State Street (NYSE:STT) Price Target Raised to $115.00

State Street (NYSE:STT - Get Free Report) had its price target boosted by analysts at Evercore ISI from $102.00 to $115.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an "outperform" rating on the asset manager's stock. Evercore ISI's price objective would indicate a potential upside of 5.01% from the stock's previous close.

STT has been the subject of several other research reports. Truist Financial upgraded shares of State Street from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $85.00 to $112.00 in a research report on Wednesday, May 28th. Barclays reduced their price target on shares of State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Keefe, Bruyette & Woods dropped their price objective on State Street from $118.00 to $113.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. Wells Fargo & Company reduced their target price on State Street from $118.00 to $113.00 and set an "overweight" rating for the company in a report on Friday, March 28th. Finally, Citigroup dropped their price target on State Street from $105.00 to $100.00 and set a "neutral" rating on the stock in a research note on Monday, March 24th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $105.69.

State Street Stock Up 2.4%

STT traded up $2.55 on Wednesday, hitting $109.51. 1,973,535 shares of the company were exchanged, compared to its average volume of 2,110,126. The firm has a 50-day moving average price of $96.38 and a two-hundred day moving average price of $94.29. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.07. State Street has a twelve month low of $72.65 and a twelve month high of $109.93. The company has a market cap of $31.23 billion, a price-to-earnings ratio of 12.29, a price-to-earnings-growth ratio of 1.25 and a beta of 1.45.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, beating analysts' consensus estimates of $1.98 by $0.06. State Street had a return on equity of 12.79% and a net margin of 12.85%. The company had revenue of $3.28 billion for the quarter, compared to analysts' expectations of $3.30 billion. During the same period last year, the firm earned $1.69 earnings per share. On average, equities analysts predict that State Street will post 9.68 earnings per share for the current year.

Insider Transactions at State Street

In other news, CAO Elizabeth Schaefer sold 1,300 shares of the firm's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total value of $117,936.00. Following the completion of the sale, the chief accounting officer owned 7,354 shares in the company, valued at approximately $667,154.88. This trade represents a 15.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.29% of the company's stock.

Institutional Investors Weigh In On State Street

A number of hedge funds have recently added to or reduced their stakes in STT. Eastern Bank grew its stake in shares of State Street by 6,967.4% during the 1st quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock worth $267,646,000 after purchasing an additional 2,947,153 shares during the period. Norges Bank purchased a new stake in State Street during the fourth quarter worth about $161,021,000. Price T Rowe Associates Inc. MD grew its position in State Street by 236.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager's stock worth $226,642,000 after buying an additional 1,622,408 shares during the period. Nuveen LLC purchased a new position in State Street in the first quarter valued at about $93,016,000. Finally, FMR LLC lifted its position in shares of State Street by 14.2% during the 4th quarter. FMR LLC now owns 6,983,607 shares of the asset manager's stock valued at $685,441,000 after acquiring an additional 870,849 shares during the period. Institutional investors and hedge funds 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.