Wells Fargo & Company Forecasts Strong Price Appreciation for State Street (NYSE:STT) Stock

State Street (NYSE:STT) had its target price raised by equities research analysts at Wells Fargo & Company from $106.00 to $108.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the asset manager’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 14.67% from the stock’s previous close.

Several other equities analysts have also weighed in on the stock. 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. Citigroup increased their price target on State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. Deutsche Bank Aktiengesellschaft lifted their price objective on State Street from $90.00 to $95.00 and gave the stock a “hold” rating in a research note on Monday. StockNews.com raised State Street from a “hold” rating to a “buy” rating in a research note on Wednesday, October 16th. Finally, Morgan Stanley boosted their target price on State Street from $100.00 to $102.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $92.11.

State Street Price Performance

Shares of STT stock opened at $94.18 on Friday. The firm has a market capitalization of $27.61 billion, a price-to-earnings ratio of 14.88, a PEG 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. The firm’s 50 day moving average is $89.58 and its 200-day moving average is $81.89. State Street has a 1 year low of $68.92 and a 1 year high of $98.45.

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, beating the consensus estimate of $2.12 by $0.14. The business had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.19 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. The firm’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same quarter last year, the business earned $1.93 earnings per share. Sell-side analysts forecast that State Street will post 8.42 EPS for the current fiscal year.

Insider Transactions at State Street

In related news, EVP John Plansky sold 13,859 shares of the company’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the completion of the sale, the executive vice president now directly owns 55,108 shares in the company, valued at $5,032,462.56. This represents a 20.10 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.31% of the stock is currently owned by insiders.

Institutional Investors Weigh In On State Street

Several hedge funds and other institutional investors have recently made changes to their positions in STT. Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of State Street by 3.3% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 198,891 shares of the asset manager’s stock worth $15,376,000 after buying an additional 6,363 shares in the last quarter. M&G Plc bought a new stake in shares of State Street during the first quarter worth about $7,626,000. Cetera Investment Advisers raised its holdings in State Street by 127.8% in the 1st quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock valued at $3,433,000 after buying an additional 24,906 shares during the last quarter. Edgestream Partners L.P. grew its holdings in State Street by 44.7% during the 1st quarter. Edgestream Partners L.P. now owns 30,745 shares of the asset manager’s stock worth $2,377,000 after acquiring an additional 9,499 shares during the last quarter. Finally, Bayesian Capital Management LP bought a new position in shares of State Street during the first quarter valued at $908,000. 87.44% of the stock is owned by institutional investors.

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.