State Street (NYSE:STT) Price Target Raised to $94.00

State Street (NYSE:STT) had its price target boosted by research analysts at Evercore ISI from $89.00 to $94.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the asset manager’s stock. Evercore ISI’s target price points to a potential upside of 1.56% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on STT. Barclays boosted their target price on shares of State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Bank of America upped their target price on shares of State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 17th. The Goldman Sachs Group upped their price target on shares of State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Citigroup upped their price objective on shares of State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. Finally, Wolfe Research reissued an “underperform” rating and issued a $73.00 price target on shares of State Street in a research note on Monday, July 8th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $91.39.

State Street Stock Performance

Shares of STT opened at $92.56 on Wednesday. The company has a market cap of $27.88 billion, a PE ratio of 17.33, a P/E/G ratio of 1.29 and a beta of 1.48. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.54. State Street has a one year low of $62.78 and a one year high of $94.60. The stock has a 50-day moving average of $85.63 and a 200-day moving average of $79.44.

State Street (NYSE:STT) last announced its earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, topping analysts’ consensus estimates of $2.12 by $0.14. State Street had a return on equity of 11.78% and a net margin of 8.98%. The firm had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.19 billion. During the same quarter in the previous year, the business earned $1.93 EPS. The company’s revenue was up 21.1% compared to the same quarter last year. On average, equities research analysts predict that State Street will post 8.15 EPS for the current fiscal year.

Institutional Investors Weigh In On State Street

Several institutional investors and hedge funds have recently added to or reduced their stakes in STT. LSV Asset Management boosted its holdings in State Street by 30.6% in the second quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock worth $390,897,000 after purchasing an additional 1,238,251 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in shares of State Street by 541.2% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 751,641 shares of the asset manager’s stock worth $58,117,000 after acquiring an additional 634,422 shares during the last quarter. SG Americas Securities LLC boosted its stake in shares of State Street by 430.5% during the 1st quarter. SG Americas Securities LLC now owns 735,136 shares of the asset manager’s stock worth $56,841,000 after acquiring an additional 596,567 shares during the last quarter. Lazard Asset Management LLC boosted its stake in shares of State Street by 168.7% during the 1st quarter. Lazard Asset Management LLC now owns 807,950 shares of the asset manager’s stock worth $62,469,000 after acquiring an additional 507,270 shares during the last quarter. Finally, Metropolis Capital Ltd boosted its stake in shares of State Street by 13.1% during the 2nd quarter. Metropolis Capital Ltd now owns 4,124,840 shares of the asset manager’s stock worth $305,238,000 after acquiring an additional 479,205 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

About State Street

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.