Wells Fargo & Company Issues Positive Forecast for State Street (NYSE:STT) Stock Price

State Street (NYSE:STT) had its target price lifted by equities research analysts at Wells Fargo & Company from $108.00 to $118.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the asset manager’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 19.54% from the company’s current price.

Several other research firms have also issued reports on STT. Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $105.00 to $120.00 in a report on Tuesday, December 3rd. StockNews.com lowered shares of State Street from a “buy” rating to a “hold” rating in a research note on Friday, December 27th. Barclays lifted their price target on State Street from $103.00 to $108.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. The Goldman Sachs Group raised their price objective on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Finally, Evercore ISI raised their target price on shares of State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $99.07.

State Street Trading Up 1.4 %

NYSE:STT traded up $1.32 on Thursday, hitting $98.71. 472,784 shares of the stock were exchanged, compared to its average volume of 2,208,594. 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 has a 52 week low of $70.20 and a 52 week high of $101.91. The stock has a market capitalization of $28.94 billion, a price-to-earnings ratio of 15.59, a P/E/G ratio of 1.24 and a beta of 1.44. The company’s 50-day moving average price is $96.72 and its 200 day moving average price is $87.57.

State Street (NYSE:STT) last announced 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. State Street had a return on equity of 12.02% and a net margin of 9.87%. The business had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.19 billion. During the same period in the previous year, the firm earned $1.93 earnings per share. The firm’s quarterly revenue was up 21.1% compared to the same quarter last year. On average, equities research analysts forecast that State Street will post 8.42 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP John Plansky sold 13,859 shares of State Street stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $91.32, for a total value of $1,265,603.88. Following the sale, the executive vice president now directly owns 55,108 shares in the company, valued at $5,032,462.56. This trade represents a 20.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Kathryn M. Horgan sold 12,500 shares of the business’s stock in a transaction that occurred on 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 transaction, the executive vice president now owns 111,042 shares of the company’s stock, valued at approximately $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 worth $2,499,860. 0.31% of the stock is owned by company insiders.

Institutional Trading of State Street

Several hedge funds have recently modified their holdings of the company. Rhumbline Advisers grew its position in shares of State Street by 8.1% in the 2nd quarter. Rhumbline Advisers now owns 645,628 shares of the asset manager’s stock valued at $47,776,000 after purchasing an additional 48,286 shares during the period. TD Asset Management Inc grew its position in State Street by 2.3% during the second quarter. TD Asset Management Inc now owns 123,488 shares of the asset manager’s stock worth $9,138,000 after buying an additional 2,731 shares in the last quarter. Impact Partnership Wealth LLC raised its stake in State Street by 21.7% in the second quarter. Impact Partnership Wealth LLC now owns 7,920 shares of the asset manager’s stock valued at $586,000 after purchasing an additional 1,413 shares in the last quarter. National Bank of Canada FI boosted its position in shares of State Street by 443.1% during the 2nd quarter. National Bank of Canada FI now owns 445,421 shares of the asset manager’s stock worth $32,765,000 after acquiring an additional 363,399 shares in the last quarter. Finally, Candriam S.C.A. increased its stake in shares of State Street by 21.9% in the 2nd quarter. Candriam S.C.A. now owns 48,686 shares of the asset manager’s stock valued at $3,603,000 after purchasing an additional 8,761 shares during the last quarter. Institutional investors and hedge funds 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.