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

State Street (NYSE:STT - Get Free Report) had its price target cut by analysts at Wells Fargo & Company from $118.00 to $113.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the asset manager's stock. Wells Fargo & Company's target price indicates a potential upside of 34.38% from the stock's current price.

Other research analysts have also recently issued research reports about the stock. Citigroup cut their target price on shares of State Street from $105.00 to $100.00 and set a "neutral" rating on the stock in a report on Monday, March 24th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $103.00 target price (down from $104.00) on shares of State Street in a report on Wednesday, January 22nd. Barclays boosted their target price on shares of State Street from $108.00 to $127.00 and gave the company an "overweight" rating in a research note on Monday, January 6th. Truist Financial lowered their price objective on State Street from $106.00 to $104.00 and set a "hold" rating on the stock in a research report on Tuesday, January 21st. Finally, JPMorgan Chase & Co. upgraded shares of State Street from an "underweight" rating to a "neutral" rating and set a $95.00 price objective on the stock in a research report on Friday, December 20th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $102.07.

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State Street Trading Down 6.1 %

STT stock traded down $5.50 during mid-day trading on Friday, reaching $84.09. The company's stock had a trading volume of 1,045,600 shares, compared to its average volume of 2,158,142. State Street has a 12 month low of $70.20 and a 12 month high of $103.00. The business's 50 day moving average price is $94.85 and its 200 day moving average price is $94.62. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The company has a market cap of $24.26 billion, a price-to-earnings ratio of 10.21, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The company had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. During the same quarter in the previous year, the firm posted $2.04 earnings per share. The company's quarterly revenue was up 12.1% compared to the same quarter last year. On average, equities research analysts predict that State Street will post 9.68 EPS for the current year.

Insider Buying and Selling

In other news, Director Gregory L. Summe sold 10,815 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the completion of the transaction, the director now directly owns 100,023 shares of the company's stock, valued at $10,002,300. This represents a 9.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Ann Fogarty sold 3,705 shares of the business's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction of $368,536.35. Following the sale, the executive vice president now directly owns 50,816 shares of the company's stock, valued at $5,054,667.52. This represents a 6.80 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On State Street

Institutional investors have recently made changes to their positions in the stock. Neville Rodie & Shaw Inc. increased its stake in State Street by 5.3% during the first quarter. Neville Rodie & Shaw Inc. now owns 19,110 shares of the asset manager's stock worth $1,711,000 after purchasing an additional 960 shares during the period. MassMutual Private Wealth & Trust FSB increased its holdings in State Street by 13.1% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,157 shares of the asset manager's stock worth $104,000 after purchasing an additional 134 shares during the period. Wellington Management Group LLP raised its position in State Street by 6.3% in the 4th quarter. Wellington Management Group LLP now owns 551,210 shares of the asset manager's stock valued at $54,101,000 after purchasing an additional 32,513 shares in the last quarter. 111 Capital acquired a new stake in State Street in the fourth quarter valued at approximately $587,000. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in State Street by 14.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 33,006 shares of the asset manager's stock worth $3,240,000 after acquiring an additional 4,220 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

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.