State Street (NYSE:STT) Given New $113.00 Price Target at Wells Fargo & Company

State Street (NYSE:STT) had its price target reduced by analysts at Wells Fargo & Company from $118.00 to $113.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the asset manager’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 25.94% from the company’s previous close.

A number of other brokerages have also recently issued reports on STT. Truist Financial dropped their target price on State Street from $106.00 to $104.00 and set a “hold” rating for the company in a report on Tuesday, January 21st. Barclays increased their price objective on State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Wolfe Research upgraded shares of State Street from an “underperform” rating to a “peer perform” rating in a research note on Monday, January 27th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $103.00 target price (down previously from $104.00) on shares of State Street in a research report on Wednesday, January 22nd. Finally, Keefe, Bruyette & Woods upgraded shares of State Street from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $105.00 to $120.00 in a research report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $101.53.

State Street Stock Performance

STT stock traded down $2.05 during mid-day trading on Friday, reaching $89.73. 253,240 shares of the stock traded hands, compared to its average volume of 2,044,390. The business has a 50-day moving average of $95.53 and a two-hundred day moving average of $94.36. State Street has a 52 week low of $70.20 and a 52 week high of $103.00. The firm has a market capitalization of $25.88 billion, a PE ratio of 10.89, a P/E/G ratio of 1.11 and a beta of 1.44. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT) last issued its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share 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 business had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. During the same period in the previous year, the business earned $2.04 EPS. The firm’s revenue was up 12.1% on a year-over-year basis. As a group, equities analysts predict that State Street will post 9.68 EPS for the current fiscal year.

Insider Activity

In other news, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total value of $1,081,500.00. Following the sale, the director now directly owns 100,023 shares in the company, valued at $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total transaction of $368,536.35. Following the completion of the transaction, the executive vice president now directly owns 50,816 shares of the company’s stock, valued at approximately $5,054,667.52. This trade represents a 6.80 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On State Street

Several hedge funds have recently bought and sold shares of the company. Adero Partners LLC boosted its holdings in shares of State Street by 3.6% during the 4th quarter. Adero Partners LLC now owns 2,900 shares of the asset manager’s stock worth $285,000 after buying an additional 100 shares during the period. Peapack Gladstone Financial Corp boosted its holdings in shares of State Street by 2.0% during the third quarter. Peapack Gladstone Financial Corp now owns 5,283 shares of the asset manager’s stock worth $467,000 after acquiring an additional 103 shares during the period. Jacobi Capital Management LLC boosted its holdings in shares of State Street by 1.0% during the fourth quarter. Jacobi Capital Management LLC now owns 12,232 shares of the asset manager’s stock worth $1,201,000 after acquiring an additional 121 shares during the period. Moors & Cabot Inc. grew its position in shares of State Street by 0.7% in the fourth quarter. Moors & Cabot Inc. now owns 18,332 shares of the asset manager’s stock valued at $1,799,000 after purchasing an additional 131 shares during the last quarter. Finally, Apollon Wealth Management LLC increased its stake in shares of State Street by 1.4% during the fourth quarter. Apollon Wealth Management LLC now owns 10,050 shares of the asset manager’s stock worth $986,000 after purchasing an additional 138 shares during the period. 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.