State Street (NYSE:STT) Price Target Raised to $108.00 at Wells Fargo & Company

State Street (NYSE:STT) had its price objective increased by Wells Fargo & Company from $106.00 to $108.00 in a research report released on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the asset manager’s stock.

Several other equities research analysts have also recently issued reports on STT. The Goldman Sachs Group raised their target price on shares of State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Citigroup boosted 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. StockNews.com raised State Street from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft boosted their price target on State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Finally, Morgan Stanley raised their price objective on State Street from $100.00 to $102.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Two equities research 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. Based on data from MarketBeat, State Street currently has a consensus rating of “Hold” and an average price target of $92.11.

State Street Trading Up 0.7 %

Shares of State Street stock opened at $96.12 on Friday. State Street has a fifty-two week low of $68.99 and a fifty-two week high of $98.45. The business’s fifty day moving average is $90.25 and its two-hundred day moving average is $82.42. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.91. The firm has a market cap of $28.18 billion, a PE ratio of 15.18, a P/E/G ratio of 1.18 and a beta of 1.46.

State Street (NYSE:STT) last released its earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.14. State Street had a return on equity of 12.02% and a net margin of 9.87%. The firm had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.19 billion. During the same period in the prior year, the business posted $1.93 earnings per share. The firm’s revenue for the quarter was up 21.1% compared to the same quarter last year. Analysts anticipate that State Street will post 8.42 earnings per share for the current year.

Insider Activity

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 value of $1,265,603.88. Following the transaction, the executive vice president now owns 55,108 shares in the company, valued at approximately $5,032,462.56. The trade was a 20.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On State Street

A number of hedge funds have recently bought and sold shares of STT. Benjamin F. Edwards & Company Inc. boosted its stake in shares of State Street by 5.4% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,514 shares of the asset manager’s stock valued at $186,000 after buying an additional 129 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its stake in State Street by 9.3% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,739 shares of the asset manager’s stock valued at $129,000 after acquiring an additional 148 shares during the last quarter. Rockland Trust Co. grew its holdings in State Street by 1.8% during the 3rd quarter. Rockland Trust Co. now owns 8,332 shares of the asset manager’s stock worth $737,000 after acquiring an additional 150 shares in the last quarter. Mather Group LLC. increased its position in shares of State Street by 10.9% in the 2nd quarter. Mather Group LLC. now owns 1,613 shares of the asset manager’s stock worth $125,000 after purchasing an additional 158 shares during the last quarter. Finally, Empirical Finance LLC raised its stake in shares of State Street by 1.4% in the 3rd quarter. Empirical Finance LLC now owns 11,268 shares of the asset manager’s stock valued at $997,000 after purchasing an additional 158 shares in the last quarter. Institutional investors and hedge funds 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.