Wells Fargo & Company Increases State Street (NYSE:STT) Price Target to $118.00

State Street (NYSE:STT) had its price objective increased by Wells Fargo & Company from $108.00 to $118.00 in a report released on Thursday,Benzinga reports. The firm currently 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 previous close.

A number of other research analysts have also recently issued reports on STT. JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective for the company in a research note on Friday, December 20th. Morgan Stanley upgraded shares of State Street from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $102.00 to $139.00 in a research report on Monday, December 9th. Deutsche Bank Aktiengesellschaft lifted their target price on State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research note on Monday, November 11th. The Goldman Sachs Group lifted their price objective on State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Finally, Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $105.00 to $120.00 in a research report on Tuesday, December 3rd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, State Street presently has an average rating of “Hold” and a consensus price target of $99.07.

State Street Stock Up 1.4 %

NYSE:STT traded up $1.32 on Thursday, hitting $98.71. The stock had a trading volume of 472,784 shares, compared to its average volume of 2,208,594. The stock has a market cap of $28.94 billion, a P/E ratio of 15.59, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.56 and a current ratio of 0.56. The firm’s fifty day simple moving average is $96.72 and its two-hundred day simple moving average is $87.57. State Street has a 1 year low of $70.20 and a 1 year high of $101.91.

State Street (NYSE:STT) last posted its earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.14. The firm had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.19 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. The business’s quarterly revenue was up 21.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.93 earnings per share. Analysts predict that State Street will post 8.42 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP John Plansky sold 13,859 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the executive vice president now directly owns 55,108 shares of the company’s stock, valued at approximately $5,032,462.56. This represents a 20.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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 transaction of $1,224,625.00. Following the completion of the sale, the executive vice president now owns 111,042 shares in the company, valued at $10,878,784.74. The trade was 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 valued at $2,499,860. Insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Geode Capital Management LLC lifted its stake in State Street by 0.6% during the third quarter. Geode Capital Management LLC now owns 7,169,070 shares of the asset manager’s stock worth $632,111,000 after purchasing an additional 41,442 shares during the period. FMR LLC lifted its position in State Street by 15.8% in the 3rd quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock valued at $540,796,000 after acquiring an additional 833,679 shares in the last quarter. Hotchkis & Wiley Capital Management LLC grew its holdings in shares of State Street by 30.4% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock valued at $514,136,000 after acquiring an additional 1,354,560 shares in the last quarter. LSV Asset Management lifted its stake in State Street by 30.6% in the 2nd quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock valued at $390,897,000 after purchasing an additional 1,238,251 shares during the last quarter. Finally, Metropolis Capital Ltd increased its stake in shares of State Street by 3.9% during the third quarter. Metropolis Capital Ltd now owns 4,286,306 shares of the asset manager’s stock worth $379,209,000 after purchasing an additional 161,466 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

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.