State Street (NYSE:STT) Price Target Raised to $106.00

State Street (NYSE:STT) had its price target upped by research analysts at Wells Fargo & Company from $98.00 to $106.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the asset manager’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 14.25% from the company’s previous close.

A number of other analysts have also issued reports on the company. Barclays boosted their price objective on State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. The Goldman Sachs Group upped their price target on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Evercore ISI boosted their price objective on shares of State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research note on Wednesday. Citigroup upped their target price on shares of State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. Finally, Wolfe Research reissued an “underperform” rating and issued a $73.00 price target on shares of State Street in a report on Monday, July 8th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $91.04.

State Street Stock Performance

NYSE:STT traded up $0.96 during trading hours on Wednesday, reaching $92.78. The stock had a trading volume of 1,505,061 shares, compared to its average volume of 2,239,275. State Street has a 12-month low of $62.78 and a 12-month high of $94.60. The stock has a 50 day simple moving average of $85.00 and a 200 day simple moving average of $79.26. The stock has a market cap of $27.95 billion, a P/E ratio of 17.33, a price-to-earnings-growth ratio of 1.30 and a beta of 1.48. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.54 and a current ratio of 0.54.

State Street (NYSE:STT) last posted 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 net margin of 8.98% and a return on equity of 11.78%. The firm had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.19 billion. During the same quarter last year, the company earned $1.93 earnings per share. The company’s revenue was up 21.1% on a year-over-year basis. On average, research analysts forecast that State Street will post 8.15 EPS for the current fiscal year.

Institutional Investors Weigh In On State Street

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. LRI Investments LLC purchased a new stake in State Street in the 1st quarter worth approximately $25,000. Ashton Thomas Private Wealth LLC purchased a new stake in State Street in the second quarter worth $27,000. Norwood Financial Corp bought a new stake in State Street in the first quarter valued at $35,000. Versant Capital Management Inc increased its position in State Street by 411.9% during the 2nd quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock valued at $38,000 after purchasing an additional 416 shares during the period. Finally, Trust Co. of Vermont raised its holdings in State Street by 44.4% in the 2nd quarter. Trust Co. of Vermont now owns 650 shares of the asset manager’s stock worth $48,000 after purchasing an additional 200 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

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.