State Street (NYSE:STT) Price Target Raised to $108.00

State Street (NYSE:STT - Get Free Report) had its target price raised by Wells Fargo & Company from $106.00 to $108.00 in a report issued on Friday,Benzinga reports. The firm presently has an "overweight" rating on the asset manager's stock. Wells Fargo & Company's target price suggests a potential upside of 13.11% from the company's current price.

Several other analysts have also recently weighed in on the company. Morgan Stanley raised their price target on State Street from $100.00 to $102.00 and gave the company an "equal weight" rating in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised their price target on State Street from $90.00 to $95.00 and gave the company a "hold" rating in a report on Monday. Citigroup raised their price target on State Street from $85.00 to $90.00 and gave the company a "neutral" rating in a report on Monday, July 22nd. The Goldman Sachs Group raised their price objective on State Street from $98.00 to $100.00 and gave the company a "buy" rating in a report on Thursday, September 26th. Finally, StockNews.com raised State Street from a "hold" rating to a "buy" rating in a report on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $92.11.

State Street Stock Performance

Shares of State Street stock traded up $1.30 during trading hours on Friday, hitting $95.48. 2,349,365 shares of the company's stock traded hands, compared to its average volume of 2,217,501. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.56 and a quick ratio of 0.56. The stock has a market capitalization of $27.99 billion, a price-to-earnings ratio of 15.05, a PEG ratio of 1.18 and a beta of 1.46. State Street has a 12-month low of $68.92 and a 12-month high of $98.45. The company has a fifty day simple moving average of $89.76 and a 200-day simple moving average of $81.98.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.14. The company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.19 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. The firm's quarterly revenue was up 21.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.93 EPS. Equities research analysts anticipate that State Street will post 8.42 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP John Plansky sold 13,859 shares of the business's stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $91.32, for a total value of $1,265,603.88. Following the completion of the transaction, the executive vice president now owns 55,108 shares of the company's stock, valued at $5,032,462.56. The trade was a 20.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.31% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On State Street

Several institutional investors and hedge funds have recently modified their holdings of STT. LRI Investments LLC acquired a new position in shares of State Street in the 1st quarter valued at about $25,000. Ashton Thomas Private Wealth LLC acquired a new position in State Street in the 2nd quarter worth about $27,000. Versant Capital Management Inc raised its holdings in State Street by 411.9% in the 2nd quarter. Versant Capital Management Inc now owns 517 shares of the asset manager's stock worth $38,000 after purchasing an additional 416 shares during the period. Coastline Trust Co acquired a new position in State Street in the 3rd quarter worth about $44,000. Finally, Trust Co. of Vermont raised its holdings in State Street by 44.4% in the 2nd quarter. Trust Co. of Vermont now owns 650 shares of the asset manager's stock worth $48,000 after purchasing an additional 200 shares during the period. Institutional investors and hedge funds own 87.44% of the company's stock.

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.