State Street (NYSE:STT) Price Target Raised to $102.00

State Street (NYSE:STT) had its target price increased by equities researchers at Morgan Stanley from $100.00 to $102.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the asset manager’s stock. Morgan Stanley’s price objective would suggest a potential upside of 11.09% from the company’s current price.

Several other research analysts have also recently issued reports on the stock. Royal Bank of Canada increased their price objective on shares of State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a report on Wednesday, July 17th. Citigroup upped their price objective on State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Monday, July 22nd. Evercore ISI raised their target price on State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. The Goldman Sachs Group boosted their price target on shares of State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Finally, Bank of America raised their price objective on shares of State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a research report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, State Street presently has a consensus rating of “Hold” and an average target price of $90.25.

State Street Stock Up 1.0 %

State Street stock opened at $91.82 on Wednesday. The firm has a market capitalization of $27.66 billion, a P/E ratio of 17.19, a P/E/G ratio of 1.30 and a beta of 1.48. The company has a 50-day simple moving average of $85.00 and a 200-day simple moving average of $79.26. State Street has a one year low of $62.78 and a one year high of $94.60. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.54 and a current ratio of 0.54.

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, topping the consensus estimate of $2.12 by $0.14. State Street had a return on equity of 11.78% and a net margin of 8.98%. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.19 billion. During the same period in the previous year, the firm posted $1.93 earnings per share. The business’s revenue was up 21.1% on a year-over-year basis. As a group, equities analysts expect that State Street will post 8.15 earnings per share for the current year.

Institutional Trading of State Street

Hedge funds and other institutional investors have recently modified their holdings of the business. LRI Investments LLC acquired a new position in State Street during the first quarter valued at $25,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of State Street in the 2nd quarter valued at about $27,000. Norwood Financial Corp purchased a new stake in shares of State Street in the first quarter worth approximately $35,000. Versant Capital Management Inc boosted its holdings in shares of State Street by 411.9% during the second 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. Finally, Trust Co. of Vermont grew its position in State Street by 44.4% during the second quarter. Trust Co. of Vermont now owns 650 shares of the asset manager’s stock valued at $48,000 after purchasing an additional 200 shares in the last quarter. 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.