The Goldman Sachs Group Raises State Street (NYSE:STT) Price Target to $100.00

State Street (NYSE:STT) had its target price hoisted by stock analysts at The Goldman Sachs Group from $98.00 to $100.00 in a research report issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the asset manager’s stock. The Goldman Sachs Group’s price target would suggest a potential upside of 13.38% from the stock’s current price.

A number of other analysts have also issued reports on STT. Citigroup lifted their target price on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Deutsche Bank Aktiengesellschaft boosted their price objective on State Street from $79.00 to $87.00 and gave the company a “hold” rating in a report on Monday, September 23rd. Barclays boosted their price objective on State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Evercore ISI boosted their price objective on State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Finally, Morgan Stanley boosted their price objective on State Street from $90.00 to $93.00 and gave the company an “equal weight” rating in a report on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $89.61.

State Street Stock Up 0.1 %

Shares of NYSE STT opened at $88.20 on Thursday. State Street has a 1 year low of $62.78 and a 1 year high of $89.49. The firm has a market cap of $26.57 billion, a price-to-earnings ratio of 16.52, a PEG ratio of 1.44 and a beta of 1.48. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.54 and a current ratio of 0.54. The stock’s 50-day simple moving average is $83.61 and its 200-day simple moving average is $77.93.

State Street (NYSE:STT) last announced its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. State Street had a return on equity of 11.78% and a net margin of 8.98%. The business had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. During the same period in the previous year, the company earned $2.17 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, equities analysts anticipate that State Street will post 8.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On State Street

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Benjamin F. Edwards & Company Inc. boosted its position in shares of State Street by 5.4% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,514 shares of the asset manager’s stock worth $186,000 after buying an additional 129 shares during the period. Symmetry Partners LLC boosted its position in shares of State Street by 3.5% during the first quarter. Symmetry Partners LLC now owns 3,802 shares of the asset manager’s stock worth $294,000 after buying an additional 130 shares during the period. HB Wealth Management LLC boosted its position in shares of State Street by 3.4% during the first quarter. HB Wealth Management LLC now owns 4,309 shares of the asset manager’s stock worth $333,000 after buying an additional 140 shares during the period. Massmutual Trust Co. FSB ADV boosted its position in shares of State Street by 9.3% during the second quarter. Massmutual Trust Co. FSB ADV now owns 1,739 shares of the asset manager’s stock worth $129,000 after buying an additional 148 shares during the period. Finally, Tompkins Financial Corp boosted its position in shares of State Street by 28.3% during the first quarter. Tompkins Financial Corp now owns 680 shares of the asset manager’s stock worth $53,000 after buying an additional 150 shares during the period. 87.44% of the stock is currently 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.