State Street (NYSE:STT) Price Target Cut to $113.00 by Analysts at Wells Fargo & Company

State Street (NYSE:STT) had its price target reduced by equities research analysts at Wells Fargo & Company from $118.00 to $113.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the asset manager’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 27.03% from the company’s current price.

Several other brokerages have also recently issued reports on STT. Barclays raised their price objective on State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $103.00 price target (down from $104.00) on shares of State Street in a research report on Wednesday, January 22nd. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $105.00 to $120.00 in a research report on Tuesday, December 3rd. Wolfe Research upgraded shares of State Street from an “underperform” rating to a “peer perform” rating in a research note on Monday, January 27th. Finally, Citigroup decreased their target price on State Street from $105.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $101.53.

State Street Stock Performance

Shares of State Street stock opened at $88.95 on Friday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56. State Street has a 1 year low of $70.20 and a 1 year high of $103.00. The firm’s 50-day simple moving average is $95.35 and its 200-day simple moving average is $94.48. The firm has a market cap of $25.66 billion, a PE ratio of 10.80, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44.

State Street (NYSE:STT) last announced its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.31. State Street had a return on equity of 12.60% and a net margin of 12.14%. The firm had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.27 billion. During the same quarter in the prior year, the firm posted $2.04 earnings per share. State Street’s revenue for the quarter was up 12.1% compared to the same quarter last year. Equities analysts forecast that State Street will post 9.68 earnings per share for the current fiscal year.

Insider Activity at State Street

In other State Street news, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the completion of the transaction, the director now directly owns 100,023 shares of the company’s stock, valued at approximately $10,002,300. This trade represents a 9.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Ann Fogarty sold 3,705 shares of the business’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value of $368,536.35. Following the completion of the sale, the executive vice president now directly owns 50,816 shares in the company, valued at $5,054,667.52. This represents a 6.80 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Flagship Harbor Advisors LLC bought a new position in shares of State Street during the 4th quarter valued at about $272,000. Charles Schwab Investment Management Inc. boosted its holdings in State Street by 0.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager’s stock worth $184,025,000 after buying an additional 10,404 shares in the last quarter. Janney Montgomery Scott LLC grew its position in State Street by 11.1% in the fourth quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager’s stock worth $7,289,000 after buying an additional 7,446 shares during the last quarter. Merit Financial Group LLC bought a new position in shares of State Street in the fourth quarter valued at $395,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of State Street during the 4th quarter valued at $44,070,000. 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.