State Street (NYSE:STT) Price Target Raised to $99.00 at Bank of America

State Street (NYSE:STT) had its target price raised by equities researchers at Bank of America from $98.00 to $99.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “underperform” rating on the asset manager’s stock. Bank of America‘s price target would suggest a potential upside of 11.47% from the company’s current price.

A number of other research analysts have also recently issued reports on STT. Barclays lifted their price objective on State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Truist Financial cut their price target on shares of State Street from $106.00 to $104.00 and set a “hold” rating for the company in a report on Tuesday, January 21st. Wells Fargo & Company decreased their price objective on shares of State Street from $118.00 to $113.00 and set an “overweight” rating on the stock in a research note on Friday, March 28th. StockNews.com cut shares of State Street from a “buy” rating to a “hold” rating in a research note on Friday, March 7th. Finally, Citigroup reduced their target price on State Street from $105.00 to $100.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $102.53.

State Street Stock Performance

NYSE:STT opened at $88.82 on Wednesday. The firm has a market capitalization of $25.62 billion, a PE ratio of 10.78, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. State Street has a 12-month low of $70.20 and a 12-month high of $103.00. The firm has a 50-day moving average price of $94.99 and a 200 day moving average price of $94.65.

State Street (NYSE:STT) last issued its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. The business had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. State Street’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.04 EPS. Research analysts anticipate that State Street will post 9.68 earnings per share for the current fiscal year.

Insider Transactions at State Street

In other news, Director Gregory L. Summe sold 10,815 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the sale, the director now owns 100,023 shares of the company’s stock, valued at $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the transaction, the executive vice president now owns 50,816 shares in the company, valued at $5,054,667.52. This trade represents a 6.80 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On State Street

Several institutional investors have recently added to or reduced their stakes in the stock. Invesco Ltd. grew its holdings in shares of State Street by 5.7% during the fourth quarter. Invesco Ltd. now owns 7,510,570 shares of the asset manager’s stock worth $737,162,000 after buying an additional 406,396 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of State Street by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 7,193,687 shares of the asset manager’s stock worth $704,238,000 after acquiring an additional 24,617 shares in the last quarter. FMR LLC raised its holdings in shares of State Street by 14.2% in the fourth quarter. FMR LLC now owns 6,983,607 shares of the asset manager’s stock valued at $685,441,000 after purchasing an additional 870,849 shares during the last quarter. Amundi lifted its position in shares of State Street by 11.1% in the fourth quarter. Amundi now owns 5,602,547 shares of the asset manager’s stock worth $547,636,000 after purchasing an additional 561,773 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in State Street by 15.7% during the fourth quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager’s stock worth $407,166,000 after purchasing an additional 563,790 shares during the last quarter. 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.