State Street (NYSE:STT) Price Target Raised to $130.00 at The Goldman Sachs Group

Key Points

• The Goldman Sachs Group raised the price target for State Street from $109.00 to $130.00, maintaining a "buy" rating that suggests an 11.57% potential upside from the current price.
• Multiple brokerages, including Wells Fargo and Evercore ISI, have also increased their price targets for State Street, contributing to an average rating of "Moderate Buy" and an average target price of $122.83.
• State Street reported earnings of $2.53 per share for the last quarter, exceeding analyst expectations, with a significant year-over-year revenue increase of 2.9%.

State Street (NYSE:STT - Get Free Report) had its target price upped by The Goldman Sachs Group from $109.00 to $130.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the asset manager's stock. The Goldman Sachs Group's target price indicates a potential upside of 11.57% from the company's current price.

Several other brokerages also recently commented on STT. Weiss Ratings reaffirmed a "buy (b)" rating on shares of State Street in a research note on Saturday, September 27th. Wells Fargo & Company increased their target price on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Evercore ISI increased their target price on State Street from $117.00 to $128.00 and gave the stock an "outperform" rating in a report on Tuesday, September 30th. Truist Financial upped their price target on shares of State Street from $125.00 to $133.00 and gave the stock a "buy" rating in a report on Thursday. Finally, Citigroup upgraded shares of State Street from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $115.00 to $130.00 in a research report on Friday, September 5th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $122.83.

State Street Price Performance

State Street stock traded up $0.14 during trading hours on Monday, hitting $116.52. 407,044 shares of the stock were exchanged, compared to its average volume of 2,004,139. The business's 50-day moving average is $112.83 and its two-hundred day moving average is $101.53. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. State Street has a 12 month low of $72.81 and a 12 month high of $118.06. The stock has a market capitalization of $33.06 billion, a P/E ratio of 13.05, a P/E/G ratio of 1.13 and a beta of 1.46.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, beating analysts' consensus estimates of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. During the same quarter last year, the business posted $2.15 earnings per share. State Street's revenue for the quarter was up 2.9% compared to the same quarter last year. Equities research analysts expect that State Street will post 9.68 EPS for the current fiscal year.

Insider Activity

In other State Street news, EVP Michael L. Richards sold 990 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the sale, the executive vice president owned 41,332 shares in the company, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.29% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Brighton Jones LLC acquired a new stake in shares of State Street during the fourth quarter worth $296,000. Merit Financial Group LLC lifted its stake in State Street by 45.3% during the first quarter. Merit Financial Group LLC now owns 5,846 shares of the asset manager's stock worth $523,000 after purchasing an additional 1,822 shares in the last quarter. Wedmont Private Capital grew its holdings in State Street by 4.2% during the 1st quarter. Wedmont Private Capital now owns 6,410 shares of the asset manager's stock worth $574,000 after acquiring an additional 258 shares in the last quarter. UMB Bank n.a. lifted its holdings in State Street by 8.4% in the first quarter. UMB Bank n.a. now owns 2,272 shares of the asset manager's stock valued at $203,000 after acquiring an additional 176 shares during the period. Finally, Park Avenue Securities LLC grew its holdings in State Street by 4.5% in the first quarter. Park Avenue Securities LLC now owns 6,919 shares of the asset manager's stock valued at $619,000 after purchasing an additional 297 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

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.

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