State Street (NYSE:STT) Given New $113.00 Price Target at Wells Fargo & Company

State Street (NYSE:STT) had its price objective lowered by equities research analysts at Wells Fargo & Company from $118.00 to $113.00 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 target price would suggest a potential upside of 25.94% from the company’s previous close.

STT has been the subject of several other reports. JPMorgan Chase & Co. raised State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective for the company in a research report on Friday, December 20th. Morgan Stanley lowered their target price on State Street from $142.00 to $139.00 and set an “overweight” rating on the stock in a research report on Thursday, March 6th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $103.00 target price (down previously from $104.00) on shares of State Street in a report on Wednesday, January 22nd. Truist Financial cut their price target on State Street from $106.00 to $104.00 and set a “hold” rating for the company in a research note on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $105.00 to $120.00 in a research note on Tuesday, December 3rd. One investment 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. According to MarketBeat, State Street presently has an average rating of “Hold” and a consensus target price of $101.53.

State Street Price Performance

State Street stock traded down $2.05 during mid-day trading on Friday, reaching $89.73. The company had a trading volume of 253,240 shares, compared to its average volume of 2,044,390. The business has a fifty day simple moving average of $95.53 and a 200 day simple moving average of $94.36. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The company has a market cap of $25.88 billion, a P/E ratio of 10.89, a P/E/G ratio of 1.11 and a beta of 1.44. State Street has a fifty-two week low of $70.20 and a fifty-two week high of $103.00.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The firm had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.27 billion. During the same quarter last year, the business earned $2.04 EPS. The company’s revenue was up 12.1% compared to the same quarter last year. On average, equities research analysts predict that State Street will post 9.68 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction of $368,536.35. Following the transaction, the executive vice president now directly owns 50,816 shares in the company, valued at $5,054,667.52. This trade represents a 6.80 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gregory L. Summe sold 10,815 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total value of $1,081,500.00. Following the transaction, the director now directly owns 100,023 shares in the company, valued at $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On State Street

A number of large investors have recently modified their holdings of the stock. Albion Financial Group UT bought a new stake in State Street during the 4th quarter valued at approximately $25,000. Y.D. More Investments Ltd increased its stake in shares of State Street by 116.6% in the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock worth $36,000 after acquiring an additional 197 shares in the last quarter. Kohmann Bosshard Financial Services LLC purchased a new position in State Street during the 4th quarter valued at about $42,000. Coppell Advisory Solutions LLC boosted its stake in State Street by 2,942.9% during the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager’s stock worth $42,000 after acquiring an additional 412 shares in the last quarter. Finally, Loomis Sayles & Co. L P boosted its stake in State Street by 187.3% during the fourth quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager’s stock worth $47,000 after acquiring an additional 311 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

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.