State Street (NYSE:STT) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

State Street (NYSE:STT) had its price objective hoisted by Wells Fargo & Company from $108.00 to $118.00 in a research note published on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the asset manager’s stock.

A number of other equities research analysts have also recently commented on STT. Evercore ISI raised their price objective on shares of State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Morgan Stanley upgraded shares of State Street from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $102.00 to $139.00 in a research report on Monday, December 9th. StockNews.com downgraded shares of State Street from a “buy” rating to a “hold” rating in a research report on Friday, December 27th. Deutsche Bank Aktiengesellschaft raised their target price on State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Finally, JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price target for the company in a research note on Friday, December 20th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $99.07.

State Street Trading Down 0.2 %

NYSE STT opened at $97.95 on Thursday. State Street has a 1 year low of $70.20 and a 1 year high of $101.91. 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 company has a market capitalization of $28.71 billion, a PE ratio of 15.47, a P/E/G ratio of 1.24 and a beta of 1.44. The company has a fifty day moving average of $96.84 and a 200 day moving average of $87.64.

State Street (NYSE:STT) last issued its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.12 by $0.14. The business had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.19 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. The company’s revenue for the quarter was up 21.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.93 EPS. Research analysts forecast that State Street will post 8.42 earnings per share for the current year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd will be paid a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date is Thursday, January 2nd. State Street’s dividend payout ratio (DPR) is 48.03%.

Insider Activity

In related news, EVP Kathryn M. Horgan sold 12,500 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the completion of the sale, the executive vice president now directly owns 111,042 shares in the company, valued at approximately $10,878,784.74. This trade represents a 10.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John Plansky sold 13,859 shares of the business’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the completion of the transaction, the executive vice president now owns 55,108 shares in the company, valued at $5,032,462.56. The trade was a 20.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,460 shares of company stock worth $2,499,860 over the last ninety days. Corporate insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On State Street

Several large investors have recently modified their holdings of STT. Ashton Thomas Private Wealth LLC acquired a new position in shares of State Street in the 2nd quarter worth approximately $27,000. Coastline Trust Co acquired a new position in State Street during the third quarter worth $44,000. Capital Performance Advisors LLP acquired a new position in State Street during the third quarter worth $54,000. Tobam purchased a new position in shares of State Street during the third quarter worth $77,000. Finally, Brooklyn Investment Group acquired a new stake in shares of State Street in the third quarter valued at $79,000. 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.