Wells Fargo & Company Raises State Street (NYSE:STT) Price Target to $106.00

State Street (NYSE:STT) had its price target upped by Wells Fargo & Company from $98.00 to $106.00 in a research note issued to investors on Wednesday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the asset manager’s stock.

Several other equities analysts also recently commented on STT. Morgan Stanley upped their price target on shares of State Street from $100.00 to $102.00 and gave the company an “equal weight” rating in a research note on Wednesday. Citigroup increased their target price on shares of State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Wolfe Research reiterated an “underperform” rating and issued a $73.00 price target on shares of State Street in a research report on Monday, July 8th. Barclays increased their price target on State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Finally, Evercore ISI lifted their price objective on State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $91.39.

State Street Stock Down 1.2 %

State Street stock opened at $91.43 on Wednesday. The company’s 50-day moving average price is $85.89 and its two-hundred day moving average price is $79.56. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. The stock has a market cap of $27.54 billion, a P/E ratio of 17.12, a P/E/G ratio of 1.29 and a beta of 1.48. State Street has a twelve month low of $62.78 and a twelve month high of $94.60.

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. The company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.19 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. The firm’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.93 earnings per share. As a group, analysts expect that State Street will post 8.15 EPS for the current year.

Hedge Funds Weigh In On State Street

Several institutional investors and hedge funds have recently added to or reduced their stakes in STT. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of State Street by 4.5% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 941,404 shares of the asset manager’s stock worth $72,789,000 after buying an additional 40,835 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its position in State Street by 3.3% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 198,891 shares of the asset manager’s stock worth $15,376,000 after acquiring an additional 6,363 shares during the last quarter. M&G Plc bought a new stake in State Street during the 1st quarter worth $7,626,000. Cetera Investment Advisers increased its holdings in State Street by 127.8% in the 1st quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock worth $3,433,000 after purchasing an additional 24,906 shares in the last quarter. Finally, FORA Capital LLC raised its position in State Street by 549.0% in the first quarter. FORA Capital LLC now owns 27,425 shares of the asset manager’s stock valued at $2,121,000 after purchasing an additional 23,199 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

State Street Company 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.