State Street (NYSE:STT) Price Target Raised to $118.00

State Street (NYSE:STT) had its price objective hoisted by Wells Fargo & Company from $108.00 to $118.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the asset manager’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 20.81% from the company’s previous close.

Several other brokerages have also recently issued reports on STT. JPMorgan Chase & Co. raised shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price on the stock in a research note on Friday, December 20th. StockNews.com cut shares of State Street from a “buy” rating to a “hold” rating in a research note on Friday, December 27th. Barclays increased their price objective on shares of State Street from $103.00 to $108.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft boosted their target price on State Street from $90.00 to $95.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Finally, Morgan Stanley raised State Street from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $102.00 to $139.00 in a report on Monday, December 9th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $98.57.

State Street Trading Down 0.3 %

Shares of State Street stock opened at $97.67 on Thursday. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.91. State Street has a twelve month low of $70.20 and a twelve month high of $101.91. The firm has a market capitalization of $28.63 billion, a PE ratio of 15.43, a P/E/G ratio of 1.24 and a beta of 1.44. The firm’s 50-day moving average price is $96.84 and its 200 day moving average price is $87.64.

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, beating 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 business had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.19 billion. During the same quarter last year, the business posted $1.93 earnings per share. The business’s quarterly revenue was up 21.1% compared to the same quarter last year. On average, sell-side analysts predict that State Street will post 8.42 EPS for the current fiscal year.

Insider Buying and Selling

In other State Street news, EVP Kathryn M. Horgan sold 12,500 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $97.97, for a total value of $1,224,625.00. Following the sale, the executive vice president now owns 111,042 shares of the company’s stock, valued at $10,878,784.74. The trade was a 10.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP John Plansky sold 13,859 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at approximately $5,032,462.56. This represents a 20.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,460 shares of company stock valued at $2,499,860. 0.31% of the stock is currently owned by insiders.

Hedge Funds Weigh In On State Street

Several institutional investors have recently bought and sold shares of the company. Ashton Thomas Private Wealth LLC purchased a new position in State Street in the 2nd quarter valued at approximately $27,000. Coastline Trust Co acquired a new stake in shares of State Street in the third quarter valued at $44,000. Capital Performance Advisors LLP purchased a new position in State Street in the third quarter valued at $54,000. Versant Capital Management Inc grew its stake in State Street by 37.0% during the 4th quarter. Versant Capital Management Inc now owns 730 shares of the asset manager’s stock worth $72,000 after purchasing an additional 197 shares in the last quarter. Finally, Tobam purchased a new stake in State Street during the 3rd quarter worth about $77,000. 87.44% of the stock is owned by institutional investors and hedge funds.

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.