State Street (NYSE:STT) Price Target Raised to $108.00

State Street (NYSE:STT) had its target price upped by research analysts at Wells Fargo & Company from $106.00 to $108.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the asset manager’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 14.67% from the stock’s previous close.

STT has been the topic of several other reports. The Goldman Sachs Group boosted their target price on shares of State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Evercore ISI upped their price target on State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Barclays raised their price objective on State Street from $103.00 to $108.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Morgan Stanley upped their target price on State Street from $100.00 to $102.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of State Street from $90.00 to $95.00 and gave the company a “hold” rating in a report on Monday. Two analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $92.11.

State Street Stock Down 1.0 %

STT stock opened at $94.18 on Friday. State Street has a 12 month low of $68.92 and a 12 month high of $98.45. The firm has a 50 day simple moving average of $89.58 and a 200 day simple moving average of $81.89. The firm has a market cap of $27.61 billion, a PE ratio of 14.88, a P/E/G ratio of 1.18 and a beta of 1.46. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.56 and a quick ratio of 0.56.

State Street (NYSE:STT) last posted its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.14. State Street had a net margin of 9.87% and a return on equity of 12.02%. The company had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.19 billion. During the same period in the prior year, the firm earned $1.93 earnings per share. The business’s quarterly revenue was up 21.1% on a year-over-year basis. Equities research analysts forecast that State Street will post 8.42 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP John Plansky sold 13,859 shares of the business’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the completion of the transaction, the executive vice president now owns 55,108 shares of the company’s stock, valued at approximately $5,032,462.56. The trade was a 20.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of STT. Empowered Funds LLC raised its stake in State Street by 14.9% during the 1st quarter. Empowered Funds LLC now owns 3,831 shares of the asset manager’s stock valued at $296,000 after purchasing an additional 498 shares during the last quarter. Entropy Technologies LP acquired a new stake in State Street during the first quarter valued at approximately $339,000. M&G Plc acquired a new position in shares of State Street in the 1st quarter worth approximately $7,626,000. Mitsubishi UFJ Trust & Banking Corp boosted its stake in State Street by 3.3% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 198,891 shares of the asset manager’s stock valued at $15,376,000 after buying an additional 6,363 shares in the last quarter. Finally, Acadian Asset Management LLC raised its stake in State Street by 165.9% during the first quarter. Acadian Asset Management LLC now owns 134,998 shares of the asset manager’s stock worth $10,433,000 after acquiring an additional 84,234 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

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.