State Street (NYSE:STT) Given New $150.00 Price Target at Truist Financial

State Street (NYSE:STT) had its price objective increased by analysts at Truist Financial from $136.00 to $150.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “hold” rating on the asset manager’s stock. Truist Financial’s price target would indicate a potential upside of 3.23% from the stock’s current price.

Several other analysts also recently commented on the stock. Barclays set a $165.00 target price on shares of State Street in a report on Monday. Bank of America upgraded shares of State Street from an “underperform” rating to a “neutral” rating and set a $143.00 target price for the company in a report on Monday, April 6th. Wall Street Zen upgraded shares of State Street from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. Citigroup began coverage on shares of State Street in a report on Monday, February 23rd. They issued a “buy” rating and a $150.00 target price for the company. Finally, Morgan Stanley lowered their target price on shares of State Street from $168.00 to $164.00 and set an “overweight” rating for the company in a report on Tuesday, January 20th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $148.58.

State Street Stock Down 0.1%

State Street stock opened at $145.31 on Monday. State Street has a 1-year low of $79.56 and a 1-year high of $148.99. The firm has a market capitalization of $40.26 billion, a price-to-earnings ratio of 14.74, a price-to-earnings-growth ratio of 0.93 and a beta of 1.37. The firm’s fifty day moving average price is $128.69 and its two-hundred day moving average price is $125.05. 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 announced its earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, beating the consensus estimate of $2.64 by $0.20. The company had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. The firm’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.04 earnings per share. On average, equities research analysts predict that State Street will post 9.68 earnings per share for the current fiscal year.

Insider Transactions at State Street

In related news, EVP John Plansky sold 16,100 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the completion of the sale, the executive vice president owned 56,162 shares in the company, valued at approximately $6,982,059.84. This trade represents a 22.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On State Street

Large investors have recently modified their holdings of the business. True Wealth Design LLC increased its stake in shares of State Street by 166.3% in 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. Wilkerson Advisory Group LLC purchased a new position in shares of State Street in the fourth quarter worth about $29,000. JPL Wealth Management LLC purchased a new position in shares of State Street in the third quarter worth about $29,000. Phillip James Consulting Co. purchased a new position in shares of State Street in the fourth quarter worth about $30,000. Finally, Flagship Wealth Advisors LLC purchased a new position in shares of State Street in the third quarter worth about $35,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

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.