State Street (NYSE:STT) Given New $108.00 Price Target at Barclays

State Street (NYSE:STT) had its price target lifted by Barclays from $103.00 to $108.00 in a research note published on Wednesday morning, Benzinga reports. Barclays currently has an overweight rating on the asset manager’s stock.

Other equities analysts have also recently issued reports about the company. Evercore ISI increased their target price on State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a report on Wednesday. Wolfe Research reiterated an “underperform” rating and issued a $73.00 target price on shares of State Street in a report on Monday, July 8th. Royal Bank of Canada increased their target price on State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 17th. Citigroup increased their target price on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. Finally, Wells Fargo & Company increased their target price on State Street from $98.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $91.39.

State Street Stock Performance

Shares of STT stock opened at $92.93 on Wednesday. The company has a market cap of $28.00 billion, a price-to-earnings ratio of 17.40, a price-to-earnings-growth ratio of 1.30 and a beta of 1.48. State Street has a 52 week low of $62.78 and a 52 week high of $94.60. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. The firm has a 50 day moving average of $85.33 and a 200-day moving average of $79.35.

State Street (NYSE:STT) last announced its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, topping the consensus estimate of $2.12 by $0.14. State Street had a net margin of 8.98% and a return on equity of 11.78%. The company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.19 billion. During the same quarter last year, the firm posted $1.93 EPS. The company’s quarterly revenue was up 21.1% on a year-over-year basis. On average, equities analysts forecast that State Street will post 8.15 earnings per share for the current year.

Institutional Investors Weigh In On State Street

Several large investors have recently made changes to their positions in STT. SageView Advisory Group LLC purchased a new stake in shares of State Street during the 4th quarter valued at $479,000. ICA Group Wealth Management LLC purchased a new stake in shares of State Street during the 4th quarter valued at $81,000. B. Riley Wealth Advisors Inc. increased its position in shares of State Street by 10.0% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 6,142 shares of the asset manager’s stock valued at $480,000 after purchasing an additional 559 shares during the last quarter. HighPoint Advisor Group LLC purchased a new stake in shares of State Street during the 4th quarter valued at $595,000. Finally, Nomura Holdings Inc. purchased a new stake in shares of State Street during the 4th quarter valued at $482,000. 87.44% of the stock is owned by hedge funds and other 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.