State Street (NYSE:STT) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

State Street (NYSE:STT) had its price objective increased by equities researchers at Wells Fargo & Company from $108.00 to $118.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the asset manager’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 20.81% from the company’s previous close.

STT has been the topic of a number of other reports. The Goldman Sachs Group lifted their price target on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Deutsche Bank Aktiengesellschaft lifted their target price on State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Barclays increased their price target on shares of State Street from $103.00 to $108.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Evercore ISI lifted their price objective on shares of State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, Morgan Stanley raised shares of State Street from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $102.00 to $139.00 in a research report on Monday, December 9th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $98.57.

State Street Stock Down 0.3 %

Shares of NYSE STT opened at $97.67 on Thursday. The stock has a 50 day moving average price of $96.84 and a 200 day moving average price of $87.64. The firm has a market capitalization of $28.63 billion, a price-to-earnings ratio of 15.43, a PEG ratio of 1.24 and a beta of 1.44. State Street has a 52-week low of $70.20 and a 52-week high of $101.91. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.56 and a current ratio of 0.56.

State Street (NYSE:STT) last posted its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.12 by $0.14. The business had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.19 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. The business’s revenue was up 21.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.93 EPS. Sell-side analysts expect 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 on Friday, October 18th. The shares were 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 directly owns 55,108 shares in the company, valued at $5,032,462.56. The trade was a 20.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Kathryn M. Horgan sold 12,500 shares of the stock in a transaction dated 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 directly owns 111,042 shares in the company, valued at $10,878,784.74. This represents a 10.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,460 shares of company stock valued at $2,499,860. Company insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On State Street

Several institutional investors and hedge funds have recently modified their holdings of the stock. Peapack Gladstone Financial Corp lifted its stake in shares of State Street by 2.0% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 5,283 shares of the asset manager’s stock valued at $467,000 after purchasing an additional 103 shares during the period. Benjamin F. Edwards & Company Inc. increased its holdings in State Street by 5.4% in the second 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 in the last quarter. Rockland Trust Co. raised its position in shares of State Street by 1.8% in the third quarter. Rockland Trust Co. now owns 8,332 shares of the asset manager’s stock worth $737,000 after acquiring an additional 150 shares during the period. Empirical Finance LLC boosted its stake in shares of State Street by 1.4% during the 3rd quarter. Empirical Finance LLC now owns 11,268 shares of the asset manager’s stock worth $997,000 after acquiring an additional 158 shares in the last quarter. Finally, Citizens Financial Group Inc. RI grew its position in shares of State Street by 3.3% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 5,790 shares of the asset manager’s stock valued at $512,000 after acquiring an additional 184 shares during the period. 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.