State Street (NYSE:STT) Price Target Raised to $108.00 at Wells Fargo & Company

State Street (NYSE:STT) had its price objective increased by Wells Fargo & Company from $106.00 to $108.00 in a research report sent to investors on Friday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the asset manager’s stock.

A number of other equities research analysts have also recently commented on the stock. Morgan Stanley increased their price target on shares of State Street from $100.00 to $102.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Barclays increased their target price on State Street from $103.00 to $108.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Evercore ISI boosted their price target on State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Citigroup increased their price objective on State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Monday, July 22nd. Finally, StockNews.com raised State Street from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $92.11.

State Street Stock Up 1.4 %

Shares of State Street stock traded up $1.30 during midday trading on Friday, hitting $95.48. The company had a trading volume of 2,354,445 shares, compared to its average volume of 2,217,501. The company has a 50 day moving average of $90.00 and a 200 day moving average of $82.13. The stock has a market capitalization of $27.99 billion, a P/E ratio of 15.08, a P/E/G ratio of 1.18 and a beta of 1.46. State Street has a 52-week low of $68.92 and a 52-week high of $98.45. 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 (NYSE:STT) last issued 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 firm had revenue of $3.26 billion during 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 company’s revenue was up 21.1% on a year-over-year basis. During the same period last year, the company earned $1.93 earnings per share. On average, equities analysts predict that State Street will post 8.42 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP John Plansky sold 13,859 shares of the company’s stock in a transaction 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 transaction, the executive vice president now 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 filing with the SEC, which is accessible through this link. Company insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On State Street

Several large investors have recently made changes to their positions in the business. Mitsubishi UFJ Trust & Banking Corp raised its stake in State Street by 3.3% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 198,891 shares of the asset manager’s stock valued at $15,376,000 after purchasing an additional 6,363 shares during the period. M&G Plc purchased a new position in shares of State Street in the first quarter worth $7,626,000. Cetera Investment Advisers boosted its position in shares of State Street by 127.8% during the first quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock worth $3,433,000 after acquiring an additional 24,906 shares during the last quarter. Edgestream Partners L.P. grew its stake in State Street by 44.7% during the first quarter. Edgestream Partners L.P. now owns 30,745 shares of the asset manager’s stock valued at $2,377,000 after acquiring an additional 9,499 shares in the last quarter. Finally, Bayesian Capital Management LP bought a new stake in State Street in the 1st quarter valued at $908,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

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.