% of the stock is owned by institutional investors.

Key State Street News

Here are the key news stories impacting State Street this week:

• Positive Sentiment: Q1 was called a “blockbuster” by RBC after State Street reported stronger-than-expected results and a roughly 20% ROTCE, prompting analyst upgrades and helping lift momentum for the stock. State Street Had A ‘Blockbuster’ Q1, Analyst Says
• Positive Sentiment: Several analysts raised forecasts and price targets after STT beat Q1 estimates on both EPS and revenue, pushing upward consensus expectations and supporting near-term upside. These Analysts Increase Their Forecasts On State Street After Better-Than-Expected Q1 Earnings
• Positive Sentiment: Zacks upgraded STT to a Rank #2 (Buy), reflecting stronger earnings prospects and likely contributing to buying interest. State Street (STT) Upgraded to Buy: What Does It Mean for the Stock?
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target to $175 with an Outperform rating, signaling substantial analyst conviction above current levels. Keefe, Bruyette & Woods Target Raise
• Positive Sentiment: Commentary urging investors not to take profits despite the rally suggests some strategists see more upside from improving fundamentals rather than a peak. Do Not Take Profits On State Street, Despite Its Impressive Rally
• Neutral Sentiment: Analysis pieces are revising the investment story and fair value for STT, which can recalibrate investor expectations but are neither a direct catalyst nor a negative signal by themselves. How The State Street (STT) Investment Story Is Shifting With New Targets And Fair Value
• Neutral Sentiment: Truist raised its target to $150 but kept a Hold rating, indicating some analysts see limited near-term upside from current levels despite better results. Truist Target Raise

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.