Truist Securities Starts State Street (STT) at Hold

Truist Securities analyst David Smith initiates coverage on State Street (NYSE: STT) with a Hold rating and a price target of $106.00.

The analyst comments "We are Hold on State Street. While valuation is undemanding vs. peers and STT's own history, we think this is warranted for now given recent lackluster organic growth and pricing trends, as recent efforts with its integrated Alpha offering and Private Markets initiatives take time to move the needle. Helpfully, STT is most geared to positive equity markets among trust banks. State Street is a $29bn market cap trust and custody bank as well as a top 4 global asset manager with nearly $5tn of AUM. On the trust side, it sits in the middle between BK and NTRS with over $45tn in AUC/A and $338bn in assets on its balance sheet. State Street Global Advisors (SSGA) is a dominant player in the ETF and index fund spaces."

For an analyst ratings summary and ratings history on State Street click here. For more ratings news on State Street click here.

Shares of State Street closed at $97.67 yesterday.

You May Also Be Interested In

• Freedom Broker Upgrades PrimeEnergy Resource (PNRG) to Hold
• Goldman Sachs closes short THB/INR trade for small gain
• Oppenheimer Downgrades AtaiBeckley Inc (ATAI) to Perform