State Street (NYSE:STT) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

State Street (NYSE:STTGet Free Report) had its price target upped by investment analysts at Wells Fargo & Company from $171.00 to $196.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the asset manager’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 15.40% from the company’s current price.

A number of other research analysts also recently commented on the stock. Morgan Stanley upped their price objective on shares of State Street from $155.00 to $166.00 and gave the company an “overweight” rating in a research note on Monday, April 20th. Zacks Research cut shares of State Street from a “strong-buy” rating to a “hold” rating in a research report on Monday. JPMorgan Chase & Co. boosted their target price on shares of State Street from $137.50 to $158.50 and gave the company a “neutral” rating in a report on Monday, May 11th. Royal Bank Of Canada upped their price target on shares of State Street from $135.00 to $155.00 and gave the stock a “sector perform” rating in a research report on Monday, April 20th. Finally, Weiss Ratings raised shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, State Street currently has an average rating of “Moderate Buy” and an average price target of $161.63.

View Our Latest Report on State Street

State Street Price Performance

Shares of NYSE:STT opened at $169.84 on Wednesday. The company has a market cap of $47.01 billion, a P/E ratio of 17.33, a P/E/G ratio of 0.95 and a beta of 1.43. The business has a fifty day simple moving average of $156.07 and a 200-day simple moving average of $138.15. State Street has a 52 week low of $101.84 and a 52 week high of $175.46. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STTGet Free Report) last released its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The firm had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the prior year, the business posted $2.04 earnings per share. The firm’s revenue for the quarter was up 15.6% compared to the same quarter last year. Equities research analysts forecast that State Street will post 12.35 EPS for the current year.

Insider Transactions at State Street

In other news, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the completion of the sale, the chief executive officer owned 255,512 shares in the company, valued at approximately $39,693,789.20. The trade was a 5.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $162.14, for a total transaction of $243,210.00. Following the completion of the transaction, the executive vice president owned 41,827 shares in the company, valued at $6,781,829.78. The trade was a 3.46% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 37,876 shares of company stock worth $5,866,583 over the last 90 days. Company insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On State Street

A number of hedge funds have recently made changes to their positions in the business. Western Wealth Management LLC grew its stake in shares of State Street by 3.1% in the 1st quarter. Western Wealth Management LLC now owns 2,001 shares of the asset manager’s stock worth $253,000 after acquiring an additional 60 shares in the last quarter. Chicago Partners Investment Group LLC lifted its position in shares of State Street by 1.6% during the fourth quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager’s stock valued at $675,000 after purchasing an additional 83 shares in the last quarter. Wedmont Private Capital lifted its position in shares of State Street by 1.3% during the fourth quarter. Wedmont Private Capital now owns 6,498 shares of the asset manager’s stock valued at $861,000 after purchasing an additional 85 shares in the last quarter. Arjuna Capital boosted its holdings in State Street by 0.4% during the fourth quarter. Arjuna Capital now owns 25,139 shares of the asset manager’s stock worth $3,243,000 after purchasing an additional 95 shares during the last quarter. Finally, LVW Advisors LLC boosted its holdings in State Street by 1.7% during the fourth quarter. LVW Advisors LLC now owns 5,605 shares of the asset manager’s stock worth $723,000 after purchasing an additional 96 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street News Summary

Here are the key news stories impacting State Street this week:

  • Negative Sentiment: Zacks Research cut State Street Corporation (STT) from “strong-buy” to “hold,” which may pressure the stock as investors reassess near-term upside. Tickerreport.com
  • Neutral Sentiment: State Street-related entities ceased to be a substantial holder in Digico Infrastructure REIT, reflecting a change in portfolio exposure rather than a direct operating update for STT. Article
  • Neutral Sentiment: The company’s group also exited substantial holdings in Nick Scali, Austal, Smartgroup, Aussie Broadband, Deterra Royalties, and Electro Optic Systems; these announcements are unlikely to materially affect State Street’s core fundamentals. Article

State Street Company Profile

(Get Free Report)

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.

Further Reading

Analyst Recommendations for State Street (NYSE:STT)

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