State Street (NYSE:STT) Price Target Raised to $108.00

State Street (NYSE:STT) had its price objective upped by Wells Fargo & Company from $106.00 to $108.00 in a research note published on Friday morning,Benzinga reports. They currently have an overweight rating on the asset manager’s stock.

Several other equities research analysts have also recently weighed in on the company. StockNews.com raised State Street from a “hold” rating to a “buy” rating in a research note on Wednesday, October 16th. Barclays raised their price target on State Street from $103.00 to $108.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Evercore ISI increased their target price on shares of State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Morgan Stanley lifted their price target on shares of State Street from $100.00 to $102.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $92.11.

State Street Price Performance

Shares of STT stock traded up $1.30 on Friday, reaching $95.48. The company’s stock had a trading volume of 2,354,445 shares, compared to its average volume of 2,217,501. The stock’s fifty day simple moving average is $90.00 and its 200-day simple moving average is $82.13. State Street has a 1 year low of $68.92 and a 1 year high of $98.45. The company has a market capitalization of $27.99 billion, a price-to-earnings ratio of 15.08, a price-to-earnings-growth ratio of 1.18 and a beta of 1.46. 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 (NYSE:STT) last issued its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.12 by $0.14. The business had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.19 billion. State Street had a net margin of 9.87% and a return on equity of 12.02%. The business’s revenue was up 21.1% on a year-over-year basis. During the same period last year, the company posted $1.93 EPS. Analysts forecast that State Street will post 8.42 earnings per share for the current fiscal year.

Insider Activity at State Street

In other State Street news, EVP John Plansky sold 13,859 shares of State Street 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 $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 Securities & Exchange Commission, which is available at the SEC website. 0.31% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Benjamin F. Edwards & Company Inc. boosted its stake 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 acquiring an additional 129 shares in the last quarter. Massmutual Trust Co. FSB ADV grew 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 worth $129,000 after buying an additional 148 shares during the last quarter. Rockland Trust Co. increased its position in State Street by 1.8% during the 3rd quarter. Rockland Trust Co. now owns 8,332 shares of the asset manager’s stock valued at $737,000 after buying an additional 150 shares in the last quarter. Mather Group LLC. raised its stake in State Street by 10.9% in the second quarter. Mather Group LLC. now owns 1,613 shares of the asset manager’s stock valued at $125,000 after buying an additional 158 shares during the last quarter. Finally, Empirical Finance LLC boosted its holdings in State Street by 1.4% in the third 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. Hedge funds and other 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.