Wells Fargo & Company Issues Positive Forecast for State Street (NYSE:STT) Stock Price

State Street (NYSE:STT - Get Free Report) had its price objective lifted by analysts at Wells Fargo & Company from $113.00 to $121.00 in a report released on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the asset manager's stock. Wells Fargo & Company's price target points to a potential upside of 10.86% from the company's previous close.

STT has been the topic of several other research reports. Cfra Research downgraded State Street from a "moderate buy" rating to a "hold" rating in a research note on Thursday, May 29th. Bank of America raised their price objective on State Street from $98.00 to $99.00 and gave the stock an "underperform" rating in a research note on Wednesday, April 2nd. The Goldman Sachs Group raised their price objective on State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Evercore ISI increased their target price on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. Finally, Citigroup increased their target price on State Street from $100.00 to $115.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, State Street presently has an average rating of "Hold" and a consensus target price of $109.92.

State Street Stock Performance

STT stock traded down $0.05 during trading on Tuesday, reaching $109.15. The stock had a trading volume of 376,615 shares, compared to its average volume of 2,103,113. State Street has a 52 week low of $72.81 and a 52 week high of $110.97. The stock's 50 day moving average is $98.63 and its two-hundred day moving average is $94.72. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.07. The firm has a market cap of $31.13 billion, a PE ratio of 12.26, a PEG ratio of 1.27 and a beta of 1.45.

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

Insiders Place Their Bets

In other news, CAO Elizabeth Schaefer sold 1,300 shares of the firm's stock in a transaction that occurred on Tuesday, May 6th. The stock was 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 directly owned 7,354 shares of the company's stock, valued at $667,154.88. This trade represents a 15.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On State Street

Institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC lifted its stake in shares of State Street by 127.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager's stock valued at $2,728,000 after purchasing an additional 17,201 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of State Street by 3.3% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 457,924 shares of the asset manager's stock worth $44,725,000 after acquiring an additional 14,476 shares during the last quarter. Pacific Heights Asset Management LLC lifted its stake in shares of State Street by 9.1% during the 1st quarter. Pacific Heights Asset Management LLC now owns 60,000 shares of the asset manager's stock worth $5,372,000 after acquiring an additional 5,000 shares during the last quarter. Stonegate Investment Group LLC bought a new stake in shares of State Street during the 1st quarter worth approximately $487,000. Finally, Miller Howard Investments Inc. NY bought a new stake in shares of State Street during the 1st quarter worth approximately $42,504,000. 87.44% of the stock is owned by 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.