Truist Financial Corp Trims Position in State Street Co. (NYSE:STT)

Truist Financial Corp lowered its holdings in State Street Co. (NYSE:STT) by 4.1% during the second quarter, Holdings Channel reports. The fund owned 159,919 shares of the asset manager’s stock after selling 6,822 shares during the quarter. Truist Financial Corp’s holdings in State Street were worth $11,834,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in STT. Benjamin F. Edwards & Company Inc. boosted its holdings in State Street by 5.4% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,514 shares of the asset manager’s stock valued at $186,000 after purchasing an additional 129 shares during the last quarter. Symmetry Partners LLC lifted its holdings in shares of State Street by 3.5% in the 1st quarter. Symmetry Partners LLC now owns 3,802 shares of the asset manager’s stock valued at $294,000 after buying an additional 130 shares during the period. HB Wealth Management LLC boosted its stake in shares of State Street by 3.4% in the first quarter. HB Wealth Management LLC now owns 4,309 shares of the asset manager’s stock worth $333,000 after buying an additional 140 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its holdings in State Street by 9.3% during the second quarter. Massmutual Trust Co. FSB ADV now owns 1,739 shares of the asset manager’s stock worth $129,000 after acquiring an additional 148 shares during the period. Finally, Tompkins Financial Corp grew its holdings in State Street by 28.3% during the first quarter. Tompkins Financial Corp now owns 680 shares of the asset manager’s stock worth $53,000 after acquiring an additional 150 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Up 1.6 %

STT opened at $87.31 on Friday. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.54. The company’s 50 day simple moving average is $83.95 and its two-hundred day simple moving average is $78.54. The firm has a market capitalization of $26.07 billion, a price-to-earnings ratio of 16.35, a price-to-earnings-growth ratio of 1.33 and a beta of 1.48. State Street Co. has a 1-year low of $62.78 and a 1-year high of $89.49.

State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. State Street had a return on equity of 11.78% and a net margin of 8.98%. The company had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. During the same quarter in the previous year, the company posted $2.17 earnings per share. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. Analysts expect that State Street Co. will post 8.16 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be given a dividend of $0.76 per share. This is a boost from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a yield of 3.48%. The ex-dividend date is Tuesday, October 1st. State Street’s dividend payout ratio (DPR) is presently 56.93%.

Analyst Ratings Changes

Several research firms have commented on STT. Deutsche Bank Aktiengesellschaft upped their price objective on State Street from $79.00 to $87.00 and gave the stock a “hold” rating in a research report on Monday, September 23rd. Morgan Stanley lifted their price objective on shares of State Street from $93.00 to $100.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Royal Bank of Canada upped their price objective on shares of State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 17th. Wolfe Research restated an “underperform” rating and issued a $73.00 price target on shares of State Street in a research note on Monday, July 8th. Finally, Keefe, Bruyette & Woods decreased their target price on State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a research report on Thursday, June 27th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $90.11.

State Street 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.