Wells Fargo & Company Raises State Street (NYSE:STT) Price Target to $106.00

State Street (NYSE:STT) had its price target lifted by Wells Fargo & Company from $98.00 to $106.00 in a report issued on Wednesday, Benzinga reports. They currently have an overweight rating on the asset manager’s stock.

Several other research analysts have also issued reports on STT. Wolfe Research reiterated an “underperform” rating and issued a $73.00 price target on shares of State Street in a research note on Monday, July 8th. Citigroup lifted their target price on shares of State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Monday, July 22nd. Keefe, Bruyette & Woods cut their price target on State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a research note on Thursday, June 27th. Royal Bank of Canada lifted their price objective on State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 17th. Finally, Morgan Stanley increased their target price on State Street from $100.00 to $102.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, State Street has an average rating of “Hold” and a consensus price target of $91.39.

State Street Stock Performance

State Street stock opened at $91.43 on Wednesday. State Street has a fifty-two week low of $62.78 and a fifty-two week high of $94.60. The stock’s 50 day simple moving average is $85.89 and its two-hundred day simple moving average is $79.54. 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 has a market cap of $27.54 billion, a price-to-earnings ratio of 17.12, a PEG ratio of 1.29 and a beta of 1.48.

State Street (NYSE:STT) last released its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.14. The company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.19 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. The firm’s revenue was up 21.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.93 earnings per share. As a group, analysts expect that State Street will post 8.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. LSV Asset Management raised its stake in State Street by 30.6% during the 2nd quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock valued at $390,897,000 after buying an additional 1,238,251 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its position in State Street by 541.2% during the first quarter. Jacobs Levy Equity Management Inc. now owns 751,641 shares of the asset manager’s stock valued at $58,117,000 after acquiring an additional 634,422 shares during the last quarter. SG Americas Securities LLC boosted its position in State Street by 430.5% in the first quarter. SG Americas Securities LLC now owns 735,136 shares of the asset manager’s stock worth $56,841,000 after purchasing an additional 596,567 shares during the last quarter. Lazard Asset Management LLC grew its stake in shares of State Street by 168.7% during the 1st quarter. Lazard Asset Management LLC now owns 807,950 shares of the asset manager’s stock valued at $62,469,000 after purchasing an additional 507,270 shares during the period. Finally, Metropolis Capital Ltd increased its position in shares of State Street by 13.1% during the 2nd quarter. Metropolis Capital Ltd now owns 4,124,840 shares of the asset manager’s stock valued at $305,238,000 after purchasing an additional 479,205 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

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.